India has emerged as the fastest growing major economy
in the world and is expected to be one of the top three economic powers of the
world. India's gross domestic product (GDP) is expected to reach US$ 6 trillion
by FY27 and achieve upper-middle income status on the back of digitisation,
globalisation, favourable demographics, and reforms.
has one of the most vibrant and robust banking and insurance sectors. The
Association of Mutual Funds in India (AMFI) is targeting nearly five fold
growth in assets under management (AUM) to Rs 95 lakh crore (US$ 1.47 trillion)
and a more than three times growth in investor accounts to 130 million by 2025.
India has retained its position as the third largest
startup base in the world with over 4,750 technology start-ups.
Energy consumption of India is the third-largest
after China and the US with 5.3% global share. India is also focusing on
renewable sources to generate energy and is planning to achieve 40 per cent of
its energy from non-fossil sources by 2030.
India is one of the largest centres for polishing
diamonds and gems and manufacturing jewellery.
In 2018, India ranked 44th out of 167 countries in
World Bank's Logistics Performance Index (LPI) 2018 and is growing at a CAGR of
10.5 per cent annually and is expected to reach US$ 215 billion in 2020.