26, February, 2024
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India Poised to Become Third-Largest Economy by 2030

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According to S&P Global Ratings, India is on track to become the world’s third-largest economy by 2030, surpassing Japan and Germany. Currently holding the fifth position, India overtook the United Kingdom in 2022. The S&P report predicts a robust GDP growth of 7% in the 2026-27 fiscal year.

Read Also | India Poised to Overtake Japan as Asia’s Second-Largest Economy by 2030, Predicts S&P Global

The main challenge on India’s path to economic growth is transforming into a global manufacturing powerhouse. The report emphasizes the need to develop a strong logistics framework, stating, “A paramount test will be whether India can become the next big global manufacturing hub, an immense opportunity.” To achieve this, a focus on upskilling the workforce and increasing female participation in the labor market is crucial.

S&P’s report also sheds light on the significant growth in India’s domestic digital market, playing a pivotal role in expanding the high-growth start-up ecosystem, especially in financial and consumer technology. Additionally, India’s automotive sector is poised for growth, supported by infrastructure, investment, and innovation.

Read Also | India’s Soaring Economic Ascent: Set to Overtake Japan as Third-Largest Global Economy by 2030

Recent data from the Ministry of Statistics and Programme Implementation indicates India’s economic growth in July-September at 7.6%, with a noteworthy surge in activity in the manufacturing and construction sectors. The report underscores the potential for India’s remarkable economic ascent, presenting both challenges and opportunities for the nation on the global stage.

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