American credit standing company S&P Global Ratings on Tuesday mentioned India would become the world’s third-largest economy by 2030. The score company forecasted the nation’s GDP progress would attain 7 per cent in 2026-27 fiscal 12 months.
S&P in its Global Credit Outlook 2024 highlighted a 6.4 per cent GDP progress within the fiscal 12 months by means of March 2024 (2023-24) as in contrast to 7.2 per cent within the earlier monetary 12 months.
The score company additional mentioned the expansion price will stay at 6.4 per cent within the subsequent fiscal (2024-25) earlier than climbing to 6.9 per cent within the subsequent and seven per cent in 2026-27.
“We see India reaching 7 per cent in 2026-27 fiscal. India is set to become the third-largest economy by 2030, and we expect it will be the fastest-growing major economy in the next three years,” it elaborated.
India at the moment is the fifth largest economy on this planet behind the US, China, Germany and Japan.
“A paramount test will be whether India can become the next big global manufacturing hub, an immense opportunity. Developing a strong logistics framework will be key in transforming India from a services-dominated economy into a manufacturing-dominant one,” it mentioned.
Unlocking the labour market potential will largely depend on upskilling employees and rising feminine participation within the workforce.
“Success in these two areas will enable India to realize its demographic dividend,” it mentioned.
S&P mentioned a booming home digital market may additionally gas growth in India’s high-growth startup ecosystem in the course of the subsequent decade, particularly in monetary and shopper expertise.
In the automotive sector, India is poised for progress, constructing on infrastructure, funding, and innovation, it added.
(With PTI inputs)
