S&P Global: India in a Defining Moment for its Ambitions to Become a Global Superpower
- The report emphasizes India's potential for growth and influence in the next decade, covering various sectors including macro economy, capital markets, sustainability, agriculture, technology, and supply chains.
- India's GDP growth of 7.2% in fiscal year 2023 is a positive indicator, with expectations of annual growth of 6.7% from fiscal 2024 to fiscal 2031, reaching $6.7 trillion from $3.4 trillion in fiscal 2023.
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While the world is in the midst of an unprecedented period of transition and uncertainty,
Across ten in-depth articles, the report combines insights from S&P Global sector specialists with perspectives from thought leaders from
"This latest edition of Look Forward research provides our customers and the market essential intelligence on
According to S&P Global, as countries across the development and political spectrum navigate the shared global challenges and expanded opportunities of the next decade,
Highlights from Look Forward:
India has come out of the pandemic reasonably well, with GDP growth of7.2% in fiscal year 2023. We expectIndia to grow6.7% per year from fiscal 2024 to fiscal 2031, catapulting GDP to from$6.7 trillion in fiscal 2023. Per capita GDP will rise to about$3.4 trillion .$4,500 India's short-term economic growth will stand on the shoulders of its 678.6 million strong labor force. Getting more women to enter the workforce will be pivotal for future growth, as only24% were participating in 2022.India has an immense opportunity to increase its share of global manufacturing exports, and the government is seeking to raise manufacturing to25% of GDP from17.7% by 2025.- With domestic energy demand set to double by 2050,
India will prepare for an energy future that aims to strike a balance between increasing energy access and reliability, while securing affordable supplies and diversifying its fuel mix. - Share of venture capital flowing into Indian startups will double by 2030; newer verticals to benefit include EVs, space technology, AI, drones, robotics and clean technology.
- Based on analysis of S&P Global environmental, social and governance data, nearly
40% ofIndia -headquartered companies conduct physical risk assessments, and one-third of large Indian companies rate climate strategy as one of their top three material issues.
For more insights from Look Forward India's Moment (Volume 3 | August 2023) and to read the full report, please visit: https://www.spglobal.com/en/research-insights/featured/special-editorial/look-forward/look-forward-volume-3-2023
This is the 3rd Volume of the Look Forward research series from the S&P Global Research Council. For more information the Research Council, please visit: https://www.spglobal.com/en/research-insights/featured/research-council
About S&P Global
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