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India Growth Story
The India Growth Story
The London based consultancy Centre for Economics and Business Research predicted that by 2037 India’s economy would reach US $ 10 trillion to become the world’s third largest. For a democracy of its size, the country has seen relative political stability over the past 10 years, allowing economic development to be a top priority. We believe that India is poised for a period of secular growth, fueled by significant expansion in direct and fixed asset investment. Here are some of the key aspects that make India appealing compared with other emerging markets.
Demographics are the biggest advantage: India’s bulk of economic growth will come from domestic consumption and investment. With a median age of 29 years, India in our view has one of the most attractive demographic profiles among the world’s largest economies and can reap benefits from its productive capacity
Reforms: Since Prime Minister Narendra Modi took office in 2014, he and his team have helped usher in pro-business reforms that have accelerated growth by facilitating the expansion of credit and bringing large swaths of the economy into the formal sector.
- Aadhaar: The Aadhaar program, along with the development of credit rating agencies, has helped boost consumer lending.
- GST: GST has brought the manufacturing and industrial sectors into the formal economy.
- UPI: UPI allows non-banks as well as banks to facilitate electronic transactions and provide credit.
- Make in India: Production-linked incentive programs designed to elevate India’s domestic manufacturing base are gaining traction too. China Plus One has added strength the Make in India theme.
- RERA: The sector is undergoing a dramatic structural shift, which should boost profits. Government policies have helped reform corrupt practices and build trust in the home buying process among consumers.
The Infrastructure Boom: Over the past five years, the government has pumped billions into building out roads, railroads, airports and seaports.
Making Manufacturing Stronger: The playbook for the Indian government is twofold: ramp up capacity to serve the domestic population and over time become a larger player in export markets. Leaders also want to develop a supply chain ecosystem, as a wide array of product components are imported.
The Energy Transition: The energy transition is potentially transformational for India. If done right, the payoff could be massive: The country is a large importer of oil and gas, so more renewable power would make it more energy independent. It would also significantly boost its manufacturing base.
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