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India set to become 3rd largest economy by 2030

Facts for Prelims (FFP)

 

Source: Business Line

 

Context:  S&P Global predicts that India will become the third-largest economy globally by 2030, with a forecasted nominal GDP rise from $3.5 trillion in 2022 to $7.3 trillion in 2030.

  • Currently, India holds the fifth position, with the United States, China, Germany, and Japan ahead.
  • S&P Global emphasizes the importance of India becoming a global manufacturing hub and highlights the need for a robust logistics framework, upskilling of workers, and increased female workforce participation.
  • The agency also expects growth in India’s high-growth startup ecosystem, especially in financial and consumer technology, and foresees expansion in the automotive sector.