This post is also available in:
简体中文 (Chinese)
S&P Global Ratings pointed out that India will maintain its position as the fastest-growing major economy in the next three years and predicts that it will become the world’s third largest economy by 2030.
India’s economy is expected to grow by 6.4% this fiscal year, and the growth rate will rebound to 7% by 2027, surpassing China. However, successful transformation depends on the shift from services to manufacturing. Despite the government’s push for manufacturing through the “Make in India” campaign, the sector still accounts for only 18% of GDP.
S&P believes that building a strong logistics framework and improving worker skills are key, and India needs to strengthen the utilization of its demographic dividend. India’s young workforce accounts for 53%, but successful transformation requires overcoming the challenges of being dominated by the service industry.
(Source: Reuters Image source: freepik)
