In this paper we examine the multi‑faceted transformation of India’s economy and financial markets and the implications for global investors. Among the structural drivers supporting growth we explore the scaling up of domestic manufacturing, the broadening consumption base, the improved infrastructure and strategic trade relationships, alongside ongoing policy measures to simplify taxation, strengthen data and regulatory frameworks, and improve market access. While the macroeconomic outlook is supportive, risks remain, reminding investors of the relevance of setting out actions to capture opportunities while managing these risks. Here are our key findings:

• Structural growth drivers: India’s medium‑term growth prospects are supported by a policy push to localise strategic manufacturing, investment in capital‑intensive sectors, and reforms to improve the ease of doing business. These initiatives should raise productive capacity and shift the economy towards higher value‑added sectors.
• Consumption upgrading: Household demand is shifting from essentials to discretionary and aspirational categories as incomes rise; vehicle ownership, domestic tourism, and higher‑end durable goods are clear beneficiaries. This should support a sustainable expansion in domestic revenue‑driven sectors.
• Fiscal and tax reform: Goods and Services Tax (GST) simplification and tax‑policy measures are designed to incentivise formalisation, broaden the tax base, and spur domestic demand; if implemented smoothly, these reforms should boost medium‑term growth and improve fiscal transparency.

You can now read the full whitepaper at the link below