Indian Economy Likely To Grow At 6.7% For Next Eight Years: Report

New Delhi, Aug 4 (KNN) India to grow at 6.7 percent per year on an average for eight years starting 2023-24 retaining the tag of being the fastest-growing economy in the world, according to a report by S&P Global.

The report titled Look Forward: India's Moment highlighted that the world is going through an unprecedented period of uncertainty, and India can capitalise on this challenge. However, it added, the path to achieve high, stable, and inclusive growth will require visionary decision-making by India in key sectors such as labour and manufacturing.

S&P global sees India's short-term economic growth standing on the shoulders of its 678.6 million strong labour force. However, the inclusion of more women in the workforce will be crucial for India's future growth as only 24 percent of women are participating as of 2022.

"India has an immense opportunity to increase its share of global manufacturing exports, and the government is seeking to raise manufacturing to 25 percent of GDP from 17.7 percent by 2025," the report said.

The country seeks to balance its pursuit of high growth and carbon reduction goals, while also guiding other emerging economies on the journey towards net-zero emissions. The South Asian nation will need to adeptly utilise both multilateral and bilateral relationships to become a "leading power" from a "balancing power", the report added.

The report added that the key to India's economic success lies in the country's ability to become a global manufacturing hub and transform itself from a services-dominated economy to one that is dominated by manufacturing.  (KNN Bureau)