India on Track to Become 3rd Largest Economy by 2030: S&P Report

India is set to become the world’s third-largest economy by 2030, with a projected 6.7% annual growth rate, according to S&P Global.

But how can the country maintain this momentum?

The research also highlighted that India needs to enhance its infrastructure and geopolitical strategies, especially by leveraging its vast coastline to fully capitalize on trade opportunities.

Abhishek Tomar, head, S&P Global India Leadership Council, and chief data officer for S&P Global Market Intelligence, said, "India's medium-term prospects are healthy and filled with opportunities in multiple sectors, including trade, agriculture, and AI, likely structural reforms, and growing energy demands.

India is poised for growth, and with a young and dynamic workforce, it is well-positioned to shape the global economic landscape."

Rahul Kapoor, vice president, global head of shipping analytics and research, stated, “India needs more ports. With big investments pouring into the sector, a balance needs to be struck while we discuss public and private ports.”

Additionally, Kapoor stated that the market intelligence firm is expecting freight rates to come down.