India will become the world’s third-largest economy by 2030.
S&P Global Ratings said India will be the world’s third-largest economy by 2030.
But it will be a big challenge for the country to take advantage of the huge opportunity and become the next big global manufacturing hub.
The rating agency expects India will be the fastest-growing major economy in the next three years.
In this, the growth rate of Gross Domestic Product (GDP) will increase from the estimated 6.4% in the current financial year to 7% by the fiscal year 2027.
The Indian economy grew by 7.2% in the financial year 2022-23 ending March 2023.
India’s GDP grew by 7.8% in the June quarter and 7.6% in the September quarter.
Currently, the Indian economy ranks fifth after the US, China, Germany and Japan.
India has one of the youngest working populations in the world, with approximately 53% of its citizens under the age of 30.
The rating agency projected that China’s GDP growth will slow to 4.6% in 2024 (in 2023: 5.4%), then accelerate to 4.8% in 2025, and return to 4.6% in 2026.
