India to become top-three global economy by 2030, forecasts S&P Global



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India to become top-three global economy by 2030, forecasts S&P Global

India, the centrepiece of South-east Asian commercial landscape, is set to become the world’s third-largest economy by 2030 behind China and the US, a press agency had reported later last week citing forecasts from New York-based rating agency S&P Global alongside heavyweight US lender Morgan Stanley.

In the matter of the fact, latest forecasts from Morgan Stanley and S&P Global comes over the heels of a joint military drill exercised by the soldiers of the US and India near the LOC (Line of Control) of Ladakh, which happens to be less than 100 kilometres away from the Chinese military base.

On top of that, several failed attempts appeared to have made from an incumbent Biden Administration over recent pasts to sway New Delhi away from Kremlin’s grip amid a sweeping overhaul of BRICS (Brazil, Russia, India, China & South Africa) that also involves creating a new payment system for the nations, however, Delhi appeared to have kept a neutral position thus far that had followed a hefty influx of Russ energy products.

Over recent past, the Kingdom of Saudi Arabia also had reportedly expressed intent to join the BRICS, which in effect would likely to be a potential game-changer in global economy.

India set to become world’s third-largest economy by 2030

Nonetheless, the forecast from S&P Global has said that India’s GDP (Gross Domestic Product) would average around 6.3 per cent by 2030, while Morgan Stanley wrote in a client note that India’s GDP would likely to be doubled of what it has been at this standpoint by 2031.

Meanwhile, citing that India could feather up its economic position through a flurry of façades, Morgan Stanley analysts wrote in the report, “India has the conditions in place for an economic boom fuelled by offshoring, investment in manufacturing, the energy transition, and the country’s advanced digital infrastructure.

These drivers will make [India] the world’s third-largest economy and stock market before the end of the decade”.