Building a Resilient Indian Economy Rest on the Shoulders of Industry
India is growing faster than any other major economy. India’s GDP rose 7.7% in FY26 and 7.8% in the April-June quarter, with manufacturing up 9.2% and services up 10%. In dollar terms it’s still only the sixth-largest economy, at roughly $3.9 trillion, but the IMF expects it to reach third place by 2031. The room for growth is obvious when you look at its footprint: about 2.9% of global manufacturing and 1.8% of world merchandise exports, which is tiny next to its share of the world’s population.
The work of closing that gap won’t be rest on the shoulders of just one kind of company. Small and medium businesses are the backbone, accounting for nearly half of exports, though many are starved of credit. Electronics shows what’s possible: India now makes more phones than almost anyone, but the real prize is building the components inside them. Startups raised $10.3 billion this year and produced six new unicorns, while the big conglomerates keep funding the ports, power plants and factories everything else depends on.
Each group of leaders has a clear job. Manufacturers can move beyond assembly and bring local suppliers along with them. Founders can build for India’s scale and take on harder fields like AI and semiconductors. Financiers can lend more patiently to small firms and long-term projects. Leaders in energy and logistics can make power and freight cheaper for everyone, while those in farming and food can raise rural incomes. Pharma and healthcare firms can strengthen quality and research, and consumer companies can pay suppliers on time. Small business owners can formalise, grow and look abroad.
What binds all of this together is a singular vision to build a strong economy.
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