Team Blitz India
NEW DELHI: India is poised to become the world’s third-largest economy by 2030, with a forecast of 7 per cent GDP growth in the fiscal year 2026-27, said S&P Global Ratings on December 5. It added that the country is also set to become the fastest-growing major economy in the next three years.
The Global Credit Outlook 2024 report by S&P anticipates a 6.4 per cent GDP growth in the fiscal year ending March 2024, compared to 7.2 per cent in the previous financial year.
The growth trajectory is expected to continue with a 6.4 per centg growth rate in the next fiscal year (2024-25), followed by an increase to 6.9 per cent and finally reaching 7 per cent in the fiscal year 2026-27. “We see India reaching 7 per cent in 2026-27 fiscal,” said S&P.
“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 said. Currently, India holds the fifth position among the world’s largest economies, following the US, China, Germany, and Japan.
The report underscored the significant opportunity for India to emerge as a global manufacturing hub, with the transformation hinging on the development of a robust logistics framework.
