No Comments
S&P Global predicts that the Indian economy will grow at an average rate of 6.7% between fiscal 2023-24 (FY24) and fiscal 2030-2031 (FY31) for Asia’s second-largest economy. India’s gross domestic product (GDP) is projected to increase from $3.4 trillion in FY23 to $6.7 trillion in FY31, according to S&P Global’s August report titled ”Look Forward, India Moment”.
Read More: According To India’s Finance Ministry, The Country’s Domestic Economic Dynamics Remain Robust
India’s short-term economic progress will be driven by its 678.6 million strong labour force, according to S&P Global. However, attracting more women into the workforce will be crucial for future growth, as only 22 percent of women were employed in 2022.
India has a tremendous opportunity to increase its proportion of global manufacturing exports, in accordance with the government’s goal of increasing manufacturing to 25 percent of GDP by 2025, up from 17.7 percent at present.
“India and the rest of the world are inseparable on the path to net-zero pollution. Developing countries will keep a close eye on India as it continues to grow and tries to reduce the amount of carbon in its economy and eventually bend the curve of its total greenhouse gas emissions. – Atul Arya, S&P Global Commodity Insights’ Chief Energy Strategist.
The report also said that India has a lot of promise for mobility, but infrastructure problems, especially in cities, will make it hard to get around.
The growth of India is driven by its cities.But because there are so many cars in cities, problems like traffic and pollution make it hard for India to grow, the study said.
It said, this will make getting around on your own a lot more important than having a car. This will make more people want to use public transport and find new ways to share transport.”
OTT India updates you with the latest news, Country’s no.1 digital news platform OTT India, Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device.
