India’s Economic Outlook: Overcoming Challenges and Achieving Aspirations
26 October 2023, Mumbai
Why India
Macroeconomics
India offers a promising opportunity for investors, but to achieve its high aspirations, it needs to leverage the potential of its micro, small, and medium-sized enterprises (MSMEs) in the face of global uncertainties.
Key Points:
India is expected to experience a deceleration in growth in July–September, but overall strength remains.
The services sector experienced its strongest growth in 13 years in July, followed by slightly reduced growth in August and September.
Prognosis
According to IMF projections, India is on course to become the world's third-largest economy by 2027, overtaking Japan and Germany.
India's grand vision is to attain developed economy status by 2047.
India's main growth drivers will be its domestic demand, especially private consumption and investment spending.
Conclusion:
India is facing some challenges, such as geopolitical uncertainties and the global economic slowdown. However, the country's dynamism and its key growth drivers inspire confidence that it can overcome these challenges and achieve its economic goals.
5 key insights:
- Deceleration in Q3
- Services sector strong
- World's 3rd-largest by 2027
- Developed economy by 2047
- Domestic demand key driver
