India is set to overtake Japan and Germany to become the world's third-largest economy, according to S&P Global and Morgan Stanley.
S&P's projection hinges on the continuation of India's trade and financial liberalization, labor market reform, as well as investment in India's infrastructure and human capital.
"It is very likely that the government is banking on PLIS as a tool to make the Indian economy more export-driven and more inter-linked in global supply chains," S&P analysts wrote.Workers processing metal parts at a cookstove manufacturing plant of GHG Reduction Technologies Pvt in Nashik, Maharashtra, India, on Sunday, Nov. 13, 2022.
"India's advantages [include] abundant low-cost labor, the low cost of manufacturing, openness to investment, business-friendly policies and a young demographic with a strong penchant for consumption," said Sumedha Dasgupta, a senior analyst from the Economist Intelligence Unit. Even though India's GDP on aggregate is already above pre-Covid levels, forward looking growth is going to be"much weaker" compared to previous quarters, said Sonal Varma, chief economist at Nomura.
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