By 2030, the Indian economy is expected to rank third in terms of GDP, according to S&P Global Market Intelligence’s Asia Credit Outlook 2023 report. In the medium to long term, the expanding Indian economy will present numerous opportunities.
India’s economy is predicted to surpass both Japan’s and Germany’s by 2030, making it the third largest in the world. India’s GDP is expected to reach USD 7.3 trillion by 2030, according to the S&P Outlook.
India’s economy, projected to be worth USD 3.7 trillion in 2023–24, ranks fifth in the world. In 2022, it overtook the United Kingdom as the fifth-largest economy.
According to a report by S&P Global Market Intelligence, India’s economy exhibited remarkable strength, maintaining its position as the top emerging economy with remarkable growth momentum.
Out of all these economies, India’s growth picked up speed in August, and its output grew at one of the fastest rates in less than 13 years. The report claims that throughout the year 2023, the Indian economy grew steadily.
A significant rise in new business, fueled by favourable market dynamics and favourable demand conditions, contributed to India’s strong expansion.
The remarkable growth trajectory of India can be attributed to both its manufacturing and services sectors.
China and Russia, on the other hand, saw slower growth starting in August and saw more moderate expansions.
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