Emerging Perspectives’ report said that India must develop infrastructure and geopolitical strategies, particularly regarding its extensive coastline to maximise trade benefits.

India is on track to become the third-largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7, the credit rating agency S&P Global said in its report named India Forward Emerging Perspectives. Along with its projections, the credit rating agency suggested some measures to push the growth of the economy.

The report highlighted that reforms are key to sustaining this momentum, with an anticipated 8.2 per cent growth in FY2024.

India is on track to become the third-largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7 per cent, a report by S&P Global projected on Thursday.

India’s economy remains strong despite global challenges, with growth projected at 6.3% in FY23/24. Inflation, especially in food prices, poses risks, while public investment and robust domestic demand support steady growth.

Emerging Perspectives, noted that India is expected to register an impressive growth rate of 8.2 per cent in FY24