India poised to become world's third largest economy by 2030: S&P

According to global rating agency S&P Global, India will become the world's third-largest economy by 2030. The rating agency said that the country's GDP growth is expected to reach 7 per cent in the financial year 2026-27. Know what is the current situation of India and what India should focus on to become the third largest economy.

Dec 5, 2023 - 16:14
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India poised to become world's third largest economy by 2030: S&P

Global rating agency S&P has today given big and good news about India's economy.

S&P Global Ratings said India will become the world's third-largest economy by 2030. The rating agency said that the country's GDP growth is expected to reach 7 per cent in the financial year 2026-27.

S&P said, "The growth rate will be 6.4 per cent in the next financial year (2024-25), after which it will be 6.9 per cent in the next financial year and 7 per cent in 2026-27. India is set to become the third largest economy by 2030. ", and we expect it to be the fastest growing major economy over the next three years."

At present India is the fifth largest economy in the world. India ranks after the US, China, Germany and Japan.

According to S&P, India will need to develop a strong logistics infrastructure and become a service-dominated economy to become the next major global manufacturing hub.

S&P said India could fuel the expansion of high-growth startups over the next decade, especially in financial and consumer technology, due to its rapidly growing domestic digital market. S&P further said that in the automotive sector, India is poised for growth, infrastructure, investment and innovation.

Muskan Kumawat Journalist & Writer