“India's nominal GDP measured in USD terms is forecast to rise from $3.5 trillion in 2022 to $7.3 trillion by 2030. This rapid pace of economic expansion would result in the size of the Indian GDP exceeding Japanese GDP by 2030, making India the second largest economy in the Asia-Pacific region,” the report states.

Japan is currently the third largest economy in the world next to the US and China.

The acceleration of foreign direct investment inflows into India over the past decade reflects the favourable long-term growth outlook for the Indian economy, helped by a youthful demographic profile and rapidly rising urban household incomes.

By 2022, the size of Indian GDP had already become larger than the GDP of the UK and also France.

By 2030, India's GDP is also forecast to surpass Germany, the report adds.

Japan’s nominal gross domestic product will be overtaken by Germany this year as it slips from No. 3 to No. 4 in the world on a US dollar basis, according to new projections by the International Monetary Fund.

India was among the outperformers in the emerging market space with private sector sales in the country having risen at the second-fastest pace in over 13 years, thereby supporting output expansion.

Robust growth was also reported in Russia, but mainland China’s expansion slowed while Brazil slipped back into contraction in the latest survey period, S&P said.

The report also observes that global economic expansion continued to decelerate at the end of the third quarter, slipping to the slowest in eight months.

Worse may be to come, as global new orders shrank for the first time since January and backlogs of work fell sharply, signalling further weakness in the coming months.