‘India Poised to Become Third-Largest Economy by 2030’


According to the S&P Global Credit Outlook India’s GDP growth is forecast to hit 6.4 percent by 2024, 6.9 percent by 2025 and 7.0 percent by 2026….reports Asian Lite News

As the world navigates through dynamic economic landscapes, the S&P Global Credit Outlook for 2024 places a spotlight on India’s pivotal role in shaping the global economy.

According to S&P Global, India standing at the forefront of this economic transformation, is poised to become the third-largest economy by 2030, showcasing robust and rapid growth unparalleled among major economies.

According to the S&P Global Credit Outlook India’s GDP growth is forecast to hit 6.4 percent by 2024, 6.9 percent by 2025 and 7.0 percent by 2026.

Despite nuanced shifts in growth forecasts across the globe, India emerges as a beacon of economic potential and growth. India’s growth trajectory remains optimistic, fuelled by strategic initiatives.

With a strategic emphasis on manufacturing, India aims to become a global manufacturing hub, presenting a significant opportunity for economic advancement. To support this transition, building a robust logistics framework and upskilling the workforce, along with fostering increased female participation, becomes imperative.

India’s demographic dividend, a considerable asset, hinges on unlocking the labour market’s full potential. Furthermore, the nation’s burgeoning digital market is poised to amplify the growth of its start-up ecosystem, particularly in financial and consumer technology.

The automotive sector, backed by infrastructure, investment, and innovation, positions India for substantial growth.

The credit outlook also highlights the transformative global supply chain reconfiguration.

India, with its strong ties to the US and eurozone markets, emerges as a key beneficiary in this paradigm shift. Alongside Asian counterparts like Vietnam, India is attracting attention in this arena.

Beyond economic dynamics, the report emphasizes broader challenges such as climate change, technological disruptions, and geopolitical tensions.

The landscape of 2024 holds a significant number of national elections globally, adding a layer of uncertainty.

In this context, India’s strategic moves and economic resilience position it as a linchpin in the evolving global economic tapestry.

As India navigates these challenges and opportunities, its choices and policies are expected to reverberate globally, underscoring its pivotal role in shaping the trajectory of the world economy in the years to come.

In the latest projections, S&P Global Credit Outlook also shows that the U.S. and Eurozone maintain steady growth forecasts, while notable revisions surface in the big emerging markets, particularly China and India.

China’s economic pace has moderated, marked by challenges in the property sector despite government stimuli.

The recent approval of a substantial sovereign bond issue and adjustments to bond quotas contribute to a real GDP growth forecast of 5.4 per cent for 2023 and 4.6 per cent for 2024.

However, persistent issues in the real estate sector pose hurdles, impacting cash flows for developers and local and regional government’s revenue sources.

RS Discusses Country’s Economic Situation

The Rajya Sabha is likely to continue the discussion, initiated on Tuesday, on the prevailing economic situation in the country, as the Parliament convenes on Day 3 of the ongoing Winter Session on Wednesday.

According to sources, the discussion on a short-duration notice on the economic situation in the country, which was initiated by Trinamool Congress MP Derek O’Brien on Tuesday, is to be continued in the Upper House on Wednesday.

Union Finance Minister Nirmala Sitharaman is likely to table a statement showing the Supplementary Demands for Grants, 2023-24, sources said.

Further, BJP MP Sumer Solanki and Biju Janata Dal MP Niranjan Bishi are likely to initiate a discussion on the Study Visit Report of the Committee on the Welfare of Scheduled Castes and Scheduled Tribes to Havelock Island, Port Blair, Mahabalipuram and Mumbai from August 24, 2023 to August 29, 2023 in the Upper House.

According to sources, Aam Aadmi Party MP Ashok Kumar Mittal and Shiv Sena MP Anil Desai are also likely to table the Twenty Fifth Report of the Department-Related Parliamentary Standing Committee on External Affairs (Seventeenth Lok Sabha) on Action Taken by the Government on the Observations/Recommendations contained in the Twentieth Report of the Committee on Demands for Grants of the Ministry of External Affairs for the year 2023-24.

On the second day of the Winter Session, on Tuesday, the Lok Sabha saw a debate on the Jammu and Kashmir Reservation (Amendment) Bill, 2023 and the Jammu and Kashmir Reorganisation (Amendment) Bill, 2023.

On Monday, the first day of the Winter Session, two Bills were tabled and passed, with the Rajya Sabha also deciding to lift the suspension of AAP MP Raghav Chadha.

The Standing Committee reports on ‘The Bharatiya Nyaya Sanhita, 2023’, ‘The Bharatiya Nagarik Suraksha Sanhita, 2023’, and ‘The Bharatiya Sakshya Bill, 2023’ were also tabled in the two Houses.

The Winter Session will culminate on December 22. (ANI)

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