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

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

India is set to become the world&rsquo;s third-largest economy by 2030, with a projected 6.7% annual growth rate, according to S&amp;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. &nbsp; Abhishek Tomar, head, S&amp;P Global India Leadership Council, and chief data officer for S&amp;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, &ldquo;India needs more ports. With big investments pouring into the sector, a balance needs to be struck while we discuss public and private ports.&rdquo; Additionally, Kapoor stated that the market intelligence firm is expecting freight rates to come down.

Over the next five years, the number of dollar millionaires in India is expected to increase by over 20%

2023 Wealth Boom: What It Means for India and the World

<h3>Over the next five years, the number of dollar millionaires in India is expected to increase by over 20%</h3>

The world is getting progressively richer. In 2023, global wealth bounced back from a slump in 2022... Growing by 4.2% in USD terms after a 3% dip the previous year. This is as per a report by UBS. This rebound was seen in Europe, Middle East and Africa. What about India? Well, India didn't join the rebound. In fact, the average wealth per adult in India actually shrank by over 1%. But here&rsquo;s the twist! This report shows that median wealth growth in India was actually positive, rising by almost 6%. This means that while wealthier individuals saw their wealth decrease, those in lower wealth brackets experienced an increase. But, if we go back to the global financial crisis of 2008, since then, the average wealth per adult in India has soared by over 320%. Even median wealth has seen a significant rise of 240%. So, what makes up India's financial wealth? Financial assets make up less than a quarter of gross wealth per adult. This is quite low compared to other regions. For instance, in the Asia-Pacific region, financial assets make up almost 60% of wealth, and in North America, it's nearly 70%. On the bright side, debt levels in India are also low, at under 9%, compared to almost 13% in the Asia-Pacific region. UBS says that over the next five years, the number of dollar millionaires in India is expected to increase by over 20%, which means more than 190,000 new millionaires Talking about the worlds richest, here are some eye-popping statistics The top of the world&rsquo;s wealth pyramid is made up of just 14 people who collectively own close to USD 2,000 billion. The next category is made up of just 12 individuals who own between 50 to 100 billion dollars. So, how's the money going to move? UBS' analysis shows that globally 83.5 trillion dollars of inherited wealth will be transferred within the next 20&ndash;25 years.

Fitch said it expects the RBI to cut policy interest rates by 25 basis points this year to 6.25 per cent

Fitch raises India's growth forecast to 7.2% for current fiscal year

Fitch said it expects the RBI to cut policy interest rates by 25 basis points this year to 6.25 per cent

Fitch Ratings on Tuesday raised India's growth forecast for current fiscal to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment.
For the fiscal years 2025-26 and 2026-27, Fitch projected growth rates of 6.5 per cent and 6.2 per cent, respectively.
"We expect the Indian economy to expand by a strong 7.2 per cent in FY24/25 (an upward revision of 0.2 pp from the March GEO)," Fitch said in its global economic outlook report.
Fitch's estimates are in line with that of RBI which earlier this month projected Indian economy to expand 7.2 per cent in the current fiscal on the back of improving rural demand and moderating inflation.
Investment will continue to rise but more slowly than in recent quarters, while consumer spending will recover with elevated consumer confidence, it said.
Fitch said purchasing managers survey data point to continued growth at the start of the current financial year.
It said signs of the coming monsoon season being more normal should support growth and make inflation less volatile, though a recent heatwave poses a risk.
"We expect growth in later years to slow and approach our medium-term trend estimate," it said, adding growth will be driven by consumer spending and investment.
The Indian economy grew 8.2 per cent in the last fiscal (2023-24), with a 7.8 per cent expansion in March quarter.
Inflation, Fitch expects, will decline to 4.5 per cent by end 2024 and average 4.3 per cent in 2025 and 2026.
Fitch said it expects the RBI to cut policy interest rates by 25 basis points this year to 6.25 per cent.

