India is at the heart of a new world order that’s in making.

India is likely to become the world’s second-largest economy by 2030, next only to China and overtaking the US. America will fall to number three, predicted Standard Chartered’s long-term forecast released on January 08.

The firm predicts that the new global order will see current emerging markets occupy seven of the top 10 spots.

While America will occupy the third spot, Indonesia will vault into the fourth spot.

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“Our long-term growth forecasts are underpinned by one key principle: countries’ share of world GDP should eventually converge with their share of the world’s population, driven by the convergence of per-capita GDP between advanced and emerging economies,” said the Standard Chartered study.

The size of the country’s economy is determined by its gross domestic product (GDP), which measures the final value of the market goods and services produced in a period of time.

Turkey is predicted to take the fifth spot.

India forecasts its economy will grow more than 7 per cent in the current financial year ending in March.