India’s economy could rise to the third rank by 2030, S&P Global has projected.
“India is set to become the third largest economy by 2030, and we expect it will be the fastest growing major economy in the next three years,” S&P Global was quoted as saying in its Global Credit Outlook 2024 report titled, ‘New Risks, New Playbook.’
S&P Global Market Intelligence had once predicted that India‘s nominal GDP measured in USD terms is expected to rise from $3.5 trillion in 2022 to $7.3 trillion by 2030. It’s estimated that the swift pace of economic expansion would result in India’s GDP surpassing that of Japan by 2030, making the country the second-largest economy in the Asia-Pacific region.
As of now, India is ranked fifth with an economy worth more than $3.7 trillion, according to IMF data. The United States tops the list with roughly $27 trillion, followed by China with approximately $17.7 trillion, Germany with $4.4 trillion, and Japan with $4.2 trillion.
The data affirms Prime Minster Narendra Modi’s vision of the country. During his address at 20 Years’ Celebration of Vibrant Gujarat Global Summit this September, he had said: “Now we are standing at a turning point where Bharat is going to become a global economic powerhouse. Now this is Bharat’s guarantee to the world and my guarantee to you too. You will see before your eyes; within a few years Bharat will be among the top 3 largest economies of the world. This is Modi’s guarantee.”
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The agency said making India the next big global manufacturing hub is the foremost challenge. Can India make the transition from a services-oriented economy into a manufacturing one?
“Unlocking the labour market potential will largely depend upon upskilling workers and increasing female participation in the workforce. Success in these two areas will enable India to realise its demographic dividend,” the agency said.
It added that the burgeoning domestic digital market could also accelerate India’s growth in financial and consumer technology. In the automotive sector, India should make the quantum leap, cashing in on its strong areas such as building on infrastructure, investment, and innovation.
It mentioned, “Countries with strong and stable trade ties with the US, such as Vietnam and India, are also gaining attention in this area.”
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