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

01 Nov 2024 CW Team

S&P Global published its first edition of 鈥業ndia Forward: Emerging Perspectives鈥�, emphasising India鈥檚 projection as a leading global economy. The report highlights that India is on track to become the third-largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7 percent.

This follows an impressive GDP growth of 8.2 percent in the fiscal year 2024, significantly exceeding the government鈥檚 earlier estimate of 7.3 percent. India鈥檚 medium-term prospects are healthy and filled with opportunities in multiple sectors including trade and AI, likely structural reforms and growing energy demands, said聽Abhishek Tomar, Head, S&P Global India Leadership Council and Chief Data Officer for S&P Global Market Intelligence. India is poised for growth and with a young and dynamic workforce is well-positioned to shape the global economic landscape.

India is the fastest-growing large economy with an 8.2 percent growth rate in FY 2024, surpassing earlier estimates. Continued reforms are crucial to improving business transactions and logistics, boosting private sector investment and reducing reliance on public capital.

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