India has a rising prominence with diversification benefits. India’s evolution from an emerging market to one of the fastest-growing economies in the world underscores its rising global and regional prominence. Its economic trajectory is expected to remain one of the fastest worldwide, fueled by its youthful demographic composition, a burgeoning consumer class and an outsized urbanization rate, among other advantages.

It is a leading economy with an increasing contribution to global economic growth, rising from 6 percent during 2014–2023 to an estimated 11 percent between 2027 and 2030. Projected to become the third-largest economy by 2027 — surpassing Japan, Germany and the United Kingdom — India is set to represent approximately 5 percent of the global GDP by 2030, a significant increase from 2 percent in 2010.

Notable government policies and initiatives have been rolled out nationwide to boost growth in infrastructure and key sectors in recent years. They in