India is on track to become the world’s third-largest economy by FY31, with a 6.7% growth rate expected this fiscal year, according to S&P Global. The report, “India Forward: Emerging Perspectives,” emphasises the importance of ongoing reforms to improve business efficiency, increase private sector investment, and minimise dependency on state resources. It also forecasted an 8.2% growth rate for FY24, emphasising the need for infrastructure development and geopolitical policies to boost commerce.
India’s equity markets are projected to stay active due to robust growth prospects and improved regulations. Foreign investment in government bonds has increased since India joined key emerging market indices, with additional expansion expected. To maximise trade, especially given that approximately 90% of India’s trade is seaborne, a strong port infrastructure is required to manage rising exports and commodities imports.
The report emphasised that increased domestic energy demand may be met by implementing sustainable technologies such as renewables and low-emission fuels, thereby aligning energy security with the country’s transition ambitions. To achieve food security, agriculture should prioritise productivity and infrastructure improvements through sophisticated technology and legislation, as well as solving significant difficulties in irrigation, storage, and supply networks.
