New data released has shown that BRICS member country India is set to be the fastest-growing economy until 2026. Moreover, the S&P Global Ratings have predicted the country to see a 6.7% growth rate over the next three years. Thus, continuing on as an emerging major economy.
The Indian economy had already seen a rapid growth rate of 7.2% in 2022 and 2023. Subsequently, that development is likely connected to the growth of its presence in the BRICS economic bloc. As that bloc continues to grow, the development of India’s economy will certainly be a beneficial factor.
India Continues as Fastest Growing Economy
The rising status of BRICS has been an undeniable story thus far in 2023. As the bloc has embraced de-dollarization, it has seen its own national currencies grow in relevance. Moreover, with its annual summit coming in August, the ideas of expansion, and its own currency development, should be front and center.
Yet, as the alliance continues to grow, the growth of its member states will be an important point of observation. Now, one of its countries has emerged as a rapidly developing entity. Specifically, BRICS participant India is set to be the fastest-growing economy until 2026.
The S&P Global Ratings have once again noted that the country’s economic growth is the highest of the major economies. Specifically, citing a 6.7% growth rate over the next three years. Additionally, the Economic Times referenced the report, noting the agency maintained the country’s forecast at 6% this fiscal year. It projected an increase to 6.9% in FY25 and FY26.
“In India, growth in the March quarter outperformed our expectations, and statistics India revised up whole-year GDP growth in fiscal 2023 (year ending Mach 30) to 7.2% from earlier 7.0%, confirming a strong recovery from COVID-19,” the agency noted.
Vietnam and the Philippines join India with a 6% growth rate. However, the figures are vital considering the continued establishment of the BRICS economic bloc. The continued ascension of the country could help the alliance overall. Thus, aiding in the development of the long-discussed BRICS currency. A prospect that will certainly be discussed at the upcoming BRICS summit.