The country’s gross domestic product (GDP) is expected to grow by 6.4 per cent in fiscals 2023-24 and 2024-25, by 6.9 per cent in fiscal 2025-26 and by 7 per cent in fiscal 2026-27.
India is currently the fifth largest economy in the world behind the United States, China, Germany and Japan.
The country’s paramount test, however, will be whether it can be the next big global manufacturing hub, S&P Global said in its ‘Global Credit Outlook 2024’.
"A strong logistics framework will be key in transforming India from a services-dominated economy into a manufacturing-dominant one," it said.
Unlocking the labour market potential will largely depend upon upskilling workers and increasing female participation in the workforce.
A booming domestic digital market could fuel expansion in India's high-growth start-up ecosystem during the next decade, especially in financial and consumer technology, S&P Global noted.
ALCHEMPro News Desk (DS)
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