Global Chief Operating Officer of Engineering at Goldman Sachs and Country Head of Goldman Sachs Services India
‘Stronger for longer’ continues to be the theme of India’s robust growth. In their recent article, our Asset & Wealth Management team highlights the contribution of economic reforms, a young population, and maturing public and private capital markets to India's forward opportunity. Goldman Sachs Research also expects India’s services exports to increase from $340 billion in 2023 to $800 billion by 2030, reaching ~11% of India’s GDP. Santanu Sengupta spotlighted the country’s strong track record on this front, with India's share in global exports increasing to 4.6% in 2023 from 2% in 2005. The boost from services exports is expected to make India's external sector relatively resilient to supply-side shocks and reduce volatility in the Indian Rupee. A key driver of growth for India’s services exports is the rise of Global Capability Centres, where revenues have quadrupled over 13 years to $46 billion in FY23. Goldman Sachs’ Bengaluru and Hyderabad offices have contributed to the evolution of this sector, with a focus on long-term career opportunities and global roles and platforms for our people. Stronger For Longer: Investing In India's Economic Ascent: https://lnkd.in/gMeCWeJH On India’s Growing Services Exports: https://lnkd.in/gMQ5i6up
If the manufacturing sector grows rapidly, India could be a 10 Trillion dollar economy by 2030.
Good to know!
Director at KPMG India
2moThis is awesome, on another note, IMF today forecasted India's nominal GDP will overtake Japan in 2025 and Germany in 2027, both years before the earlier estimate of 2030