In its Global Credit Outlook 2024, S&P noticed a 6.4 per cent GDP progress within the fiscal 12 months by means of March 2024 (2023-24) as in comparison with 7.2 per cent within the earlier monetary 12 months. (Representative picture)
The company mentioned India presently is the fifth largest financial system on the planet behind the US, China, Germany and Japan.
India will turn into the world’s third largest financial system by 2030, S&P Global Ratings mentioned on Tuesday because it forecast the nation’s GDP progress reaching 7 per cent in 2026-27 fiscal 12 months.
In its Global Credit Outlook 2024, S&P noticed a 6.4 per cent GDP progress within the fiscal 12 months by means of March 2024 (2023-24) as in comparison with 7.2 per cent within the earlier monetary 12 months.
The progress price will stay at 6.4 per cent within the subsequent fiscal (2024-25) earlier than climbing to six.9 per cent within the subsequent and seven per cent in 2026-27, the score company mentioned. “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,” S&P mentioned.
India presently is the fifth largest financial system on the 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 rely on upskilling employees and growing 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 might additionally gas growth in India’s excessive-progress startup ecosystem through the subsequent decade, particularly in monetary and client know-how.
In the automotive sector, India is poised for progress, constructing on infrastructure, funding, and innovation, it added.
(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – PTI)