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India is set to overtake Japan and Germany to become the world’s third-largest economy, according to S&P Global and Morgan Stanley, CNBC reported.

S&P’s forecast is based on the projection that India’s annual nominal gross domestic product growth will average 6.3% through 2030. Similarly, Morgan Stanley estimates that India’s GDP is likely to more than double from current levels by 2031.

“India has the conditions in place for an economic boom fueled by offshoring, investment in manufacturing, the energy transition, and the country’s advanced digital infrastructure,” Morgan Stanley analysts led by Ridham Desai and Girish Acchipalia wrote in the report.

“These drivers will make [India] the world’s third-largest economy and stock market before the end of the decade.”

India posted a year-on-year growth of 6.3% for the July to September quarter, fractionally higher than a Reuters poll forecast of 6.2%. Prior to this, India recorded an expansion of 13.5% for the April to June compared to a year ago, buoyed by robust domestic demand in the country’s service sector.

The country posted a record 20.1% year-on-year growth in the three months to June 2021, according to Refinitiv data.

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