New Delhi October 25 :
While global economic growth faced stagnation for the second consecutive month in September, India continued to shine as a beacon of economic resilience, expanding at one of the strongest rates in nearly 13 years. This coincides with a little reduction in the production of the private sector in developed economies, including manufacturing and services, according to a report published by S&P Global Market Intelligence.By 2030, the Indian economy is expected to rank third in terms of GDP, according to S&P Global Market Intelligence’s Asia Credit Outlook 2023 report. In the medium to long term, the expanding Indian economy will present numerous chances. India’s economy is predicted to surpass both Japan’s and Germany’s by 2030, making it the third largest in the world. India’s GDP is expected to reach USD 7.3 trillion by 2030, according to the S&P Outlook.India’s economy, projected to be worth USD 3.7 trillion in 2023–24, ranks fifth in the world. In 2022, it overtook the United Kingdom as the fifth-largest economy. According to a survey by S&P Global Market Intelligence, India’s economy exhibited remarkable strength, maintaining its position as the top emerging country with remarkable growth momentum. Out of all these economies, India’s economy picked up speed starting in August, and its output grew at one of the fastest rates in less than 13 years. The paper claims that throughout the year 2023, the Indian economy grew steadily. A significant rise in new business, fueled by advantageous market dynamics and favourable demand conditions, contributed to India’s strong expansion.The remarkable economic trajectory of India can be attributed to both its industrial and services sectors. China and Russia, on the other hand, saw slower development starting in August and saw more moderate gains. Due to softer service sector cost inflation, price pressures for developing market companies somewhat decreased, but businesses were nevertheless able to pass on higher costs more quickly because to strong demand growth. As a result, the inflation of emerging market selling prices hit its highest point in 14 months, raising hopes for business profits.September saw a decline in the inflation of selling prices, but the developed market profit margins were being squeezed by faster-than-average increases in input costs. However, developed market selling prices continued to rise at a rate significantly higher than the long-run average, even in the face of rising interest rates and deteriorating global economic conditions, which had an influence on customers’ demand.India’s continued expansion underscores the potential and challenges brought about by the constantly shifting global economic landscape, as evidenced by the difference between developing and developed markets.