The update said that consumer price inflation in India is projected to decelerate from 5.6 per cent in 2023 to 4.5 per cent in 2024, staying within the central bank’s two to six per cent medium-term target range

UN upgrades India's 2024 economic growth projection to nearly 7%

The update said that consumer price inflation in India is projected to decelerate from 5.6 per cent in 2023 to 4.5 per cent in 2024, staying within the central bank&rsquo;s two to six per cent medium-term target range

The United Nations has revised upwards India&rsquo;s growth projections for 2024, with the country&rsquo;s economy now forecast to expand by close to seven per cent this year, mainly driven by strong public investment and resilient private consumption.
The World Economic Situation and Prospects as of mid-2024, released Thursday, said, &ldquo;India&rsquo;s economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly.&rdquo;
The 6.9 per cent economic growth projections for India in the mid-year update is an upward revision from the 6.2 per cent GDP forecast made by the UN in January this year. The UN World Economic Situation and Prospects (WESP) 2024 report that was launched in January had said that growth in India was projected to reach 6.2 per cent in 2024, amid robust domestic demand and strong growth in the manufacturing and services sectors. The projection in January for India&rsquo;s GDP growth for 2025 remains unchanged at 6.6 per cent in the latest assessment of the economic situation.
The update said that consumer price inflation in India is projected to decelerate from 5.6 per cent in 2023 to 4.5 per cent in 2024, staying within the central bank&rsquo;s two to six per cent medium-term target range.
Similarly, inflation rates in other South Asian countries declined in 2023 and are expected to decelerate further in 2024, ranging from 2.2 per cent in the Maldives to 33.6 per cent in Iran. Despite some moderation, food prices remained elevated in the first quarter of 2024, especially in Bangladesh and India.
In India, labour market indicators have also improved amid robust growth and higher labour force participation, it said. India&rsquo;s government remains committed to gradually reduce the fiscal deficit, while seeking to increase capital investment.

With a GDP of USD 3.73 trillion, India currently stands as the fifth-largest economy globally. The IMF projects India to reach a USD 5 trillion economy, securing the third-largest GDP by 2027-28

Amid massive market rally, S&P forecasts India as world's third-largest economy by 2030

With a GDP of USD 3.73 trillion, India currently stands as the fifth-largest economy globally. The IMF projects India to reach a USD 5 trillion economy, securing the third-largest GDP by 2027-28

S&amp;P Global Ratings predicts India to become the world's third-largest economy by 2030, emphasizing the challenge of unlocking its manufacturing potential. The agency forecasts India as the fastest-growing major economy over the next three years, expecting a GDP growth of 7% by 2026, up from the current 6.4% projection.
In the fiscal year 2022-23, India's GDP grew by 7.2%, with robust expansions of 7.8% and 7.6% in the June and September quarters, respectively. S&amp;P highlights India's opportunity to transition into a manufacturing powerhouse, emphasizing the need for a robust logistics framework.
With a GDP of USD 3.73 trillion, India currently stands as the fifth-largest economy globally. The IMF projects India to reach a USD 5 trillion economy, securing the third-largest GDP by 2027-28.
Also read/watch - <a title="US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report" href="https://www.editorji.com/business-news/us-finds-hindenburg-report-irrelevant-for-granting-funds-to-adani-ports-report-1701761408653">US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report</a>
S&amp;P emphasizes the importance of upskilling the workforce and increasing female participation to unlock India's labor market potential. The agency also sees potential growth in India's startup ecosystem, especially in financial and consumer technology, fueled by a thriving domestic digital market.
Moreover, S&amp;P notes global geopolitical factors, including elections in over 50 countries, and the ongoing conflicts in regions like Russia-Ukraine and the Middle East. Elections in various emerging markets, including India, pose potential risks due to low policy predictability, impacting investor sentiment and existing investment potential.
The agency advises that enhancing policy visibility will be crucial for attracting investments and capitalizing on emerging market opportunities.

India Economy 2030: India's GDP in 2022 had already become larger than the GDP of the UK and also France. By 2030, India's GDP is also forecast to surpass Germany. Check here for more details.

