India is set to become the third-largest economy by 2030-31: S&P Global
ECONOMY & POLICY

India is set to become the third-largest economy by 2030-31: S&P Global

S&P Global published its first edition of ‘India Forward: Emerging Perspectives’, emphasising India’s projection as a leading global economy. The report highlights that India is on track to become the third-largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7 percent.

This follows an impressive GDP growth of 8.2 percent in the fiscal year 2024, significantly exceeding the government’s earlier estimate of 7.3 percent. India’s medium-term prospects are healthy and filled with opportunities in multiple sectors including trade and AI, likely structural reforms and growing energy demands, said Abhishek Tomar, Head, S&P Global India Leadership Council and Chief Data Officer for S&P Global Market Intelligence. India is poised for growth and with a young and dynamic workforce is well-positioned to shape the global economic landscape.

India is the fastest-growing large economy with an 8.2 percent growth rate in FY 2024, surpassing earlier estimates. Continued reforms are crucial to improving business transactions and logistics, boosting private sector investment and reducing reliance on public capital.

S&P Global published its first edition of ‘India Forward: Emerging Perspectives’, emphasising India’s projection as a leading global economy. The report highlights that India is on track to become the third-largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7 percent.This follows an impressive GDP growth of 8.2 percent in the fiscal year 2024, significantly exceeding the government’s earlier estimate of 7.3 percent. India’s medium-term prospects are healthy and filled with opportunities in multiple sectors including trade and AI, likely structural reforms and growing energy demands, said Abhishek Tomar, Head, S&P Global India Leadership Council and Chief Data Officer for S&P Global Market Intelligence. India is poised for growth and with a young and dynamic workforce is well-positioned to shape the global economic landscape.India is the fastest-growing large economy with an 8.2 percent growth rate in FY 2024, surpassing earlier estimates. Continued reforms are crucial to improving business transactions and logistics, boosting private sector investment and reducing reliance on public capital.

Next Story
Equipment

Godrej Material Handling Leads East India with 21% Market Share

The Material Handling business of Godrej & Boyce, a part of Godrej Enterprises Group, is powering industrial growth in Eastern India marking over 60 per cent Y-o-Y growth in the Jamshedpur region for FY25. Solidifying its market leadership, the business commands a dominant 21 per cent market share in the Eastern region, serving as a crucial enabler for the region’s manufacturing sector. At the Indomach Expo in Jamshedpur, the business is showcasing its next-generation forklift to meet evolving needs of Eastern India’s industrial corridor. Jamshedpur, Eastern India’s industrial po..

Next Story
Equipment

Mecbo America Launches Scorpion Concrete Crawler Boom

Mecbo America, a division of Blastcrete Equipment LLC, brings a new product to its lineup: the Scorpion Concrete Crawler Boom. The Scorpion provides contractors working in piling, drilling, tunnelling or commercial construction with a flexible arm for placing concrete where needed without disrupting the jobsite. It is an economical enhancement for contractors who have a concrete pump but need an effective way to deftly move material to spots that are difficult or unsafe to reach using other methods.“As concrete contractors grow and the scope of their work changes, many recognize the need for..

Next Story
Infrastructure Urban

REC Flags off Mobile Medical Units Funded in Punjab

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, under its flagship CSR initiative Mobile Medical Units has committed Rs 42.9 million for the procurement and deployment of four Mobile Medical Units (MMUs) in 4 districts of Punjab. These units, handed over to the Indian Red Cross Society, Punjab, were flagged off by Hon’ble Governor Shri Gulab Chand Kataria Ji at Punjab Raj Bhawan.Serving as a lifeline for deprived communities, the MMUs will provide essential healthcare across four districts. REC Foundation continues to expand its CSR footprint, with various Mobil..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?