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India's Moment

Look Forward

3 August 2023
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Our world is in the midst of an unprecedented period of transition and uncertainty, but one fact that unites all observers is that India faces a defining opportunity to capitalize on this moment.

Economically and politically, there are few global issues that can be solved without the cooperation of India, a fact that is highlighted by the country’s agenda for its presidency of the G20 in 2023. As in our previous Look Forward reports, our analysts have leveraged their deep sector and geographic knowledge as well as our data and insights to take a deep dive into a specific subject. This time, we look at the opportunities, risks and potential for India to strengthen its claim to be a true global superpower in the next 10 years.

We hope this research will help our customers around the world understand one of the most dynamic and fast-changing countries on Earth. From energy transition to the global economy, agriculture to transportation, supply chains to technological innovation, India is at the center of it all. However, the road ahead is far from straight, and navigating it will require decision-making that considers a vast array of potential scenarios, both at home and globally.

This report has been organized by the S&P Global Research Council, which is focused on the key global themes of energy security, climate and sustainability, technology and digital disruptions, supply chains, capital markets and geopolitical shocks. The foundation of the report is the work we do every day to deliver essential intelligence to our customers and the market — on India and on other topics that matter.

CRISIL is driven by its mission of making markets function better as India’s foremost provider of ratings, data, research, analytics and solutions. This report also shows the value of being part of S&P Global as it marries local expertise with global perspectives and leverages capabilities across the organization.


Amish Mehta

Managing Director & CEO
CRISIL

Our world is in the midst of an unprecedented period of transition and uncertainty, but one fact that unites all observers is that India faces a defining opportunity to capitalize on this moment.

Economically and politically, there are few global issues that can be solved without the cooperation of India, a fact that is highlighted by the country’s agenda for its presidency of the G20 in 2023. As in our previous Look Forward reports, our analysts have leveraged their deep sector and geographic knowledge as well as our data and insights to take a deep dive into a specific subject. This time, we look at the opportunities, risks and potential for India to strengthen its claim to be a true global superpower in the next 10 years.

We hope this research will help our customers around the world understand one of the most dynamic and fast-changing countries on Earth. From energy transition to the global economy, agriculture to transportation, supply chains to technological innovation, India is at the center of it all. However, the road ahead is far from straight, and navigating it will require decision-making that considers a vast array of potential scenarios, both at home and globally.

This report has been organized by the S&P Global Research Council, which is focused on the key global themes of energy security, climate and sustainability, technology and digital disruptions, supply chains, capital markets and geopolitical shocks. The foundation of the report is the work we do every day to deliver essential intelligence to our customers and the market — on India and on other topics that matter.

CRISIL is driven by its mission of making markets function better as India’s foremost provider of ratings, data, research, analytics and solutions. This report also shows the value of being part of S&P Global as it marries local expertise with global perspectives and leverages capabilities across the organization.


Amish Mehta

Managing Director & CEO
CRISIL










  • India's Moment

    This is India’s moment. How the country’s governments, business community and civil society meet expectations now – and over the coming decade – will have implications not just for India, but also for the rest of the world.





    Read the Introduction

  • India’s Future: The Quest for High and Stable Growth

    Achieving high and sustainable growth has been elusive for India; success will require reaping the demographic dividend, boosting private investment and increasing competitiveness.

    Interview with Dr. V. Anantha Nageswaran, Chief Economic Advisor to the Government of India






    Read the Report

  • India’s Demographic Dividend: The Key to Unlocking Its Global Ambitions

    Abundant labor supply will fuel India’s near-term growth, but upskilling and the inclusion of women will be crucial in reaching the nation’s economic potential.

    Interview with Dharmendra Pradhan, India’s Minister of Education, Skill Development and Entrepreneurship




    Read the Report

  • Cooperation and Competition: India’s Evolving Center-State Dynamics

    Relations between states and the central government will determine whether India’s national strength equals the sum of its parts.











    Read the Report

  • India’s Energy Transition: More Energy, Fewer Emissions

    India is critical in the global push toward net-zero because of its large and growing energy demand. Its efforts to reduce emissions will also be a model for other emerging economies.