India Economy 2030: India to overtake Japan as Asia's 2nd largest GDP by 2030: S&P Global report

India to overtake Japan as Asia's second-largest economy by 2030: S&P Global report

<h2>By 2022, the size of the Indian GDP had already become larger than the GDP of the UK and also France. By 2030, India's GDP is also forecast to surpass Germany</h2>

India Economy 2030: S&amp;P Global Market Intelligence predicts that India, currently the world's fifth-largest economy, is poised to surpass Japan and become the world's third-largest economy and Asia's second-largest economy with a GDP of USD 7.3 trillion by 2030.
After experiencing robust economic growth in 2021 and 2022, India's economy continues to demonstrate strong performance in 2023.
<h3>India GDP 2024</h3>
It is projected that India's GDP will grow by 6.2-6.3% in the fiscal year ending in March 2024, making it the fastest-growing major economy this fiscal year. A substantial acceleration in foreign direct investment over the past decade reflects India's promising long-term growth prospects, driven by a youthful demographic and rising urban incomes.
Also read/watch - <a title="Bombay HC gives interim relief to Casino firm Delta Corp on Rs 16,195 crore GST notice" href="https://www.editorji.com/business-news/bombay-hc-gives-interim-relief-to-casino-firm-delta-corp-on-rs-16-195-crore-gst-notice-1698143518048">Bombay HC gives interim relief to Casino firm Delta Corp on Rs 16,195 crore GST notice</a>
<h3>India GDP 2030: Robust Economic Growth</h3>
S&amp;P Global anticipates that India's nominal GDP, measured in USD terms, will climb from USD 3.5 trillion in 2022 to USD 7.3 trillion by 2030. This rapid expansion is expected to propel India's economy ahead of Japan, making it the second-largest economy in the Asia-Pacific region.
By 2022, India's GDP had already exceeded that of the UK and France, and by 2030, it is forecasted to surpass Germany. Currently, the US holds the title of the world's largest economy with a GDP of USD 25.5 trillion, followed by China at approximately USD 18 trillion. Japan ranks third with a GDP of USD 4.2 trillion, followed by Germany at USD 4 trillion.
<h3>India Economy: Key Drivers of India's Growth</h3>
Key drivers of India's long-term economic outlook include a burgeoning and fast-growing middle class that is driving consumer spending. India's expanding domestic consumer market and significant industrial sector have made it an increasingly attractive destination for global multinationals across various sectors.
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The ongoing digital transformation of India is expected to accelerate e-commerce growth, attracting global technology and e-commerce giants. By 2030, it is projected that over 1.1 billion Indians will have internet access, further driving the growth of e-commerce and related businesses.
The country's strong momentum in foreign direct investment (FDI) inflows is attributed to its large and rapidly expanding domestic consumer market, along with a surge in FDI from manufacturing firms.
Overall, India is set to maintain its position as one of the world's fastest-growing economies, making it a pivotal long-term growth market across a range of industries.

The government has kept the GDP estimate unchanged at 7% for the full financial year 2022-23

Explained: India's GDP grows at 4.4 pc in Q3

The government has kept the GDP estimate unchanged at 7% for the full financial year 2022-23

India's economic growth slowed down to 4.4 per cent in the third quarter of 2022-23 mainly due to poor performance of the manufacturing sector.
In October-December 2021, the economy grew by 11.2 per cent and by 6.3 per cent in the July-September 2022 quarter, according to data released by the National Statistical Office (NSO) on Tuesday.
The NSO in its second advance estimate of national accounts pegged the country's growth at 7 per cent for 2022-23.
Besides, the NSO revised the GDP growth for 2021-22 to 9.1 per cent against the earlier estimate of 8.7 per cent.

