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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