India Set To Become World's 3rd-Largest Economy By 2030: S&P Global Report

ENA Economy 2024-09-20 17:58:01 New Delhi, Sep 20 (KNN) India is on track to become the world's third-largest economy by 2030-31, driven by an expected annual growth rate of 6.7 per cent for the current fiscal year, according to a report released by S&P Global on Thursday. The report forecasts even stronger growth of 8.2 per cent in FY2024, highlighting the importance of ongoing reforms in sustaining this economic momentum. These reforms are aimed at improving business transactions, enhancing logistics, attracting private sector investment, and reducing reliance on public capital. S&P Global emphasised that these structural changes will be pivotal in fostering long-term growth and competitiveness. Indias equity markets are also projected to remain vibrant, fuelled by strong growth prospects and a more robust regulatory framework. The report pointed to a surge in foreign investment in Indian government bonds, attributed to India's inclusion in major emerging market indices, with further increases anticipated in the future. To maximise trade opportunities, the report stressed the need for continued infrastructure development, particularly in port facilities along Indias extensive coastline. Given that nearly 90 per cent of Indias trade is conducted via sea routes, robust port infrastructure is essential to manage the anticipated rise in exports and bulk imports. Addressing Indias growing energy needs, the report advocated a transition toward sustainable energy sources such as renewables and low-emission fuels. This shift is seen as critical for balancing the countrys energy security with its climate goals. In agriculture, the report called for advanced technologies and new policy measures to improve infrastructure and productivity. It also highlighted the need to tackle key challenges related to irrigation, storage, and distribution to ensure food security and economic stability. This analysis is part of the inaugural S&P Global India Research Chapter, launched on Thursday, providing insights into Indias economic trajectory and the critical factors influencing its future growth. (KNN Bureau) 39357 https://knnindia.co.in/news/newsdetails/economy/india-set-to-become-worlds-3rd-largest-economy-by-2030-sp-global-report 2024-09-20 17:58:01 knnindia.co.in India Set To Become World's 3rd-Largest Economy By 2030: S&P Global Report