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India to be third largest economy by 2030: S&P

India to be third largest economy by 2030: S&P

The US-based rating agency S&P Global expects India to be the fastest-growing major economy in the next three years, with GDP growth reaching 7 percent by 2026, from 6.4 percent projected expansion in the current fiscal. S&P Global Ratings on Tuesday said India will be the world's third-largest economy by 2030, but a major test for the country would be to unlock the 'immense opportunity' and become the next big global manufacturing hub.

Indian economy grew 7.2 per cent in 2022-23 fiscal ended March 2023. India's GDP expanded 7.8 per cent and 7.6 per cent in the June and September quarters respectively, . "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. A paramount test will be whether India can become the next big global manufacturing hub, an immense opportunity.

The International Monetary Fund (IMF) has projected India to become a USD 5 trillion economy with the third largest GDP in 2027-28. India, with a GDP size of USD 3.73 trillion at the end of 2022-23 fiscal, is currently the fifth largest economy in the world behind the US, China, Germany and Japan.

S&P 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.

A booming domestic digital market could also fuel expansion in India's high-growth startup ecosystem during the next decade, especially in financial and consumer technology, S&P said, adding, that in the automotive sector, India is poised for growth, building on infrastructure, investment, and innovation.

It further said many emerging markets, including Indonesia, India, South Africa, and Mexico, will hold elections in 2024. Low levels of policy predictability can undermine investor sentiment and derail existing investment potential.

"Emerging markets still have work to do to reap a bonanza from the ... Structural opportunities. For instance, enhancing policy visibility will be critical in attracting investments into these developing trends," S&P said.

India to be third largest economy by 2030: S&P

India to be third largest economy by 2030: S&P

The US-based rating agency S&P Global expects India to be the fastest-growing major economy in the next three years, with GDP growth reaching 7 percent by 2026, from 6.4 percent projected expansion in the current fiscal. S&P Global Ratings on Tuesday said India will be the world's third-largest economy by 2030, but a major test for the country would be to unlock the 'immense opportunity' and become the next big global manufacturing hub.

Indian economy grew 7.2 per cent in 2022-23 fiscal ended March 2023. India's GDP expanded 7.8 per cent and 7.6 per cent in the June and September quarters respectively, . "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. A paramount test will be whether India can become the next big global manufacturing hub, an immense opportunity.

The International Monetary Fund (IMF) has projected India to become a USD 5 trillion economy with the third largest GDP in 2027-28. India, with a GDP size of USD 3.73 trillion at the end of 2022-23 fiscal, is currently the fifth largest economy in the world behind the US, China, Germany and Japan.

S&P 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.

A booming domestic digital market could also fuel expansion in India's high-growth startup ecosystem during the next decade, especially in financial and consumer technology, S&P said, adding, that in the automotive sector, India is poised for growth, building on infrastructure, investment, and innovation.

It further said many emerging markets, including Indonesia, India, South Africa, and Mexico, will hold elections in 2024. Low levels of policy predictability can undermine investor sentiment and derail existing investment potential.

"Emerging markets still have work to do to reap a bonanza from the ... Structural opportunities. For instance, enhancing policy visibility will be critical in attracting investments into these developing trends," S&P said.

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