Saturday, November 9, 2024
spot_img

India Set to Become Third Largest Economy with 6.8% GDP Growth by 2031

Share post:

Crisil, in its report, predicted the robust growth that India will soon become the third largest economy. India GDP growth rate is projected at 6.8 percent, the agency’s assessment provides a glimpse into the anticipated economic trajectory in the coming period.

According to Crisil Ratings, India GDP growth is expected to grow by 6.8% in the coming year. They predict that by the year 2031, India’s economy will double to reach $7 trillion, making it an upper-middle-income country. Crisil believes India will become the world’s third largest economy by then.

India GDP Growth and Third Largest Economy Report.

Crisil report suggests that India will experience steady growth over the next seven years, crossing the $5 trillion mark and moving closer to the $7 trillion milestone. With an average growth rate of 6.7% during this period, India’s per capita income is expected to rise, placing it in the upper-middle-income category by 2031.

Crisil Report on Becoming India Third largest economy, GDP Growth

Currently, India ranks as the fifth largest economy globally, but Crisil anticipates it will climb to third place by 2031. This significant economic growth is seen as a positive sign for domestic consumption in India.

Indian Currency representing India GDP Growth and Third Largest Economy Report.

The manufacturing sector in India is also expected to thrive due to factors like high-capacity utilization, infrastructure investments, and global supply chain diversification. Crisil believes that continuous reforms and increased competitiveness will further boost the manufacturing sector’s contribution to India’s GDP.

Aerial view of Indian City.

However, Crisil acknowledges that there will be challenges ahead, including geopolitical tensions, global economic fluctuations, climate change, and technological disruptions. Despite these challenges, both the manufacturing and services sectors are projected to grow steadily, contributing to India’s overall economic growth.

Related articles

E-Way Bill Generation Hits Record High in October Month

The number of e-way bills generated for the transportation of goods across India reached a record high of...

India Leads Asia-Pacific Office Market with 70% of Total Demand

India continues to lead the Asia-Pacific (APAC) office market with more than 70% of the total demand in...

How Are Women Entrepreneurs Accessing Rs 850 Crore?

Goldman Sachs recently announced that at least 200 women entrepreneurs in India are set to raise approximately Rs...

Swiggy Raises Rs 5,085 Crore from Anchor Investors for IPO

Swiggy, one of India’s top food and grocery delivery platforms, has raised approximately Rs 5,085 crore (around $600...

Ready to Revolutionize Your Business?

Request a quote or schedule a call today!