NEW DELHI: JP Morgan, a leader in banking and financial services, has predicted that India will become the world's third within seven years. By 2030, India will become a $7 trillion economy, said James Sullivan, Managing Director of Equity Research, JP Morgan Asia Pacific.

"India's economy is powered by growth in the manufacturing sector. The manufacturing sector will grow from 17 percent to 25 percent. There will be a big change in the Indian economy in the long run as exports hit one trillion dollars.", he said.

Barclays, a British bank, has said that to become one of the largest economic powers, India needs to grow by eight percent and surpass China. Despite the economic slowdown in many countries globally, the Indian economy has been performing relatively well for two years. The IMF had earlier said that India's gross domestic product growth would rise to 6.3 percent in the current financial year.