How India’s Growing Economy Helping Business Expansion

India is among the fastest-growing economies of the world, which is why many companies plan business expansion in india. As compared to the growth rate of 6.8% for FY19, a recent survey forecasted a growth rate of 7% for FY20. Currently, the prime focus of India is to enable Micro Small and Medium Enterprises (MSMEs) to grow for achieving greater profits and to enhance productivity. As India plans to be an economy of USD 5 trillion by 2024-2025, the sustainable growth rate of 8% is essentially needed.

 According to the IMF report, India's contribution to global economic growth is expected to rise to 15.5 per cent and overtake America's share in the next five years. With a growing economy, India is about to create the world’s largest workforce and is estimated that there will be 104.62 million fresh entrants in the market by 2022.

According to the predictions made by economic forecasters, the next decade of India’s economy will climb to the third - world’s largest in the world. With this economic growth business expansion in India is a good sign for businesses all over the world to enter the India market. Different management consulting firms in India proclaim that the next five years are the best opportunities if you are planning to have business expansion in India.

Fast-Growing Economy:

India has become the fastest-growing economy in the world. Different consulting firms in India are helping foreign companies to expand businesses by entering in the Indian economy market. It is expected, India to be among one of the top three economic powers in the next 10-15 years. India has a hold on the third largest startup base in the world according to a report by NASSCOM. A study by ASSOCHAM and Thought Arbitrage Research Institute based on the rate of population growth, India’s labour force is expected to touch 160-170 billion by 2020.

Road Ahead: 

India is to achieve the upper-middle-income status soon after the success of Digitalization, Globalization, favorable Demographics, and Reforms and GDP is expected to reach USD 6 trillion by FY27. India is now focusing on renewable energy resources and planning to achieve 40 per cent of its energy from non-fossil sources by 2030 which is currently 30 per cent. India is now planning to increase its renewable energy capacity to 175 GW by 2022.

India to soon be the third-largest consumer economy; consumption may triple to USD 4 trillion by 2025. According to a Boston Consulting Group (BCG) report, India owing shifts in consumer behavior and expenditure pattern and is estimated to surpass USA to become the second-largest economy in terms of purchasing power parity (PPP) by the year 2040.

Business expansion in India can be proven beneficial for furthermore decades. Choosing the right management consulting firms in India can help you reap the benefits from the Indian market. As India stands to become one of the largest growth engines in the world, India to voyage a journey of economic liberalization and opening the doors to globalization and market forces.