Doing Business In India

India has emerged as the fastest growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships.

The service sector has been driving economic growth in India, accounting for 55% of Gross Value Added (GVA) growth (at constant prices), followed by the industry sector with a 28% share, and agriculture accounting for 17%. However, agriculture still has the largest share in employment (over 40% of the total workforce), followed by services (approximately 30%). Within the service sector, India is the leading sourcing destination across the world. As per industry estimates, India accounts for approximately 55% market share of the US$ 200-250 billion global services sourcing business in 2019-20. Further, the IT industry accounts for approximately 8% of India’s GDP.

India’s Economy Rebounded Strongly Despite Facing 3 Major COVID-19 Waves as India’s GDP forecast for FY 2022-23 is poised at 7.5%.

India’s nominal GDP at current prices was estimated at Rs.232.15 trillion (US$ 3.12 trillion) in FY22. With more than 100 unicorns valued at US$ 332.7 billion, India has the third-largest unicorn base in the world. The government is also focusing on renewable sources to generate energy and is planning to achieve 40% of its energy from non-fossil sources by 2030.