BENGALURU, Dec 5 (Reuters) - India will remain the fastest-growing major economy for at least the next three years, setting it on course to become the world's third-largest economy by 2030, S&P Global Ratings said in a report.
S&P expects India, currently the world's fifth-largest economy, to grow at 6.4% this fiscal and estimates growth will pick up to 7% by fiscal 2027.
However, S&P, which had raised its forecast even before the latest data, said India's growth will depend on its successful transition to a manufacturing-dominated economy from a services-dominated one.
"A paramount test will be whether India can become the next big global manufacturing hub, an immense opportunity," S&P said in its Global Credit Outlook 2024 report, dated Dec. 4.
India has one of the youngest working populations in the world, with nearly 53% of its citizens under the age of 30.
Narendra Modi's, Nandan Mandayam, Savio D'Souza
India, Global, Thomson
BENGALURU, India, Bengaluru