India set to be 3rd largest economy by 2030: S&P

October 25, 2023 12:00

While global economic growth faced stagnation for the second consecutive month in September, India continued to shine as a beacon of economic resilience, expanding at one of the strongest rates in nearly 13 years.

According to a report by S&P Global Market Intelligence, this comes as the private sector output in developed markets, including manufacturing and services, faced a mild contraction.

According to the Asia Credit Outlook 2023 released by S&P Global Market Intelligence, the Indian economy will be 3rd largest economy by 2030. The Indian economy is growing and will give huge opportunities for medium to long term If the projected trajectory holds India will supersede Japan and Germany to become the world's third-largest economy by 2030.

As per the S&P Outlook India's GDP is poised to touch USD 7.3 trillion by 2030. Currently, India is the 5th largest economy in the world at USD 3.7 trillion worth of GDP in 2023-24.

It replaced the U.K. as the 5th largest economy in 2022. -- ANI

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