New Delhi:India will become the world’s third largest economy by 2030, S&P Global Ratings said on Tuesday as it forecast the nation’s GDP growth reaching 7 per cent in 2026-27 fiscal year.

In its Global Credit Outlook 2024, S&P saw a 6.4 per cent GDP growth in the fiscal year through March 2024 (2023-24) as compared to 7.2 per cent in the previous financial year.

The growth rate will remain at 6.4 per cent in the next fiscal (2024-25) before climbing to 6.9 per cent in the next and 7 per cent in 2026-27, the rating agency said. “We see India reaching 7 per cent in 2026-27 fiscal.” “India is set to become the third-largest economy by 2030, and we expect it will be the fastest growing major economy in the next three years,” S&P said.

Press Trust of India