3rd Largest GDP Tag For India By 2030, Says S&P

New Delhi: India is poised to be the third largest global economy by 2030, but rising population presents mounting challenges in basic service coverage and growing investment needs to maintain productivity, S&P Global Ratings said on Thursday. It said emerging economies have high ambitions for the next decade and beyond with India aiming to become a $30 trillion economy by 2047, from the current $3.6 trillion. India is currently the fifth largest economy.

“India is poised to be the fastest-growing major economy over the next three years and the third largest globally by 2030. Its 2024 entry into JP Morgan’s Government Emerging Market Bond Index could provide additional government funding and unlock significant resources in domestic capital markets. This is only a first step --investors will continue looking for improved market access and settlement procedures,” S&P said.

In its report titled ‘Look forward Emerging Markets: A decisive decade’, S&P said emerging markets will play a crucial role in shaping the global economy over the next decade, averaging 4.06 per cent GDP growth through 2035, compared to 1.59 per cent for advanced economies.