India to be third-largest economy by 2030: S&P

Published December 6, 2023
Labourers work at a construction site of the Ahmedabad-Mumbai High Speed Rail corridor in Ahmedabad, India on May 31, 2023. — Reuters/File
Labourers work at a construction site of the Ahmedabad-Mumbai High Speed Rail corridor in Ahmedabad, India on May 31, 2023. — Reuters/File

BENGALURU: India will remain the fastest-growing major economy for at least the next three years, setting it on course to become the world’s third-largest economy by 2030, S&P Global Ratings said in a report.

S&P expects India, currently the world’s fifth-largest economy, to grow at 6.4 per cent this fiscal year and estimates growth will pick up to 7pc by FY27. In contrast, it expects China’s growth to slow to 4.6pc by 2026 from an estimated 5.4pc this year.

India’s gross domestic product (GDP) grew a bigger-than-expected 7.6pc in the second quarter of fiscal 2024, data showed last week, which prompted several brokerages to raise their full-year estimate.

However, S&P, which had raised its forecast even before the latest data, said India’s growth will depend on its successful transition to a manufacturing-dominated economy from a services-dominated one.

Published in Dawn, December 6th, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Dangerous times
Updated 14 Feb, 2025

Dangerous times

Pakistan accounted for six journalist killings in 2024, of which three were deliberately murdered, according to the CPJ.
Difficult target
14 Feb, 2025

Difficult target

A ONE-two punch delivered by an unforeseen, sharp dip in inflation and an extremely slim base of taxpayers is...
Amazing show
14 Feb, 2025

Amazing show

PAKISTAN’S ability to turn it up at the flick of a switch remains uninhibited. The latest show came in...
Trump’s folly
Updated 13 Feb, 2025

Trump’s folly

This latest pronouncement only reinforces the fears of those who see the plan as a blueprint for ethnic cleansing.
Corruption ranking
13 Feb, 2025

Corruption ranking

IT comes as little surprise. Transparency International’s Corruption Perceptions Index for 2024, unveiled on...
Support from remittances
13 Feb, 2025

Support from remittances

EVEN though workers’ remittances dipped, albeit negligibly, in January on a month-over-month basis, the earnings...