Indian Economy News: India to Become Third Largest Economy By 2030, Claims S&P

08 Dec, 2023 Author: Ayushee Joshi

Indian Economy: Rating agency S&P has claimed that India will easily become the world’s third-largest economy by 2030. According to the agency, India’s economic growth rate will be 7% by 2026-27. According to S&P’s Global Credit Outlook 2024, India’s GDP will be 6.4 percent in fiscal year 2023-24. According to the agency, it will reach 7% in fiscal year 2026-27, making a way for India to become the world's third-largest economy by 2030.

Becoming a Global Manufacturing Hub

According to the agency, India’s economy will continue to grow rapidly over the next three years. India is currently the world’s fifth-largest economy. Only the United States, China, Germany, and Japan are ahead. The GDP of the United States is 26.46 trillion dollars, while China’s GDP is 19.37 trillion dollars. Following that, Germany and Japan have economies worth 4.3 and 4.4 trillion dollars, respectively. It will not be difficult for India to defeat Germany and Japan. According to the rating agency, India must focus on becoming a global manufacturing hub. India's economy is currently more reliant on the service sector.