India to Become 3rd largest Economy by 2030: S&P Global Ratings

New Delhi: India will become the world’s third-largest economy by 2030, S&P Global Ratings forecasted on Tuesday. India currently is the fifth largest economy in the world behind the US, China, Germany and Japan.

The S&P Global Ratings also predicted that India’s GDP growth will reach 7 per cent in the 2026-27 fiscal year.

In its Global Credit Outlook 2024, S&P saw a 6.4 per cent GDP growth in the fiscal year through March 2024 (2023-24) as compared to 7.2 per cent in 2022-23.

“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.

Developing a strong logistics framework will be key in transforming India from a services-dominated economy into a manufacturing-dominant one, it said.

Success in upskilling workers and increasing female participation in the workforce will enable India to develop.