Tomorrowland
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Tomorrowland

Can India become the de-risking champion multinationals are looking for?

Luke Patey
The Wire China, 2023
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Experts forecast that, by 2030, India’s GDP will reach $7 trillion, overtaking Japan as the globe’s third largest economic engine. Multinationals currently view India though two distinct lenses: The first as a growth portal for commerce with a surging middle class, and the second as a strategic supply chain conduit. Journalist Luke Patey explores the nation’s ascent as a power player in the global economy in this informative overview. Investors, executives and entrepreneurs will find this a useful analysis of India’s current economic status and likely future trajectory.

Summary

India’s population expansion and a forecasted middle-class boom fuel its economic growth.

By mid-2023, India bypassed China to claim the title of the globe’s largest population, at 1.4 billion people. The population story, however, is only one aspect of India’s larger economic narrative. Experts predict that by 2047, India’s middle class, currently estimated at 400 million people, will explode to more than one billion. In addition, forecasters project that, by 2030, India could surpass Japan as the world’s third-largest economy, with a GDP of $7 trillion.

Multinational executives are excited at the prospect of expanding their company footprints in India for two primary reasons: The first is the opportunity to sell into the burgeoning Indian market. For example, Hyundai Motors generates roughly...

About the Author

Luke Patey is a senior researcher at the Danish Institute for International Studies and lead senior research fellow at Oxford University’s Institute for Energy Studies.

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