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Indian Economy to grow 6.7 percent per year till 2030-31:S&P Global

Utkarsh Classes 03-08-2023
Indian Economy  to grow 6.7 percent per year till 2030-31:S&P Global Report 3 min read

The  global data,research and analytic firm S&P Global in a research report titled “Look Forward: India’s Moment” has forecasted that the Indian economy will grow by 6.7% per year from 2023-24 to 2030-31.

The report published on 3rd August 2023  expects the Indian economy to sustain its economic growth in the near future.It expects the Indian  Gross Domestic Product (GDP) to grow to US Dollar (USD) 6.7 trillion from USD 3.4 trillion in 2022-23. 

The report expects Indian Per capita GDP to increase to  about USD 4,500, by 2030-31.

Optimistic view on Indian Economy

  • In recent times many national and international agencies have turned optimistic on the Indian economy .  
  • In a report released on 3rd August the global investment banker Morgan Stanely has upgraded its view on India to Overweight  and downgraded China to equal weight . Morgan Stanley believes that the country is poised for substantial and sustained economic growth at a time when the rest of the world is slowing down.
  • On 25th July 2023, the International Monetary Fund (IMF) raised its GDP growth forecast for India for 2023-24 by 20 basis points to 6.1 percent.One basis point is one-hundredth of a percentage point.
  • In a report released on 19th July 2023, Standard Chartered Bank said it expects India to become the world's third-largest economy by 2030 and have a GDP of $6 trillion.
  • State Bank of India in its  research report Ecowrap published on 27 July 2023  has predicted India to become the world's third-largest economy in 2027-28
  • According to the National Statistical Office (NSO) the Indian economy grew by 7.2% in 2022-23. The Reserve Bank of India expects the Indian economy to grow by 6.5% in 2023-24
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