Global rating agency S&P Global Ratings has said that India will become the world’s third-largest economy by the year 2030. The rating agency has also estimated the country’s gross domestic product (GDP) growth rate to reach seven percent in the financial year 2026-27.
S&P Global Ratings, in its latest forecast released on Tuesday, said that the growth rate of the Indian economy will remain at 6.4 percent in the current financial year 2023-24, before reaching 6.9 percent in the next financial year 2024-25. The agency said that it will reach seven percent in the financial year 2026-27.
Earlier, S&P in its ‘Global Credit Outlook 2024’ estimated GDP growth at 6.4 percent in the current financial year 2023-24 ending March 31, 2024, while it was 7.2 percent in the previous financial year 2022-23.
The rating agency said, “We are seeing India’s economic growth rate reach seven percent in the financial year 2026-27.” S&P said India is set to become the third-largest economy by 2030. The agency said that “we expect it to be the fastest-growing economy in the next three years”.