India’s GDP reached the USD 3.75 Trillion mark in the financial year ended March 23, as announced by the Finance Ministry of India. India is now the 5th largest economy in the world with only four countries ahead of it in terms of GDP namely China, United States of America, Germany, and Japan.
The growth rate released by the National Statistical Office recently, reported an overall economic growth of 7.2 % driven by the robust domestic demand. This growth is supported by control of inflation with the Consumer Price Index based inflation rate at 4.25 % for the month of May 23.
All this makes India a great place to set up a presence in, with a population of 1.4 billion – a growing middle class population out of which 1 billion people are under the age of 35 – making it a young population.
All the above factors have encouraged 24 global brands such as Roberto Cavalli, Dunhill etc to plan a presence in India.
On the manufacturing side the benefits of Production Linked Incentives have attracted a large number of multinational companies who have made sizable investments to avail of these benefits. India attracted an FDI of USD 84.8 billion in the 2022.
A report by Morgan Stanley named “India’s Impending Economic Boom” predicts India to become the world’s 3rd largest economy by 2027 surpassing Germany & Japan and estimates India to double its GDP to USD 7.5 Trillion by the year 2031.
Thus, investment in India is a must for companies who wish to have a presence in the fastest growing large economy.
Do you have any queries about doing business in India or are you planning to set up a company there?
Contact us!
InterGest South Asia
Vinayak Hajare
Tel.+91 22 21028666/ 9820795771
E-Mail: vinayak.hajare
intergest.com
