Unveiling the Future: India’s Projected To Rise as the Third-Largest Economy By 2030
Emerging from a thousand years of colonialism, the Indian tale of ascension as one of the most powerful nations in the world is one of resilience, strategic planning, and a population with an unbreakable spirit. From the indomitable manner in which the country faced the challenges of being a newly independent nation to leveraging the technological revolution to turn itself into an IT mecca to constantly furnishing and refurbishing policies to ensure its provision of a liberal investment ecosystem, the country’s journey to becoming one of the economic superpowers has been a captivating one.
In a global landscape ravaged by socio-political upheaval, wars waged in the name of religion, and economic turmoil, India has in fact been a beacon of hope, steadily and surely climbing the hierarchy of economic prowess. The fastest-growing economy in the world, the Indian economy, overtook the United Kingdom as the 5th largest economy in the world in FY2023, followed by the United States, China, Germany, and Japan.
According to S&P Global’s latest reports, the country’s $3.7 trillion economy is poised to rise to $7.3 trillion by 2030, becoming the fifth largest economy in the world. The report also states that the country is likely to maintain its status as the fastest-growing economy in the world for the upcoming three years, with India’s GDP expected to grow at a rate of 6.4% this financial year and elevate to 7% by FY 26–27. Attaining this position would make the country the second-largest economy in the Asia-Pacific region, overtaking Japan’s GDP by 2030.
However, to attain this level, it is critical for the country to become a global manufacturing hub in the current service-dominated economy. The agency goes on to suggest that India can achieve this by leveraging its demographic dividend: the country has one of the youngest working-age populations in the world, with 53% of its workforce being under the age of 30. The need of the hour in India, therefore, is to implement policies and programmes that facilitate upskilling of the existing workforce as well as encouraging the participation of women in the workforce.
Furthermore, the country’s thriving digital market is also likely to bolster its startup ecosystem, particularly in the finance and consumer technology sectors. The focus on infrastructural development, innovation, and investment is also likely to boost the automotive sector, further propelling the growth of the Indian economy.
As India propels towards becoming the world’s third-largest economy by 2030, the narrative extends beyond economic statistics to embody a tale of resilience, innovation, and global impact. Today the country’s India’s journey has established it as the torchbearer of innovation, inclusivity, and unwavering determination on the world stage.