In a move to tame inflation, Indian government could consider reducing taxes on some items such as maize and fue: report 

India may consider fuel, maize tax cuts to cool inflation: report

In a move to tame inflation, Indian government could consider reducing taxes on some items such as maize and fuel: report&nbsp;

In a move to help rein in climbing retail inflation, the Indian government could consider reducing taxes on some items such as maize and fuel, according to Reuters.&nbsp;
Quoting sources, the report further said, a decision would be taken only after the release of February inflation data. India&rsquo;s retail inflation rate rose to 6.52% in January from 5.72% in December, which is well above the upper end of RBI's comfort zone of 6%.&nbsp; &ldquo;Food inflation is likely to stay high, prices of milk, maize and soy oil are adding to inflation worries in the near term,&rdquo; a senior source familiar with the central bank&rsquo;s and government&rsquo;s thinking on the matter was also quoted by Reuters.&nbsp; India imports more than two-thirds of its oil requirements. A cut in taxes by the central government could push pump operators to pass on the benefits to retail consumers and help bring down inflation.

Economic Survey expects India’s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24

Economic Survey 2023: Inflation, Borrowing Cost, CAD Key Concerns

Economic Survey expects India&rsquo;s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24

The Economic Survey expects India&rsquo;s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24. While doing so, it outlines the key challenges to growth. The survey says that borrowing cost may remain 'higher for longer', and an entrenched inflation may prolong the interest rate tightening cycle. It also expects the challenge of rupee depreciation to persist with the likelihood of further interest rate hikes by the US Federal Reserve. India&rsquo;s widening current account deficit or CAD is another key concern highlighted in the Survey. It says that CAD may continue to widen as global commodity prices remain elevated. However, the survey adds that the overall external situation remains manageable as India has sufficient forex reserves to finance CAD and intervene in forex market to manage rupee volatility.

With jobs improving and inflation easing, India will continue to remain a bright spot in the global scenario, says Niti Aayog CEO at the World Economic Forum in Davos. 

DAVOS 2023: India to remain a bright spot, says Niti Aayog CEO

With jobs improving and inflation easing, India will continue to remain a bright spot in the global scenario, says Niti Aayog CEO at the World Economic Forum in Davos.&nbsp;

At the ongoing World Economic Forum in Davos, Parameswaran Iyer, Niti Aayog CEO, tells Moneycontrol that India will continue to show resilience in the face of global headwinds.&nbsp; This, especially in light of the structural reforms such as GST, production-linked-incentives that have been undertaken.&nbsp;
Iyer says that he is confident India will remain a bright spot with the jobs scenario improving and inflation easing, however, warns, 'we need to be careful and cautiously optimistic'.&nbsp;
He went on to add that "India is open for businesses on a numbers of counts. In terms of our growth trajectory, our strong manufacturing and export performance, our incentivisation like the PLI scheme. So overall, India is one of the strongest foreign direct investment (FDI) destinations." Commenting on the upcoming union budget, the Niti Aayog CEO said that budget 2023 will push growth further, create jobs and that MSMEs as well as the agriculture sectors would be a prime focus.&nbsp;
&nbsp;
&nbsp;

Rupee strong against every currency:  Sitharaman in war-of-words with Congress MP

Rupee strong against every currency: Sitharaman in war-of-words with Congress MP

Sitharaman was responding to Congress MP Anumula Revanth Reddy's question

Finance Minister Nirmala Sitharaman today said that India's economy is fastest growing and that it was sad that some people in Parliament continued to raise doubts because they were "jealous of country&rsquo;s increasing economy&rdquo;.
In response to a question on currency devaluation and foreign exchange reserve, the FM also said the Indian rupee was strong against all currencies and the country's foreign reserves were growing.
Further, Sitharaman claims of state governments will be cleared once she gets relevant papers along with a certificate from their respective accountant generals.
She also said in Lok Sabha that the central government is committed to pay all Goods and Services Tax (GST) compensation to states and has been doing so continuously for the last five years.
The respective accountant general (AG) has to provide a certificate that the particular state has to get this much of compensation, the finance minister said.
"If there is a delay in the AG certified claim from states, obviously that (GST compensation) is pending. So, when the AG certificate along with the state's claim comes, at that moment the money will also get released," she said during the Question Hour.
From the central government's side, it is up to date, and whatever money it gets as cess, is distributed among states, Sitharaman said.
"We are up to date on all claims that came from states, which were approved by the respective AG. We have paid all," she said.
Sitharaman said if the AG has not cleared the claims of states, the state governments should expedite that."The moment I get it, I will clear that," she said.
Many state governments believe that their GST compensation is pending, and these are pending as the central government needs the necessary papers as the money belongs to the taxpayers, Sitharaman said.
"The moment I receive the papers, the AG certification, even if there is a contention between the Centre and a state, it has to be sorted out. I cannot be sitting on somebody's money," she said.
Sitharaman said differences with states can be sorted out when officials of the central and state governments sit together.
The minister said half of the GST compensation for June has already been cleared while the rest would be given once adequate cess is collected.

