Posted 12/5/2023, 10:37:00 AM
S&P: India to Become 3rd Largest Economy by 2030 on Digital Boom, Auto Potential
- S&P projects India to become world's 3rd largest economy by 2030, surpassing current 5th position
- India expected to grow at 6.4-6.8% this fiscal year, accelerating to 7% by 2026, contrasting China's slowing growth
- Key growth factors booming digital/startup ecosystem, automotive sector potential, young demographic advantage
- Challenges developing logistics, enhancing workforce skills, increasing female participation
- India's rise significant amid global slowdowns; transition to manufacturing crucial for full economic potential