Currently India is one of the highest growing economies in the world. However, it is not ranked among the three largest economies in the world due to many structural and developmental issues. Despite being the world’s fifth-largest economy measured by nominal GDP, it still trails the United States, China, Japan and Germany. These are due to the shortcomings in Industrial efficiency, structure of income and Infrastructural development that slow its general economic growth.

India has a relatively lower per capita GDP than other newly industrializing economies. While its large population means many workers, it has a relatively low income per head. This illustrates issues such as the rise of economic inequalities and the problem with the connection between a country's general economic growth and its individual economic prosperity. The inability to translate economic growth into general prosperity is a key issue that hinders the achievement of competitiveness among the top three economies.

Same as services sectors, the industrial and manufacturing sectors also constitute a relatively small part of the Indian economy compared to the leading world economies. There are initiatives like Make in India, nevertheless the manufacturing involvement is still below 20%, far from countries like China where the manufacturing sector is significantly more pertinent. Hindrances, including obsolete technologies, poor regulation, and low connectivity to global value systems mitigate the sector’s development and the country’s overall growth.

The next challenge that India faces concerning top economic status is infrastructure development. However, to this day, work continues that the pace in the development of transport, energy and urban facilities, and other spheres is insufficient for a growing economy. This impacts negatively on industrial growth as well as heightens issues to do with logistics hence compressing the growth of an economy.

Economic policies are also crucial to understanding India's position. Regulatory uncertainty and slow reforms create an unfavourable investment environment and decrease confidence. Overcoming the above obstacles using policies, better industrial strategies, and fast-tracking infrastructure development is vital for India to become one of the top three global economies.

Conclusion

In conclusion, India risked missing the list of the top 3 competitors as it continues to have numerous growth fundamentals issues such as a low per capita GDP, underdeveloped industries, infrastructural deficits, and unpredictable economic policies. For India to move to the top rank, several sustained changes need to take place, new technology needs to be integrated into manufacturing and infrastructure needs to be overhauled. The advancement of these areas only can bring the country's actual economy and make it one of the world's top economy countries in the near future.