New Delhi, 17 September (IANS). Amidst fluctuations in the global market, India’s growth rate remains strong and the country remains the fastest growing major economy in the world. According to a report on Wednesday by S&P Global, India’s GDP growth rate is estimated to be 6.5 percent in the current financial year.
This positive outlook is being manufactured with the interaction of the country’s domestic buffer and external challenges.
S&P Global said in its report, “India’s growth performance with advanced economies shows that the previous external shocks have created short -term challenges for the country, but they have not disrupted the country’s long -term development pace.”
In addition, India has succeeded in increasing its growth capacity compared to developed countries by furthering economic reforms, infrastructure development and procedural reforms.
According to the report, India will encourage greater participation in global trade, which will increase economic development, capital attraction and employment opportunities.
The country is integrating rapidly and the economy needs improvement.
The private credit industry is also ready for development due to the strengthening of the financial gap and domestic insolvency framework released by traditional lenders.
The report also highlighted India’s ability to increase its stake in the Global Shipbuilding Market in the next 10 years.
The report said, “Although the country’s ambitions are clear, India needs a clear strategy to join the top five shipbuilding nations by 2047, which is a challenging journey from today’s less than 1 percent of the global market share.”
India’s digital landscape is undergoing an unprecedented change, which is promoting investment in digital infrastructure such as data centers and increasing digital economy.
According to the report, in the next two years, India will become the second largest market, overtaking Japan and Australia over the demand for data center in the Asia-Pacific region.
-IANS
SKT/