India is set to become the third-largest economy by 2030-31: S&P Global

01 Nov 2024 CW Team

S&P Global published its first edition of ‘India Forward: Emerging Perspectives’, emphasising India’s projection as a leading global economy. The report highlights that India is on track to become the third-largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7 percent.

This follows an impressive GDP growth of 8.2 percent in the fiscal year 2024, significantly exceeding the government’s earlier estimate of 7.3 percent. India’s medium-term prospects are healthy and filled with opportunities in multiple sectors including trade and AI, likely structural reforms and growing energy demands, said Abhishek Tomar, Head, S&P Global India Leadership Council and Chief Data Officer for S&P Global Market Intelligence. India is poised for growth and with a young and dynamic workforce is well-positioned to shape the global economic landscape.

India is the fastest-growing large economy with an 8.2 percent growth rate in FY 2024, surpassing earlier estimates. Continued reforms are crucial to improving business transactions and logistics, boosting private sector investment and reducing reliance on public capital.

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