India has emerged as the most resilient economy among the world's 10 largest economies for the 2026-30 period, according to a new report by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). As reported by Business Standard, India scored 71 out of 100 on its Comparative Macroeconomic Resilience Score, significantly ahead of the United States which ranked last with 36 points. China followed India with 66 points, while Japan and Russia tied at 60 points each. Germany scored 59, Italy and Brazil were placed at 53 each, the U.K. scored 52, France 40, and the U.S. 36. The ranking covers the 2021-25 period as retrospective and 2026-30 as forward projection, with 2025 and 2026 also assessed as single years. This marks a significant improvement from the 2021-25 retrospective period, where India ranked third with 66 points behind Russia at 74 and China at 71. The findings were published in ASSOCHAM Global Research and Strategy Centre's latest report, India's Economic Edge in the Top Ten Economies.
India's resilience score is supported by multiple top rankings across key economic indicators. According to the ASSOCHAM report, India ranked first in real GDP growth and real GDP per capita growth, second in gross savings and gross capital formation, third in export growth and debt/GDP ratio, fifth in the primary balance, seventh in the current account and structural balance, and eighth in the overall fiscal balance. The country's average real GDP growth rate is projected at 6.9% during 2026-30, the fastest among the 10 economies assessed, compared to its average growth of 7.9% during 2021-25. India also leads in real GDP per capita growth, which measures economic output per person after adjusting for population growth. As per ASSOCHAM Global Research and Strategy Centre, this marks an upward shift from the 2021-25 period, where India ranked third in resilience rankings. The industry body assessed the 10 economies across indicators including real GDP growth, export growth in goods and services, current account balance, government debt, fiscal balances, real GDP per capita growth, gross national savings, and gross capital formation. Using data from the International Monetary Fund's World Economic Outlook database, ASSOCHAM ranked the economies on each indicator and converted their rankings into marks to arrive at the final resilience score.
India demonstrates strong fundamentals in savings and investment capacity that support future growth prospects. As reported by Business Standard, India ranks second among the 10 economies in gross national savings and gross capital formation for the 2026-30 projections. Gross national savings are projected to average 35.3% of GDP, while gross capital formation is projected at 36.7% of GDP. High savings provide domestic resources that can fund investment, while capital formation creates productive capacity for future growth. This can support businesses, infrastructure development and employment opportunities across sectors including banking, manufacturing, infrastructure, engineering, power and logistics. According to ASSOCHAM President Nirmal K Minda, India's leading position reflects the strength of its growth and the progress made in building its macroeconomic foundations, with savings and investment rates projected to remain among the highest of leading economies. ASSOCHAM Secretary General Saurabh Sanyal noted that India's strong growth momentum, robust savings and investment rates, and improving fiscal indicators provide a solid foundation for sustained economic expansion.
Despite its strong resilience ranking, India's public finances remain a concern area for investors. According to the ASSOCHAM report, India's general government fiscal deficit averaged 8.5% of GDP during 2021-25 and is projected to narrow to 7.1% during 2026-30. India ranks eighth among the 10 economies on its overall fiscal balance for the projection period. ASSOCHAM Secretary General Saurabh Sanyal identified fiscal consolidation as the main area to watch, noting that "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." The report identifies fiscal consolidation as the main area to watch, with ASSOCHAM Secretary General noting 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. ASSOCHAM Chief Economist Dr S P Sharma suggested that greater expenditure efficiency could further strengthen the country's fiscal position.
Looking ahead, ASSOCHAM emphasizes the need for sustained reforms to maintain India's economic momentum. ASSOCHAM Chief Economist Dr S P Sharma called for efforts to reduce the cost of capital, power, compliance, logistics and labour, particularly to improve competitiveness and ease of doing business for MSMEs. He also highlighted that sustaining reforms, boosting private investment, expanding manufacturing and exports, and developing a globally competitive workforce would be critical to maintaining India's economic momentum. The report notes that India's debt ratio is expected to decline over the forecast period, supporting the country's fiscal health. ASSOCHAM President Nirmal K Minda emphasized that 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. As per ASSOCHAM, India's economic performance reflects the contributions of its policymakers, businesses and workforce, with the organization stressing the need to take ease of doing business to the ground level with more visibility for MSMEs.