    Interview with Hardeep Singh Puri, India’s Minister of Housing and Urban Affairs & Petroleum and Natural Gas







    Read the Report

  • Bigger and Greener: The Changing Landscape of Indian Mobility

    India’s mobility sector is on the cusp of a major transformation. Aspirational car buyers are trading up to SUVs and electric vehicles, while other drivers are shifting to shared services amid environmental and infrastructure challenges.

    Interview with Sunita Narain, Director General, Centre for Science and Environment





    Read the Report

  • 'Make In India' Manufacturing Push Hinges on Logistics Investments

    A strong logistics framework will be key to transforming India from a services-dominated economy into a manufacturing-dominant one.










    Read the Report

  • Future Farming: Agriculture’s Role in a More Sustainable India

    Agricultural innovation can help India cut emissions, improve energy security and boost farmers’ incomes.









    Read the Report

  • Unlocking India’s Capital Markets Potential

    Expanded foreign participation in India’s government bond market should free sizable resources to facilitate ambitious development plans.










    Read the Report

  • Startups Riding Digital Infrastructure Could Transform Indian Economy

    Digital startups in India are drawing investor interest, aided by a public “tech stack” and a positive macro story.










    Read the Report

  • With Physical Climate Risks Increasing in India, Adaptation Strategies Take Priority

    Based on analysis of S&P Global environmental, social and governance data, nearly 40% of India-headquartered companies conduct physical risk assessments, and one-third of large Indian companies rate climate strategy as one of their top three material issues.







    Read the Report

 



Sponsors & Contributors


Martina Cheung
President,
S&P Global Ratings
Executive Sponsor, S&P Global Research Council
Dr. Atul Arya
Chief Energy Strategist,
S&P Global Commodity Insights
Co-chair, S&P Global Research Council
Co-lead, Look Forward Journal India
Dr. Lindsay Newman
Executive Director,
Head of Geopolitical Thought Leadership, 
S&P Global Market Intelligence
Co-lead, Look Forward Journal India
Alexandra Dimitrijevic
Global Head of Research & Development,
S&P Global Ratings
Co-chair, S&P Global Research Council

Hana Beckwith
ESG Specialist,
S&P Global Sustainable1

Rajiv Biswas
Asia-Pacific Chief Economist,
S&P Global Market Intelligence

Stuart Bowles
ESG Analyist,
S&P Global Sustainable1

Paul Gruenwald
Global Chief Economist,
S&P Global Ratings
Puneet Gupta
Director
India & ASEAN Automotive Sales Forecast,
S&P Global Mobility
Gauri Jauhar
Executive Director,
Energy Transitions and Clean Tech Consulting,
S&P Global Commodity Insights

Dharmakirti Joshi

Chief Economist,
CRISIL
Rahul Kapoor
Vice President,
Global Head of Shipping Analytics and Research,
S&P Global Commodity Insights
Sana Khan
Senior Consultant,
Agribusiness Consulting,
S&P Global Commodity Insights
Shankar Krishnamurthy
Head of Essential Tech Center of Excellence & Innovation,
S&P Global
Deepa Kumar
Head of Asia-Pacific Country Risk,
Strategic Advisor, Look Forward Journal India,
S&P Global Market Intelligence

Jennifer Laidlaw
Senior Writer,
S&P Global Sustainable1

Angus Lam
Senior Economist,
S&P Global Market Intelligence

Brian Lawson
Senior Consultant,
S&P Global Market Intelligence

Rick Lord
Head of Innovation Methodology, 
S&P Global Sustainable1
Sophie Malin
Senior Economist,
Pricing and Purchasing, 
S&P Global Market Intelligence
Sambit Mohanty
Editorial Lead,
Petroleum News, 
S&P Global Commodity Insights
Swati Mathur
Associate Director,
Agribusiness Consulting, 
S&P Global Commodity Insights
Sampath Sharma Nariyanuri, CFA
Fintech Research Analyst,
S&P Global Market Intelligence
Jose Perez-Gorozpe
Head of Credit Research,
Emerging Markets, 
S&P Global Ratings
Prem Premakumar
Director,
Industry Insights,
S&P Global Market Intelligence

