Future of India - Forecast to 2035
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By 2030, India is expected to solidify its position as the third-largest global economy, surpassing Japan and Germany. This sustained momentum is likely to be driven by demographic advantages and ongoing reforms, cementing India's position to achieve a USD 30 trillion growth trajectory by 2047.
India's unmatched economic growth stands out globally, with the country consistently recording the fastest GDP expansion among major economies. India is projected to surpass Japan to become the fourth-largest economy by 2026. Even as global uncertainties and election cycles create short-term headwinds, upward revisions to past GDP figures highlight the underlying strength and resilience of India's economy. Strong macroeconomic fundamentals, demographic advantage, urbanization drive, expanding capital market, and a focus on structural reforms provide a credible foundation for this long-term growth trajectory.
The massive economic growth of the country is expected to drive the expansion of several top industries, transforming its economic landscape. This report deep dives into top industries that are not only contributing to India's GDP growth but also positioning the country as a global economic powerhouse.
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Information Technology (IT) and Digital Services
India is the world's third-largest and fastest-growing digital economy, expanding at 2.8x the pace of GDP growth and set to reach USD 1 trillion (20% of GDP) by FY2027. This industry is the backbone of India's economy, contributing significantly to GDP and exports. Growth is fueled by global demand for tech services, widespread digital adoption, and investments in advanced technologies like AI, 5G, and cloud computing. The Indian data center market is set to reach over USD 15 billion by 2030, growing at a CAGR of 15% during 2023-2030.
Automobiles and Electric Vehicles (EVs)
The automobile industry is transitioning toward electric and hybrid vehicles, supported by government incentives and rising consumer demand. By 2030, India's EV sales are projected to reach 1.1 million units for passenger vehicles, 104.5k for commercial vehicles (including buses), 13 million for electric two-wheelers, and 1.35 million for electric three-wheelers. The growth is likely to be driven by favorable policies, expanding charging infrastructure, growing consumer readiness, rising fuel costs, and sustainability goals. The auto components industry is also witnessing robust growth due to the shift to EVs and the Production-Linked Incentive (PLI) scheme.
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Energy and Oil & Gas
India is the third-largest producer of renewable energy globally, driven by ambitious government policies (such as the National Solar Mission), falling technology costs, and a national push toward sustainability. By 2030, the share of renewables in the total energy mix is projected to be nearly 20%, unlocking opportunities valued at USD 360 billion. India aims for 500 GW of renewable energy installed capacity by 2030, including a significant focus on solar power with a target of 292 GW.
India's economic growth is not only expanding existing markets but also creating new ones, particularly in technology, clean energy, healthcare, and digital infrastructure. These trends are expected to continue, offering diverse opportunities for investment and employment across the country's top industries. The report delves into more than 10 such significant industries that are experiencing the most prominent expansion and offer substantial prospects for investors, entrepreneurs, and professionals.
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