India to become 3rd largest economy by 2030: S&P Global rating

"India set to become 3rd large economy by 2030" ....

In its Global Credit Outlook 2024, S&P saw a 6.4 per cent GDP growth in the fiscal year through March 2024 (2023-24) as compared to 7.2 per cent in the previous financial year.

Modi roadshow for Rajasthan polls in Jaipur - 2023 

India is at present the fifth largest economy in the world behind the US, China, Germany and Japan.

"India is set to become the third-largest economy by 2030, and we expect it will be the fastest growing major economy in the next three years," S&P said.

India will become the world's third largest economy by 2030, S&P Global Ratings said on Tuesday as it forecast the nation's GDP growth reaching 7 per cent in 2026-27 fiscal year.

In its Global Credit Outlook 2024, S&P saw a 6.4 per cent GDP growth in the fiscal year through March 2024 (2023-24) as compared to 7.2 per cent in the previous financial year.

The growth rate will remain at 6.4 per cent in the next fiscal (2024-25) before climbing to 6.9 per cent in the next and 7 per cent in 2026-27, the rating agency said. "We see India reaching 7 per cent in 2026-27 fiscal."  

Among different sectors, the country is poised for growth in the automobile sector -- building on infrastructure, investment, and innovation. 

 

"A paramount test will be whether India can become the next big global manufacturing hub, an immense opportunity. Developing a strong logistics framework will be key in transforming India from a services-dominated economy into a manufacturing-dominant one," it said.

Unlocking the labour market potential will largely depend upon upskilling workers and increasing female participation in the workforce.  "Success in these two areas will enable India to realize its demographic dividend," it said.

The rating agency said a booming domestic digital market could also fuel expansion in India's high-growth startups in the coming decade.

In fact, financial and consumer technology will be worth keeping a closer watch.

Blogger in a Chinese car making unit

Here, we can say the global powers are seeking a closer affinity towards India and it is not without good reasons.   The 'India story' is not just a 'New India' sloganeering, it's an "uplifting story", said the magazine 'The Economist' earlier this year.

The article actually came on the eve of PM Narendra Modi's historic US visit in June 2023. 

India's GDP is expected to overtake Japan’s and Germany’s by 2028. India is undertaking necessary reform measures as well. 

India's defence ministry also has approved the major acquisition of 31 weaponised Predator or MQ-9B SeaGuardian drones from the US. 

Recently BJP national vice president M Chuba Ao wrote in an article stating -- 

"Both India and the US have global responsibilities. One is the world's fifth largest economy and a leader among the developing countries and largest

democracy, while the other is the world's  most powerful nation.

The two always needed to come together and it is good that both are doing exactly doing and planning the system".

Only 14 Airports out of 125 run by Airport Authority are in meagre profit, rest 111 airports are in loss :  Govt

 Only 14 Airports out of 125 airports being run by Airport authority are in meagre profit and rest 111 airport are in loss, Union Minister of State for Civil Aviation Gen (Retd) V K Singh informed Rajya Sabha on Monday, Dec 4th.  

In reply to questions from BJP MP, Sushil Kumar Modi, the Minister said, "Only Chennai (Rs 169.56 cr), Goa (Rs 48.39 cr), Kolkata (Rs 482.30 cr) airports have shown good profit where as smaller airports like Kanpur, Asanol, Bagdogra, Chandigarh, Darbhanga have shown meagre profit in FY 23.  

Gen V K Singh (Retd) also informed the House that 14 airports are operated by private operators under Public Private Partnership.

Of these 14 only three airports Cochin (267.17 cr.), Bangalore (528.31cr) and  Hyderabad (32.99.cr) have shown profit in FY 23. 

Where as remaining 11 airports are in loss, namely Delhi (-Rs 284.86 cr.) Ahmadabad (Rs -408.519cr.), Mopa(-Rs 148.34 cr.) Lucknow (-Rs 160.66 Cr).  

The Rajya Sabha was also informed that that on completion of five rounds of bidding under UDAN scheme, 517 routes connecting 76 airports have been operationalised as of 28.11.2023. 

• As on 31.10.2023, 103 RCS Routes discontinued of 3 years and 136 Routes discontinued before completing the period of 3 years. 

• Under the UDAN scheme, 6 operators who were awarded routes never commenced operations. At present 9 Airlines are operating under the UDAN Scheme. 

• As on 08.11.2023, Rs. 3659 Crores has been collected under the Regional Air Connectivity Fund Trust, out of which Rs. 3020 Crores has been disbursed to Selected Airline Operators.

Darjeeling matters:

BJP MP from Darjeeling in West Bengal, Raju Bista raised the issue of national security and the need to keep the “Siliguri corridor” — the gateway to the Northeast — safe and secure.

“I informed the Parliament that the safety and security of our region is only possible when the indigenous people of the region are safe. This is why the people from Darjeeling hills, Terai and Dooars are seeking justice and a solution under the Constitution of India, which will ensure governance of the people from our region, for the people of our region, and by the people of our region,” Bista later said.

Bista’s statement in the Lok Sabha comes within days of representatives of 26 BJP mandals in the hills and the Terai writing to both Prime Minister Narendra Modi and party president J.P. Nadda, requesting them to fulfill the party’s election manifesto.

The BJP had in its 2019 election manifesto promised a “permanent political solution” for the region, along with tribal status to 11 hill communities. 

The lawmaker also highlighted the administratively “different” history of the region and said that the region had been governed as a non-regulated, regulated area, scheduled district, backward tract and partially-excluded areas before Independence.

The provisions meant that the region was administratively treated differently from the rest of Bengal and many laws meant for the rest of Bengal would not be implemented immediately in the region.

“However, post-Independence, due to the lack of a concrete constitutional body to govern the area, our region and people have become deprived and discriminated against,” said Bista.