In its Global Credit Outlook 2024, S&P  sees  GDP growth  of 6.4%  in the  financial  year  to  March 2024  (2023-24),  compared  with 7.2%  in the previous financial  year there. 

 India will become the  world’s third-largest  economy by 2030, S&P Global Ratings said on  Tuesday, projecting its  GDP growth  to reach 7%  in  the  2026-27  financial  year.  

 In its Global Credit Outlook 2024, S&P  sees  GDP growth  of 6.4%  in the  financial  year  to  March 2024  (2023-24),  compared  with 7.2%  in the previous financial  year there. 

 The growth rate will remain at  6.4%  in the next  financial year  (2024-25) before  increasing  to  6.9%  in the  following year  and  7%  in 2026-27, the  agency said.  

 “We  expect  India  to reach 7%  in  FY 2026-27. “India is  on track  to become the  third largest  economy by  2030  and we expect it  to  be the fastest growing major economy  over  the next three years,” S&P said.  India  is  currently  the  world’s  fifth largest economy  after  the US, China, Germany and Japan. 

  “The first  test will be whether India can become the next  great  global manufacturing hub,  which is a huge  opportunity. Developing a strong logistics framework will be key  to  transforming India from a services-dominated economy  to  a  manufacturing-dominated economy, he  said. 

  Unleashing labor  market potential will  depend  largely  on improving workers’ skills  and increasing  women’s  participation in the  labor market.  

 “Success in these two areas will  help  India  realize its demographic dividend,”  he  said.  S&P said  the  booming domestic digital market could also  drive the  expansion  of India’s  high-growth startup ecosystem  over  the next decade, especially in  the finance  and consumer  technology sectors. use.  

 In the  auto  sector, India is poised for  growth by leveraging  infrastructure,  investment  and innovation,  he  added.  

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