Third largest economy: The Indian economy is steadily climbing the ladder of success. We recently achieved the goal of becoming a $4 trillion economy. Now India is fast moving towards becoming a 5 trillion dollar economy. India is expected to become the third largest economy in the world soon. Global rating agency S&P has also now approved it.
Estimates from global rating agency S&P
Rating agency S&P has predicted that India will easily become the world’s third largest economy by 2030. He will not face much difficulty in achieving this goal. He has said that India’s economic growth rate will be 7 percent by 2026-27. The agency said in its Global Credit Outlook 2024 that India’s GDP is projected to grow at 6.4 percent in FY 2023-24. Last year it was 7.2 percent. The agency estimates that it will touch 7 percent in FY 2026-27, paving the way for India to become the world’s third-largest economy by 2030.
The economy will continue to grow rapidly for three years.
According to the agency, India will remain the fastest growing economy for the next three years. At the moment, there is no challenge in front of him. India is the fifth largest economy in the world. Only the US, China, Germany and Japan are ahead of it. The US GDP is $26.46 trillion and China’s is $19.37 trillion. It is followed by the economies of Germany and Japan which are $4.3 and $4.4 trillion respectively. It will not be too difficult for India to overcome Germany and Japan.
India has to become a global manufacturing hub.
The rating agency said India has to focus on becoming a global manufacturing hub. If this happens, no one can stop India from moving forward. Currently, India’s economy is heavily dependent on the service sector. India needs to develop the skills of its workforce to sustain economic growth. Apart from this, planning has to be done to provide maximum employment to women.
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