India Set to Become World’s 3rd-Largest Economy by 2030: S&P

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GG News Bureau
New Delhi, 5th Dec. 
India is projected to become the world’s third-largest economy by 2030, according to a report released by S&P Global Ratings. Currently, India is the fifth largest economy, trailing behind the US, China, Germany, and Japan.

The report predicts that India’s gross domestic product (GDP) will grow by 7% in 2026-27. S&P also states that India will be the fastest-growing emerging market globally. However, the country’s ability to become a major global manufacturing hub will be a crucial challenge.
S&P expects India’s growth rate to be 6.4% in 2023-24, slightly lower than the previous year, before increasing to 6.9% and 7% in the following years.

“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 said.

“A strong logistics framework will be key in transforming India from a services-dominated economy into a manufacturing-dominant one,” it said.

Unlocking the labour market potential will largely depend upon upskilling workers and increasing female participation in the workforce.

“Success in these two areas will enable India to realize its demographic dividend,” it said.

S&P also said a booming domestic digital market could fuel expansion in India’s high-growth startup ecosystem during the next decade, especially in financial and consumer technology.

In the automotive sector, India is poised for growth, building on infrastructure, investment, and innovation, it added.

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