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What does India’s future hold?

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India’s future

In the news

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Made in India. Multinational companies are increasing their production capabilities in India as they lessen their reliance on manufacturing in some other Asian countries, the New York Times states. India’s “positive vibes” are attracting large retailers that want up to 30% of their goods made in the country, the director of a family-owned Indian manufacturing business said. Growth in manufacturing could create economic opportunity in India, which currently has 430 million jobs for a labor force of about one billion individuals. [NYT]

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Reducing inequality. Economic growth in India will likely continue to outpace that of every other major world economy in the years ahead, Reuters notes. However, a recent survey of economic experts reveals that a majority of them—nearly 85%—are concerned that economic inequality may persist, despite big gains in the Mumbai stock market and GDP growth that surpassed 8% in the most recent fiscal year. “Proactive government interventions” are needed to reduce economic inequality, a development economist in India said. [Reuters]

By 2030, McKinsey estimates that agriculture could contribute about $600 billion to India’s GDP.

On McKinsey.com

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Extraordinary growth. Could this be India’s century? With leaders of the world’s fifth-largest economy renewing their commitment to several economic goals, the private sector will be a key partner in helping India achieve growth and bolster economic inclusion. A McKinsey analysis reveals that between 2012 and 2022, one in five publicly traded Indian companies doubled its revenue every five years and quadrupled it in ten, McKinsey senior partner Jaidit Brar and coauthors share.

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Accelerating equality. Technological innovation has a major role to play in accelerating equality in India, including in agriculture, which could boost the economy and significantly improve farmers’ livelihoods and income. The agricultural-technology ecosystem has the potential to increase Indian farmers’ incomes by up to 35 percent, McKinsey has found. Read “What does the future hold for India?,” a new McKinsey Explainer that explores seven themes that could influence India for years to come. And for more insights on India’s challenges and opportunities , read this interview with McKinsey global managing partner Bob Sternfels and McKinsey’s India managing partner Rajat Dhawan .

See trends shaping India’s future

—Edited by Belinda Yu, editor, Atlanta

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by "Only McKinsey" <publishing@email.mckinsey.com> - 01:39 - 22 Jul 2024

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