Aries Poon
Head of APAC Insights & Analysis,
S&P Global Market Intelligence

Chris Rogers
Head of Supply Chain Research,
S&P Global Market Intelligence
Annie Sabater
Associate Industry Expert,
Central Data,
S&P Global Market Intelligence
Juan Sacoto
Executive Director,
Agribusiness Consulting,
S&P Global Commodity Insights
Tasnim Safian
Economist,
Industry Insights,
S&P Global Market Intelligence
Tom Scott
Vice President,
Agribusiness Consulting,
S&P Global Commodity Insights
Hafiz Noor Shams
Associate Director,
Industry Insights,
S&P Global Market Intelligence

Gaurav Sharma
Senior Analyst (Automotive Sales Forecast),
S&P Global Mobility

Kuntal Singh
ESG Innovation and Analytics Manager,
S&P Global Sustainable1
Ashima Tyagi
Economics Associate Director,
Pricing and Purchasing, 
S&P Global Market Intelligence

Cornis Van der Lugt
ESG Research Senior Manager,
S&P Global Sustainable1

Sponsors & Contributors


Martina Cheung
President,
S&P Global Ratings
Executive Sponsor,
S&P Global Research Council
Dr. Atul Arya
Chief Energy Strategist,
S&P Global Commodity Insights
Co-chair, S&P Global Research Council
Co-lead, Look Forward Journal India
Dr. Lindsay Newman
Executive Director,
Head of Geopolitical Thought Leadership, 
S&P Global Market Intelligence
Co-lead, Look Forward Journal India
Alexandra Dimitrijevic
Global Head of Research & Development,
S&P Global Ratings
Co-chair, S&P Global Research Council

Hana Beckwith
ESG Specialist,
S&P Global Sustainable1

Rajiv Biswas
Asia-Pacific Chief Economist,
S&P Global Market Intelligence

Stuart Bowles
ESG Analyist,
S&P Global Sustainable1

Paul Gruenwald
Global Chief Economist,
S&P Global Ratings
Puneet Gupta
Director
India & ASEAN Automotive Sales Forecast,
S&P Global Mobility
Gauri Jauhar
Executive Director,
Energy Transitions and Clean Tech Consulting,
S&P Global Commodity Insights

Dharmakirti Joshi

Chief Economist,
CRISIL
Rahul Kapoor
Vice President,
Global Head of Shipping Analytics and Research,
S&P Global Commodity Insights
Sana Khan
Senior Consultant,
Agribusiness Consulting,
S&P Global Commodity Insights
Shankar Krishnamurthy
Head of Essential Tech Center of Excellence & Innovation,
S&P Global
Deepa Kumar
Head of Asia-Pacific Country Risk,
Strategic Advisor, Look Forward Journal India,
S&P Global Market Intelligence

Jennifer Laidlaw
Senior Writer,
S&P Global Sustainable1

Angus Lam
Senior Economist,
S&P Global Market Intelligence

Brian Lawson
Senior Consultant,
S&P Global Market Intelligence

Rick Lord
Head of Innovation Methodology, 
S&P Global Sustainable1
Sophie Malin
Senior Economist,
Pricing and Purchasing, 
S&P Global Market Intelligence
Sambit Mohanty
Editorial Lead,
Petroleum News, 
S&P Global Commodity Insights
Swati Mathur
Associate Director,
Agribusiness Consulting, 
S&P Global Commodity Insights
Sampath Sharma Nariyanuri, CFA
Fintech Research Analyst,
S&P Global Market Intelligence
Jose Perez-Gorozpe
Head of Credit Research,
Emerging Markets, 
S&P Global Ratings
Prem Premakumar
Director,
Industry Insights,
S&P Global Market Intelligence

Aries Poon
Head of APAC Insights & Analysis,
S&P Global Market Intelligence

Chris Rogers
Head of Supply Chain Research,
S&P Global Market Intelligence
Annie Sabater
Associate Industry Expert,
Central Data,
S&P Global Market Intelligence
Juan Sacoto
Executive Director,
Agribusiness Consulting,
S&P Global Commodity Insights
Tasnim Safian
Economist,
Industry Insights,
S&P Global Market Intelligence
Tom Scott
Vice President,
Agribusiness Consulting,
S&P Global Commodity Insights
Hafiz Noor Shams
Associate Director,
Industry Insights,
S&P Global Market Intelligence

