Shah credited strong domestic consumption, a vibrant services sector, and expanding manufacturing for the country’s progress. He noted that even with a per capita income of just $2,940, India contributes nearly 10% to global growth and 18% on a purchasing power parity basis. “India is the engine of the global growth train,” he said, highlighting the nation’s growing influence.

India’s equity markets have grown 13.7% annually since 2020, outpacing most emerging markets. Shah also praised the government’s fiscal discipline. He pointed out that India reduced its debt-to-GDP ratio even after the pandemic — a rare feat among major economies.

He added that India’s open economy and easy access for global investors strengthen its global standing. With tech giants like Meta, Google, and Amazon operating freely, India is emerging as an innovation-driven leader powering the next phase of world growth.

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S&P Global reported that India’s GDP rose 7.8% in the June quarter, higher than expected. Inflation is now forecast at 3.2% this fiscal year after food prices dropped. The Reserve Bank of India may cut interest rates by 25 basis points.

Domestic demand remains strong as consumer spending and government investment continue to rise. India stands out in Asia-Pacific for resilient growth despite global challenges. Higher U.S. tariffs and slower global trade have slowed other regional economies.

China, by contrast, faces weaker exports and slowing domestic consumption. S&P expects China’s GDP to grow 4% in the second half of 2025 and 2026. Falling housing sales and low consumer confidence are adding pressure.

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