India to be third largest economy by 2030, opportunity to become global manufacturing hub: S&P

New Delhi, December 05, 2023.

S&P Global Ratings on Tuesday said India will be the world’s third-largest economy by 2030, but a major test for the country would be to unlock the ‘immense opportunity’ and become the next big global manufacturing hub.

The US-based rating agency expects India to be the fastest growing major economy in the next three years, with GDP growth reaching 7 per cent by 2026, from 6.4 per cent projected expansion in the current fiscal.

Indian economy grew 7.2 per cent in 2022-23 fiscal ended March 2023. India’s GDP expanded 7.8 per cent and 7.6 per cent in the June and September quarters, respectively.