Gaurav Sharma
Senior Analyst (Automotive Sales Forecast),
S&P Global Mobility

Kuntal Singh
ESG Innovation and Analytics Manager,
S&P Global Sustainable1
Ashima Tyagi
Economics Associate Director,
Pricing and Purchasing, 
S&P Global Market Intelligence

Cornis Van der Lugt
ESG Research Senior Manager,
S&P Global Sustainable1

Sponsors & Contributors


Martina Cheung
President,
S&P Global Ratings
Executive Sponsor,
S&P Global Research Council
Dr. Atul Arya
Chief Energy Strategist,
S&P Global Commodity Insights
Co-chair, S&P Global Research Council
Co-lead, Look Forward Journal India
Dr. Lindsay Newman
Executive Director,
Head of Geopolitical Thought Leadership, 
S&P Global Market Intelligence
Co-lead, Look Forward Journal India
Alexandra Dimitrijevic
Global Head of Research & Development,
S&P Global Ratings
Co-chair, S&P Global Research Council

Hana Beckwith
ESG Specialist,
S&P Global Sustainable1

Rajiv Biswas
Asia-Pacific Chief Economist,
S&P Global Market Intelligence

Stuart Bowles
ESG Analyist,
S&P Global Sustainable1

Paul Gruenwald
Global Chief Economist,
S&P Global Ratings
Puneet Gupta
Director
India & ASEAN Automotive Sales Forecast,
S&P Global Mobility
Gauri Jauhar
Executive Director,
Energy Transitions and Clean Tech Consulting,
S&P Global Commodity Insights

Dharmakirti Joshi

Chief Economist,
CRISIL
Rahul Kapoor
Vice President,
Global Head of Shipping Analytics and Research,
S&P Global Commodity Insights
Sana Khan
Senior Consultant,
Agribusiness Consulting,
S&P Global Commodity Insights

Shankar Krishnamurthy
Head of Essential Tech Center of Excellence & Innovation,
S&P Global
Deepa Kumar
Head of Asia-Pacific Country Risk,
Strategic Advisor, Look Forward Journal India,
S&P Global Market Intelligence

Jennifer Laidlaw
Senior Writer,
S&P Global Sustainable1

Angus Lam
Senior Economist,
S&P Global Market Intelligence

Brian Lawson
Senior Consultant,
S&P Global Market Intelligence

Rick Lord
Head of Innovation Methodology, 
S&P Global Sustainable1
Sophie Malin
Senior Economist,
Pricing and Purchasing, 
S&P Global Market Intelligence
Sambit Mohanty
Editorial Lead,
Petroleum News, 
S&P Global Commodity Insights
Swati Mathur
Associate Director,
Agribusiness Consulting, 
S&P Global Commodity Insights

Sampath Sharma Nariyanuri, CFA
Fintech Research Analyst,
S&P Global Market Intelligence
Jose Perez-Gorozpe
Head of Credit Research,
Emerging Markets, 
S&P Global Ratings
Prem Premakumar
Director,
Industry Insights,
S&P Global Market Intelligence

Aries Poon
Head of APAC Insights & Analysis,
S&P Global Market Intelligence

Chris Rogers
Head of Supply Chain Research,
S&P Global Market Intelligence
Annie Sabater
Associate Industry Expert,
Central Data,
S&P Global Market Intelligence
Juan Sacoto
Executive Director,
Agribusiness Consulting,
S&P Global Commodity Insights
Tasnim Safian
Economist,
Industry Insights,
S&P Global Market Intelligence
Tom Scott
Vice President,
Agribusiness Consulting,
S&P Global Commodity Insights
Hafiz Noor Shams
Associate Director,
Industry Insights,
S&P Global Market Intelligence

Gaurav Sharma
Senior Analyst (Automotive Sales Forecast),
S&P Global Mobility

Kuntal Singh
ESG Innovation and Analytics Manager,
S&P Global Sustainable1
Ashima Tyagi
Economics Associate Director,
Pricing and Purchasing, 
S&P Global Market Intelligence

Cornis Van der Lugt
ESG Research Senior Manager,
S&P Global Sustainable1