New Delhi: Driven by sound fundamentals and a resilient economy, Indian firms in nine sectors could collectively generate between $588 billion and $738 billion in revenues by 2030, according to a new report.
McKinsey & Company said in its report that this represents a three-and-a-half fold surge from $164-206 billion pegged in 2023.
The nine sector are: e-commerce, semiconductor, Cloud services, cybersecurity, electric vehicle and battery, artificial intelligence (AI) software and services, space, nuclear fission, and robotics.
According to the report, the sectors were chosen based on either patent activity being twice the median or research and development (R&D) investment outpacing the national average by a factor of two.
In e-commerce, revenue estimates project a four-fold increase, from $60–70 billion in 2023 to $240–300 billion by 2030.
In the electric vehicle (EV) sector, revenues are expected increase six-fold to eight-fold to touch $40–60 billion by the end of the decade.
In the space sector, revenues are expected to rise fourfold to fivefold by 2030, according to the report.
Semiconductor revenues are expected to treble from $40-45 billion in 2023 to $100-120 billion by 2030, it added.
Moreover, Cloud-related revenues are projected to increase fourfold to fivefold between 2023 and 2030, reaching $70–80 billion.
Despite an uncertain and challenging global economic backdrop, the Indian economy remains a key driver of global growth, underpinned by sound macroeconomic fundamentals and prudent macroeconomic policies, according to the Reserve Bank of India (RBI).
The domestic financial system is exhibiting resilience fortified by healthy balance sheets of banks and non-banks, said the Central Bank. Financial conditions have eased supported by accommodative monetary policy and low volatility in financial markets. The strength of the corporate balance sheets also lends support to overall macroeconomic stability.
(IANS)
