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India’s economy to be the 3rd largest by 2030 says S&P
S&P's Global Credit Outlook 2024 study projects a 6.4 percent GDP growth in the fiscal year that ends in March 2024, down from a 7.2 percent increase in the previous financial year
According to S&P Global Ratings, India's GDP is projected to grow by 7 percent in 2026–2027, positioning it to become the world's third largest economy by 2030. Predictions indicate that the nation's economy will expand at the fastest rate among major economies in the next three years.
With a GDP of over $3.7 trillion, India's economy is the fifth largest in the world, according to the International Monetary Fund. After the US with nearly $27 trillion, China with about $17.7 trillion, Germany with $4.4 trillion, and Japan with $4.2 trillion round out the top five.
“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,” S&P Global said in its Global Credit Outlook 2024 report titled, ‘New Risks, New Playbook.’
A prior study by S&P Global Market Intelligence predicted that by 2030, India's nominal GDP in US dollars would have risen from $3.5 trillion in 2022 to $7.3 trillion. As a result of its rapid economic development, India would become the second biggest economy in the Asia-Pacific region by 2030, surpassing Japan in terms of GDP.
The report highlighted that India is well-positioned to become a major player in the global manufacturing industry; however, this transformation will necessitate the development of robust logistical systems.
"A paramount test will be whether India can become the next big global manufacturing hub, an immense opportunity. Developing a strong logistics framework will be key in transforming India from a services-dominated economy into a manufacturing-dominant one," it said.
Programs such as those aimed at increasing the participation of women in the workforce and enhancing workers' skills are contingent upon the labor market's potential being effectively unleashed, according to the report. Additionally, it discussed how the high-growth startup ecosystem in India, particularly in the consumer and financial technology areas, will be driven by the country's quickly growing domestic digital market in the coming decade.
Furthermore, it stated that greater investment, innovation, and the development of infrastructure are all expected to help the expansion of the automobile industry in India.
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