India could become the world’s 3rd largest importer by 2050, according to a report released by the UK’s Department of International Trade. With a 5.9 percent share of global imports by 2050, the country will become the third-largest importer, following China and the United States. Currently, India is on the eighth spot on the list of largest importing countries with a 2.8% share. The country will jump to the fourth position by 2030 with a 3.9% share, according to the report titled ‘Global Trade Outlook’.
The US’s and the EU’s share of most import sectors is expected to decline out to 2030 as the growing purchasing power of Asia’s middle-class accounts for a rising share of global import demand.
