India economic growth projected to drive global expansion

India is positioned to drive the next wave of global growth, supported by strong economic fundamentals, private-sector dynamism, and expanding technological capabilities, according to International Monetary Fund (IMF) Deputy Managing Director Nigel Clarke. Following a five-day visit to New Delhi, Mumbai, and Chennai, Clarke met with senior officials, including Finance Minister Nirmala Sitharaman, to discuss macroeconomic stability, inflation control, and productivity reforms.

A report by Crisil suggests India’s medium-term growth will be fueled by domestic consumption, public infrastructure spending, and a revival in private investment. The IMF projects India’s per-capita GDP could grow by more than 9 per cent between 2027 and 2030. This growth is expected to be supported by a structural shift in household savings toward market-linked instruments, such as mutual funds.

Additionally, NITI Aayog has identified electric mobility as a strategic imperative for the country’s 'Viksit Bharat 2047' vision. Officials noted that transitioning to electric vehicles could mitigate heavy import vulnerabilities, as India currently relies on foreign suppliers for approximately 89 per cent of its crude oil requirements.