India’s economic outlook

October 2023

India is making headlines—be it in space science or through its economy. The International Monetary Fund (IMF) estimates that India will become the world’s third-largest economy by 2027, with a GDP surpassing US$5 trillion.
India will require a sustained growth of at least 6.5 percent to reach its goals amidst geopolitical uncertainties and the global economic slowdown. India will have to rely on its domestic demand to power its growth—specifically
private consumption and investment spending.
We believe India must bolster its micro, small, and medium enterprises (MSMEs) to generate income, capabilities, capacities, and the ecosystems
needed for sustained growth in consumption and broad-based investment.

In this outlook, we shine the spotlight on India’s MSMEs, which will play a crucial role in harnessing the potential benefits of India’s demographic dividend and the expansion of the middle-income class.

Did you find this useful?