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.
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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