S&P: India Poised to Grow Economy, Aiming for $30 Trillion by 2047
India is set to become the third-largest global economy by 2030, with ambitions to reach $30 trillion by 2047, according to S&P Global Ratings. Emerging markets, including India, are expected to drive global economic growth, with India positioned to be the fastest-growing major economy over the next three years. The country’s entry into JP Morgan’s Government Emerging Market Bond Index in 2024 could unlock significant domestic resources and funding.
S&P’s report, ‘Look forward Emerging Markets: A decisive decade’, highlights the crucial role emerging markets will play in shaping the global economy, with India and other Asia-Pacific countries leading the way. Despite population challenges, India has been taking measures to boost capital expenditure and improve fiscal flexibility.
By 2035, India is projected to cement its position as the world’s third-largest economy, demonstrating strong long-term growth potential. As the next decade approaches, India and other emerging markets will need to focus on strategic planning and investment to sustain economic growth.
(This article is based on a syndicated news agency feed – PTI)