India inflation is set to ease: RBI

India inflation is set to ease: RBI

The Reserve Bank of India has said that the fight against inflation in the country will go on for a long time, but the rate of retail inflation will gradually decrease in the coming days.&nbsp;
In its Monthly Bulletin, the central bank noted that the effect of the measures taken under the monetary policy is visible in the long run and in different ways.&nbsp;
In an article titled State of the Economy, the RBI said that the trend of relief in inflation rate can be first seen in the prices of food items.
The RBI noted that 'aggressive and synchronised monetary tightening has further weakened global economic prospects as financial markets sold off, investors took fright and jettisoned risky assets.'

La Vanguardia is Catalonia's leading newspaper and is headquartered in Barcelona 

Snake charmer used to portray India's economic growth, internet divided

Snake charmer to portray India's economic growth divides internet 

Do you also find it offensive? 

La Vanguardia is Catalonia's leading newspaper and is headquartered in Barcelona&nbsp;

A Spanish newspaper is being criticised on social media for using a snake charmer cartoon to report on the Indian economy.&nbsp;
La Vanguardia, a Spanish daily, issued a story 'La hora de la economia india', or 'The hour of the Indian economy on its front page. And, the caricature they used to portray the economic growth of India was a snake charmer.&nbsp; &nbsp; PC Mohan, BJP Lok Sabha MP from Bengaluru Central, said, "While #India's strong economy gets global recognition, portraying our image as snake charmers even after decades of independence is sheer stupidity. Decolonising the foreign mindset is a complex endeavour."
Zerodha CEO Nithin Kamath said, "Quite cool that the world is taking notice, but the cultural caricaturing, a snake charmer to represent India, is an insult. Wonder what it takes for this to stop; maybe global Indian products?"&nbsp;
On the other hand, a section of social media users did not find the graphic offensive. One user said, "I don't see it as an insult but a matter of pride even if that lens is used." Another wrote, "What do they call our entire country? It doesn't matter. What matters is that India is growing."

Amid soaring global prices, is there cause for optimism for the Indian economy? Vikram Chandra speaks to Soumya Kanti Ghosh, SBI Group Chief Economic Advisor, about how India can ensure long-term growth while weathering short-term challenges.

The India Story Episode 7 | Global inflation woes: Can India’s economy emerge victorious?

Amid soaring global prices, is there cause for optimism for the Indian economy? Vikram Chandra speaks to Soumya Kanti Ghosh, SBI Group Chief Economic Advisor, about how India can ensure long-term growth while weathering short-term challenges.

The Ukraine-Russia war, following the Covid-19 pandemic, has resulted in soaring global prices and caused fuel and food shortages. The resulting inflation has hit India hard. Retail inflation has surged to the highest point in 8 years, and both home loans and petrol have gotten more expensive.
However, this crisis also presents an opportunity for India to transform its economy, and change the balance of power in Asia.
Also Watch: <a href="https://www.editorji.com/story/the-india-story-episode-6-is-foreign-education-viable-in-a-post-covid-world-1652451485256" target="_blank" rel="noopener">The India Story Episode 6 | Is foreign education viable in a post-Covid world?</a>
This week on The India Story, Vikram Chandra speaks to Soumya Kanti Ghosh, SBI Group Chief Economic Advisor, about how the Indian economy can weather short-term challenges for long-term gains.
We also take a look at India&rsquo;s star-studded delegation at Cannes 2022, where India was the &lsquo;Country of Honour&rsquo;.

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