India's Growth Story Uncovered: Analyzing the Factors Driving Its Success
India, a land of diverse cultures, traditions, and languages has been garnering attention as a major economic force. With a population of over 1.4 billion people, India has been setting records in economic growth and is projected to become the world's third-largest economy by 2027, surpassing Japan and Germany.
The Indxx India Index, which represents the performance of the Indian equity market, witnessed remarkable gains?of 26.90% in the calendar year 2023, ranking third amongst leading country benchmarks. In this article, we will delve into the factors driving India's remarkable economic growth:
1. DEMOGRAPHIC DIVIDEND
2. GROWTH IN CONSUMER SPENDING
3. FACTORY OF THE WORLD
4. GROWING POPULARITY OF GLOBAL OFFSHORING
5. EXPLORE INDIA FOCUSED INDEX STRATEGIES
DEMOGRAPHIC DIVIDEND
In 2023, India overtook China as the most populous country globally, with a population of 1.429 billion. With a median age of 27.6 years, India has a relatively young population, with only 7% aged over 65 years, compared to over 18% in the United States and over 17% in China.
By 2030, India's working-age population share is expected to peak at 68.9%, alongside a decrease in the dependency ratio to 31.2%. Projections also suggest that India will have around 1.04 billion working-age individuals by 2030. A young growing working population will play a key role in the nation’s economic growth.