India will become 3rd largest importer by 2050

WHY IN THE NEWS?

• India could become the world’s third-largest importer by 2050, according to a report released by the UK’s Department of International Trade.
• With a 5.9 per cent share of global imports by 2050, the country will become the third-largest importer, following China and the United States.
• At present, India occupies the eighth spot on the list of the largest importing countries with a 2.8 per cent share. As per the Global Trade Outlook report, the country’s position on the list will jump to the fourth position by 2030 with a 3.9 per cent share.
• The Department for International Trade is a United Kingdom government department responsible for striking and extending trade agreements between the United Kingdom and foreign countries, as well as for encouraging foreign investment and export trade.