India to be third largest economy in the world by 2030, says S&P Global Ratings

By 2030, India will be the world’s third-largest economy, S&P Global Ratings said Tuesday in its “Global Credit Outlook 2024” report.

India is currently the fifth largest economy in the world behind the US, China, Germany, and Japan.

The US-based rating also said India’s gross domestic product (GDP) is expected to grow 7 per cent by 2026 from 6.4 per cent projected expansion in the current fiscal.

“We see India reaching 7 per cent in 2026-27 fiscal… India is set to become the third-largest economy by 2030, and we expect it will be the fastest growing major economy in the next three years,” S&P said.