India’s economic opportunities in the next decade

Anu Madgavkar, partner with the McKinsey Global Institute based in our Mumbai office, discusses how India’s economy can bounce back from COVID-19 and get back on a high-growth track in the decade ahead.

What are the biggest economic opportunities for India in the next decade?

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India’s at a turning point in its journey towards broad based prosperity. On the one hand, its economy had slowed even prior to COVID-19, and COVID-19 has dealt a further body blow with the economy likely to contract this year, as with many other countries around the world.

But looking ahead, there are a myriad of opportunities that India can capture and $2.5 trillion of economic value that comes from these. These span becoming a global hub for manufactured exports and agricultural produce and services to building competitive, efficient platforms to underpin all sorts of funds across the financial system. More efficient power and logistics, for example.

And finally, to reinvent the way India lives and works by creating resilient, productive cities and urban infrastructure, and a much more collaborative sharing economy for jobs, skills, and work. All of these opportunities could mean that India finds gainful work for the 90 million workers who will enter its workforce, by putting the economy back to a high growth track of 8-8.5 percent once it emerges from the crisis of COVID-19.

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