September saw a second consecutive month of stagnation in global economic growth, but India remained a shining example of economic resilience, growing at one of the fastest rates in almost 13 years. This coincides with a slight contraction in the output of the private sector in developed markets, including manufacturing and services, according to a report published by S&P Global Market Intelligence. By 2030, the Indian economy is expected to rank third in terms of GDP, according to S&P Global Market Intelligence’s Asia Credit Outlook 2023 report. In the medium to long term, the expanding Indian economy will present numerous opportunities. India’s economy is predicted to surpass both Japan’s and Germany’s by 2030, making it the third largest in the world. S&P Outlook states that India’s GDP.
Currently, India is the 5th largest economy in the world at USD 3.7 trillion worth of GDP in 2023-24. It replaced the U.K. as the 5th largest economy in 2022.
As per S&P Global Market Intelligence report, the strength of India’s economy shone brightly as it continued to lead among major emerging economies, displaying exceptional growth momentum.
India was the only one among these economies to accelerate its growth from August, with output expanding at one of the strongest rates in just under 13 years. As per the report the Indian economy has shown sustained growth during the 2023 calendar year.
India’s robust expansion was bolstered by a substantial increase in new business, supported by favourable demand conditions and positive market dynamics.
Both manufacturing output and services activity in India contributed to its impressive growth trajectory.