+
India to become third-largest economy by 2030-31: S&P Global
ECONOMY & POLICY

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

India is on course to become the world's third-largest economy by fiscal 2030-31, driven by a projected annual growth rate of 6.7%, according to S&P Global’s inaugural study, India Forward: Emerging Perspectives. The report highlights India’s impressive GDP growth of 8.2% in FY 2024, surpassing the government’s earlier estimate of 7.3%.

Abhishek Tomar, Head-S&P Global India Leadership Council, stated, “India’s medium-term outlook is vibrant, with opportunities across trade, agriculture, AI, and energy. A young, dynamic workforce positions the country to shape the global economy.”

India's 8.2% growth in FY 2024 reaffirms its status as the fastest-growing large economy. Sustained reforms will be essential to enhance logistics, business efficiency, and private investment while reducing reliance on public funds. Foreign investments in government bonds have surged, driven by India's inclusion in key emerging market indexes, with further growth anticipated.

With 90% of India’s trade conducted via sea, infrastructure development, especially along the coastline, will be crucial to handle increasing exports and bulk imports. Robust geopolitical strategies will be necessary to maximize trade benefits.

India's growing energy demand will require a balance between energy security and the adoption of sustainable technologies, including renewables and low-emission fuels. Agriculture will benefit from new technologies and policies aimed at improving irrigation, storage, and supply chains to enhance food security and stability.

The report emphasises AI’s potential to accelerate economic growth, suggesting public-private partnerships to replicate India’s digital infrastructure success.

India Forward was prepared by S&P Global in collaboration with CRISIL, bringing together local expertise and global insights. The study reflects India’s promising future, with continued reforms and strategic investments positioning it as a key player on the global stage.

(spglobal)

India is on course to become the world's third-largest economy by fiscal 2030-31, driven by a projected annual growth rate of 6.7%, according to S&P Global’s inaugural study, India Forward: Emerging Perspectives. The report highlights India’s impressive GDP growth of 8.2% in FY 2024, surpassing the government’s earlier estimate of 7.3%. Abhishek Tomar, Head-S&P Global India Leadership Council, stated, “India’s medium-term outlook is vibrant, with opportunities across trade, agriculture, AI, and energy. A young, dynamic workforce positions the country to shape the global economy.” India's 8.2% growth in FY 2024 reaffirms its status as the fastest-growing large economy. Sustained reforms will be essential to enhance logistics, business efficiency, and private investment while reducing reliance on public funds. Foreign investments in government bonds have surged, driven by India's inclusion in key emerging market indexes, with further growth anticipated. With 90% of India’s trade conducted via sea, infrastructure development, especially along the coastline, will be crucial to handle increasing exports and bulk imports. Robust geopolitical strategies will be necessary to maximize trade benefits. India's growing energy demand will require a balance between energy security and the adoption of sustainable technologies, including renewables and low-emission fuels. Agriculture will benefit from new technologies and policies aimed at improving irrigation, storage, and supply chains to enhance food security and stability. The report emphasises AI’s potential to accelerate economic growth, suggesting public-private partnerships to replicate India’s digital infrastructure success. India Forward was prepared by S&P Global in collaboration with CRISIL, bringing together local expertise and global insights. The study reflects India’s promising future, with continued reforms and strategic investments positioning it as a key player on the global stage. (spglobal)

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?