India’s Economy Leads the Way
Amidst gloomy predictions of a global recession, one economy is bucking the trend and defying expectations with strong growth performance: India.
The country is riding high on 8.7% GDP growth in 2021, and this will hover at a respectable 6.8% growth rate between 2022 and 2025. This is all the more impressive as the country had bounced back from a sharp contraction during the first phase of the global Covid-19 pandemic.
Standout industries for India include:
Automobiles: Worth more than US$100 billion, India’s passenger car market alone is valued at US$32.7 billion and is expected to reach US$54.8 billion by 2027, as well as seeing growth in the electric vehicle market.
FMCG: With a CAGR of 25% of the retail market, this sector is expected to reach US$220 billion by 2025, in large part because of increased digital connectivity in cities and rural areas through e-commerce portals.
IT: A traditional juggernaut in the global technology scene, IT takes up more than 7% of India’s GDP and contributes 45% of Indian export services.
Pharmaceuticals: India is ranked third worldwide for production. The market size will likely reach US$130 billion by 2030, as the country bolsters production expertise in low-cost generic drugs and end-to-end manufacturing.
The South Asian nation is also expected to see aggressive growth in agritech, emerging technologies such as Web 3.0 and blockchain, fintech and the wellness sector, which looks likely to be boosted by the use of apps to promote mental well-being, for example.
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