New Delhi: With a young population and rapid urbanisation, India is creating a huge pool of consumers apart from increasing exports, billionaire investor Mark Mobius said on Wednesday, adding that India will stay on the path to becoming the third-largest economy in the near future.
In an interaction with IANS, Mpbius pointed to the country’s strong growth momentum compared to other major emerging economies, adding that the India-US trade deal will further expand and deepen trade between two of the largest economies of the world.
According to the global investor who runs the Mobius EM Opportunities Fund for emerging markets (EMs), India has the potential to become the third-largest economy soon if it remains on the current path of resilience and policy continuity.
“Young population, rapid urbanisation, high consumer growth and robust exports will allow India to maintain high levels of growth,” Mobius told IANS.
Earlier this week, S&P Global Ratings said that robust consumer spending and public investments will maintain India’s real GDP growth at 6.7 per cent in fiscal 2027 and 7 per cent in fiscal 2028. The global ratings agency anticipates that these growth rates continue to place India above sovereign peers at similar income levels and should continue to support fiscal revenue increase.
The government remains focused on investment-led growth. The budget allocation for capital expenditure is 3.1 per cent of GDP, the same in terms of GDP size as a year earlier.
According to Mobius, he is not surprised at India’s continuous elevation in the table of the world’s largest economies. “I am not surprised that India is moving up in the world’s top economies ranking. The 140-crore population, under the visionary leadership of Prime Minister Narendra Modi, is now eager to reclaim its deserved place on the global map,” according to the global investor.
The kind of GDP growth India is witnessing will help it on the road to becoming the third-largest economy in the world soon, he added.
“The country is witnessing 6-7 per cent growth despite global uncertainties, which shows the resilience in its economy. It will help India continue to move up the ladder,” Mobius had said in an earlier IANS interaction.
(IANS)
