The Indian economy is expected to grow at an average rate of 6.7 per cent from fiscal 2023-24 (FY24) to fiscal 2030-2031 (FY31), said S&P Global giving a decade-ahead forecast for Asia’s second-largest economy. India’s gross domestic product (GDP) is likely to rise to $6.7 trillion to FY31 from $3.4 trillion in FY23, said S&P Global in its August volume report titled ”Look Forward, India Moment”.
S&P Global said that India’s short-term economic growth will be driven by a 678.6 million strong labour force, though getting more women to enter the workforce will be pivotal for future growth, as only 22 per cent women participated in the workforce as of 2022.
India has an immense opportunity to increase its share of global manufacturing exports, in line with the government’s aim to raise manufacturing to 25 per cent of GDP by 2025 from the current levels of 17.7 per cent
Already the third largest consumer of energy globally, India’s per capita energy consumption remains just one tenth that of the United States, according to the report. S&P Global Commodity Insights expects the country’s total energy demand to double by 2050. India’s efforts to meet its growing energy needs while lowering emissions will be closely watched as a model for other emerging economies.
“India and the rest of the world are joined at the hip in the journey to reach net-zero emissions…. Developing countries will be watching closely as India continues its growth trajectory while trying to reduce the carbon intensity of its economy and ultimately bend its total GHG emissions curve.” – Atul Arya, Chief Energy Strategist, S&P Global Commodity Insights.
Meanwhile, the report added that mobility in India, despite having massive potential, will be challenged by infrastructural hurdles, especially in the cities.
“Urban centres are India’s growth engines. However, due to the massive influx of cars in cities, hyper local commuting challenges like congestion and pollution are detrimental to the India growth story,” the report said.
“This will make personal mobility far more important than individual car ownership, spurring demand for public transport and new and innovative shared mobility solutions,” it added.
Indian economy’s size to double-barrelled by FY31, excrescency to moderate6.7 S&P Global
The Indian economy is anticipated to grow at an moderate rate of6.7 per cent from financial 2023- 24( FY24) to financial 2030- 2031( FY31), spoke S&P Global giving away a decade- ahead cast for Asia’s alternate- largest economy. India’s rotund domestic product (GDP) is likely to rise to$6.7 trillion to FY31 from$3.4 trillion in FY23, spoke S&P Global in its August measure report named” Look Forward, India Moment”.
S&P Global spoke that India’s short- tenure profitable excrescency will be driven by a678.6 million strong labour manpower, though getting further women to enter the pool will be vital for unborn excrescency, as only 22 per cent women shared in the pool as of 2022.
India has an immense occasion to boost its share of global manufacturing exports, in line with the government’s end to elevate manufacturing to 25 per cent of GDP by 2025 from the current situations of17.7 per cent
Formerly the third largest consumer of dynamism encyclopaedically, India’s per capita dynamism consumption remains precisely one tenth that of the United States, tallying to the report. S&P Global Commodity perceptivity expects the country’s grand dynamism demand to double-barrelled by 2050. India’s sweats to meet its growing dynamism requirements while lowering emigrations will be nearly followed as a model for other arising husbandry.
“India and the rest of the world are joined at the hipsterism in the trip to reach net- zero emigrations. Developing nations will be observing nearly as India continues its excrescency line while trying to reduce the carbon copy vehemence of its economy and eventually bend its grand GHG emigrations wind.” – Atul Arya, Chief Energy Strategist, S&P Global Commodity perceptivity.
Meanwhile, the report appended that mobility in India, despite having massive eventuality, will be challenged by infrastructural hurdles, especially in the metropolises.
“Urban centres are India’s excrescency machines. still, due to the massive affluence of buses in metropolises, hyperactive original commuting expostulations like traffic and toxin are mischievous to the India excrescency story,” the report spoke.
“This will make particular mobility far more important than individual auto power, prodding demand for public exhilaration and new and ingenious participated mobility results,” it appended.