India a big shining star in the global economy
New growth drivers in India, including digitalization, startups, high-tech exports, reforms, and corporate balance sheets, boost growth prospects and investability, says HSBC
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New Delhi With longstanding trends of a solid economic growth, young demographics, urbanisation and the rise of an aspirational middle class, India stands out as one big shining star in the global economy, HSBC said in a report.
New growth drivers like digitalisation, the rapid ascend of India’s start up ecosystem, high tech exports, maturing reforms and the strength of the corporate balance sheets altogether greatly enhance growth prospects and investability of the Indian economy, the report said.
These should in turn create unprecedented investment opportunities in the country over the next five to ten years. India’s solid macroeconomic fundamentals put it on track to be the global growth engine in the coming decade and beyond. The country is on track to becoming the world’s third largest economy in the next decade and doubling its economy size to $ 7 trillion.
For centuries, the West has been the epicentre of economic might, wealth and investment opportunities but over the last few years the centre of economic gravity has gradually been shifting to the East. The world’s biggest democracy’s influence is fortifying its geopolitics, aided by its economic success and its policy of non-alignment.
