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
Infrastructure Urban

Macrotech acquires Bain Capital's stake in 3 entities for Rs 3 Bn

Realty firm Macrotech Developers has acquired Bain Capital's stake in three industrial and logistics park entities for Rs 3.07 billion as part of a strategy to enhance rental income. Macrotech Developers is one of the leading real estate firms in the country. It sells properties under Lodha brand. In a regulatory filing, the company informed that it has "executed Securities Purchase Agreements (SPAs) with India Opportunities Fund SSA Scheme 1 and DSS Opportunities Investment 1 (Bain Capital) for acquisition of their interest in the digital infrastructure platform entities (Bellissimo Digital I..

Next Story
Infrastructure Urban

Tata Steel reports Rs 7.59 Bn net profit in Jul-Sep

Tata Steel reported a net profit of Rs 7.58 billion for the September 2024 quarter, helped by lower expenses. It had posted a net loss of Rs 65.11 billion in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing. In a separate statement, Tata Steel CEO and MD TV Narendran said the global operating environment remained complex, with key regions facing subdued growth. Macroeconomic conditions in China continued to weigh on commodity prices, including steel. In India, steel demand continued to improve, but domestic prices were under pressure due to chea..

Next Story
Infrastructure Urban

SC to verdict on Nov 7 on plea against NCLAT

The Supreme Court is scheduled to pronounce its verdict on a plea of State Bank of India (SBI) and other creditors challenging the National Company Law Appellate Tribunal (NCLAT) decision that upheld the resolution plan of grounded air carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC). A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra will pronounce the verdict which was reserved on October 16. The NCLAT had on March 12 upheld the resolution plan of the grounded air carrier and approved the transfer of its ownersh..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000