NewDelhi, 5th DEC, Buzzbytes:
In a promising economic forecast, S&P Global Ratings anticipates that India will secure the position of the world’s third-largest economy by 2030. The projection is based on an expected GDP growth of 7% in the 2026-27 fiscal year, as outlined in S&P’s Global Credit Outlook 2024.
S&P notes a robust 64% GDP growth in the fiscal year through March 2024, with sustained growth rates of 6.4% in the next fiscal (2024-25) and 6.9% in the subsequent year. The agency emphasizes India’s potential to be the fastest-growing major economy in the coming years.
The report underscores India’s current standing as the fifth-largest global economy and highlights the pivotal role of transforming into a manufacturing powerhouse. Sustaining this transformation will hinge on developing a robust logistics framework and unlocking the labor market’s potential through upskilling and increased female workforce participation.
S&P identifies the digital market as a key driver for India’s high-growth startup ecosystem, particularly in financial and consumer technology. The automotive sector is also earmarked for growth, propelled by infrastructure, investment, and innovation.
As India positions itself for economic ascendancy, the report emphasizes the importance of meeting challenges head-on to fully realize the demographic dividend and capitalize on global opportunities. #IndiaEconomy #GDPGrowth #SPEconomicOutlook #GlobalEconomicForecast