India leads 10 major economies in macroeconomic resilience for 2026-30: ASSOCHAM

India claims the top spot as the most resilient economy among ten major global economies for the 2026-30 period with a score of 71 out of 100, according to a recent report from ASSOCHAM.

India claims the top spot as the most resilient economy among ten major global economies for the 2026-30 period with a score of 71 out of 100, according to a recent report from ASSOCHAM. India leads the 2026-30 rankings ahead of China at 66, Japan and Russia at 60 each, Germany at 59, Italy and Brazil at 53 each, the UK at 52, France at 40, and the US at 36. India secures first place in real GDP growth and real GDP per capita growth, second in gross savings and gross capital formation, and third in export growth and debt-to-GDP ratio.

It also ranks fifth in primary balance, seventh in current account and structural balance, and eighth in overall fiscal balance. This marks an upward shift from the 2021-25 retrospective period, where India ranked third with 66 points behind Russia at 74 and China at 71. The industry body ASSOCHAM Global Research and Strategy Centre evaluated ten economies in its report titled “India’s Economic Edge in the Top Ten Economies” using data from the International Monetary Fund’s World Economic Outlook database.

The assessment covers 10 macroeconomic indicators, including real GDP growth, export volume growth, current account balance, government debt, fiscal balances, real GDP per capita growth, gross national savings, and gross capital formation. “India’s leading position in the Comparative Macroeconomic Resilience Score reflects the strength of its growth and the progress made in building its macroeconomic foundations,” said Nirmal K Minda, President, ASSOCHAM.

“India’s real GDP growth is projected at 6.9% in 2026-30, the fastest among the ten in both periods. Its savings and investment rates are projected to remain among the highest of the leading economies. Its debt ratio is projected to decline over the forecast period of 2026-30,” Minda added. ASSOCHAM Secretary General Saurabh Sanyal noted that India's growth momentum, savings and investment rates, and improving fiscal indicators provide a foundation for expansion and reinforce its standing among leading economies.

“The report identifies fiscal consolidation as the main area to watch. India’s general government deficit was the largest of the ten in 2021-25 but is projected to narrow from an average of 8.5% of GDP to 7.1% in 2026-30. Continued efforts to improve expenditure efficiency can strengthen this trend,” Sanyal stated. “India’s economic performance reflects the contributions of its policymakers, businesses and workforce. Sustaining reforms, boosting private investment, expanding manufacturing and exports, and developing a globally competitive workforce will be key to the country’s continued progress,” said S P Sharma, Chief Economist, ASSOCHAM.

“Policy should now take ease of doing business to the ground level, with more visibility for MSMEs. Cutting the cost of capital, power, compliance, logistics and labour will level the playing field at home and keep India the most resilient of the leading economies,” Sharma added. (ANI)