India poised to become world’s 3rd largest economy by 2030 says S&P Global
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India is on track to become the third-largest economy in the world by 2030, with an estimated 7% increase in GDP in the fiscal year 2026-27, according to a recent forecast released by S&P Global Ratings.
Currently, India holds the fifth spot in the global economy, following behind the US, China, Germany, and Japan.
In their report titled "Global Credit Outlook 2024", S&P stated, "We predict that India will achieve a 7% growth rate in the fiscal year 2026-27... This will solidify India's position as the third-largest economy by 2030, and we anticipate it will also be the fastest-growing major economy in the next three years."
S&P also projects a steady growth rate of 6.4% in 2023-24 and 2024-25, followed by a jump to 6.9% in the following year and a 7% increase in 2026-27.
The report emphasizes the importance of a strong logistics framework in transitioning India from a services-based economy to a manufacturing-based one.
Additionally, the success of the labor market will heavily rely on upskilling workers and increasing female participation in the workforce.
According to the report, these two factors will be crucial in unlocking India's demographic dividend.
According to the latest report, it seems like the digital market in India is going to experience a major boost in the coming years. And with this, the startup scene in the country is expected to flourish, especially in the fields of finance and consumer technology.
Additionally, the report has high hopes for India's automotive sector, as it predicts that the country's progress will be driven by advancements in infrastructure, investments, and innovative ideas.
Source : IANS