Monday, February 26th, 2024

When will India become the third largest economy in the world, S&P told, know how many trillion GDP will be


Photo:FILE This has been said in S&P’s report ‘Global Credit Outlook 2024: New Risk, New Playbook’.

The fast pace of the Indian economy has also strengthened the confidence of rating agency S&P Global. The agency said on Tuesday that India can become the world’s third largest economy by 2030. It also estimates that the country’s gross domestic product (GDP) growth is expected to reach seven percent in the financial year 2026-27. According to Bhasha news, S&P believes that a big test for India is to take advantage of the huge opportunity and make itself the next big international manufacturing hub. S&P’s report ‘Global Credit Outlook 2024: New Risk, New Playbook’ states that the GDP growth rate in the current financial year i.e. March 2024 is estimated to be 6.4 percent. It is expected to reach seven percent in the year 2026.

India could become the next big global manufacturing hub

According to the news, the Indian economy grew at the rate of 7.2 percent in the financial year 2022-23. India’s GDP growth was 7.8 percent and 7.6 percent in the June and September quarters respectively. According to S&P Global, India is set to become the third largest economy by 2030 and we expect it to be the fastest growing economy in the next three years. The biggest test is whether India can become the next big global manufacturing hub, which is a huge opportunity.

India will have a $5 trillion economy by 2027-28

According to S&P, developing a strong logistics infrastructure will be key in transforming India from a service-dominant economy to a manufacturing-dominant economy. The size of India’s GDP by the end of the financial year 2022-23 is US $ 3,730 billion. India is currently the fifth largest economy in the world after the US, China, Germany and Japan. The International Monetary Fund (IMF) estimates that India will be the world’s third largest economy with a GDP of $5 trillion by 2027-28.

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