India

Economy Overview

India is the world's fastest-growing major economy and the most consequential EM story of the 2020s. GDP surpassed $3.8 trillion in 2024 at a sustained 6–7% annual pace, driven by a services-led export model (IT, BPO, pharmaceuticals), a rapidly expanding domestic consumer class of over 400 million middle-income earners, and a government infrastructure buildout running at $130B+ annually. The National Stock Exchange and Bombay Stock Exchange together list over 7,400 companies — the largest market by company count on earth — with a market cap approaching $5 trillion. Retail participation has exploded since 2020 via the UPI digital payment ecosystem, making Indian equity markets structurally less dependent on FII flows than a decade ago. Sectors to watch: domestic-facing banks (Axis, Kotak, HDFC), defence manufacturing under the Make in India push, and the renewable energy supply chain anchored by Adani Green and Tata Power. The rupee trades within a managed float band maintained by the RBI; bond market access for foreign investors continues to improve following India's inclusion in global bond indices.

Key Sectors