India is making substantial gains in its quest to become a developed country, a goal Prime Minister Narendra Modi has committed to achieve by 2047. In March 2024, Forbes called India an “emerging markets darling,” and PwC’s projections say India could have a GDP that exceeds the United States by 2060.

Earlier this year, India’s weight in the MSCI Emerging Markets Index reached its highest point on record, narrowing its gap relative to China. In 2023, India overtook China in population terms and is now expected to become the third-largest economy by 2027, overtaking Germany. Per capita income is expected to grow by 8 percent each year until 2028, doubling compared with the start of this decade. MSCI also highlighted a notable increase in investor interest in both public and private markets.

Indeed, Mordor Intelligence estimated the India infrastructure sector market size to be $204.06 billion in 2024, and expects it to reach $322.27 billion by 2029, growing at a