India - Innovate in India, Make for the World

Huge domestic demand, resurgent consumer confidence, strong government investment, and exports performing "exceptionally well" "will ensure that India reigns as the world's fastest-growing economy over the next few years, driving world growth", according to a recent paper by global professional services company Deloitte. Deloitte expects the economy to expand by more than 7% in the current fiscal year, and more than 6% in the next a strong performance given global headwinds. As the company notes, Indian businesses "have seen a steady net profit-to-sales growth over the past year and are sitting on piles of cash", positioning them well for investment.

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India is increasingly leading the globe in a range of sectors, particularly knowledge-intensive industries that leverage its large, highly-educated workforce. Pharmaceuticals is one such sector; India ranks third in the world in the production of generic medicines globally by volume, with a 20% global export market share. Overall, its total pharma exports generated nearly $25bn in the 2021-22 financial year, a figure that rose by nearly 20% from the previous year.