Mumbai, Nov 15 (PTI) India is set to become the fastest growing major economy in the world by 2012 and the third largest by GDP-size in the next two decades, behind China and the USA, a global study by British banking giant Standard Chartered said.

"India would have overtaken Japan and will be trailing the US by a slim margin by 2030. China would be at a comfortable number one position," StanChart's Head of India Research, Samiran Chakraborty said, citing the findings of the 'Super-Cycle Report' here today.

The country's contribution to global GDP will go up to 10 per cent of the total pie of approximately USD 600 trillion, while China's will be 24 per cent, he added.

StanChart expects the country to grow at an annual rate of 9.

Economic growth projection: India forecast as the fastest growing major economy and rising among top global GDP contributors. A global banking study projects India's rapid economic expansion, forecasting it to become the world's fastest growing major economy within a short horizon and to rise to one of the largest economies by GDP over the next two decades, increasing its share of global GDP substantially while China remains the largest contributor.