Seizing all necessary opportunities for India to become a major global
manufacturing hub is a key factor in achieving this growth.
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India development. |
Can India become the new global manufacturing hub What are the challenges?
According to S&P
Global Ratings in its latest report, India will become the third largest economy in the
world. Accordingly, India's GDP as of 2022 is $3.5 trillion. This is
expected to rise to $7.3 trillion by 2030.
Due to this rapid growth, India will overtake Japan as the third largest
economy in the world in the next 7 years.
India's growing
middle-class population is fueling domestic demand. Due to this, companies
in various sectors are interested in investing in India. Also, India's
strong digital infrastructure will help boost productivity.
To achieve India becoming the third largest economy in the world, the
following tasks need to be done in the next few years:
To increase productivity, technological development and research and
development activities should be carried out.
Strengthen domestic supply chains.
India's share in international trade should be increased.
India will become the world's third largest economy by 2030 by exploiting all the necessary opportunities to become a major global manufacturing hub, according to 'S&B Global Ratings.,
A strong logistics infrastructure will play a key role in transitioning
from a services-dominant economy to a manufacturing-dominant one, it
said.
The Government of India and the private sector should cooperate to
complete these tasks.