IT, Infrastructure sectors key to India’s target of becoming $10 trillion economy by 2030

47358048 - financial growth of indian economy

The infrastructure sector is a key driver for the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from Government for initiating policies that would ensure time-bound creation of world-class infrastructure in the country. Infrastructure sector includes power, bridges, dams, roads and urban infrastructure development. In 2016, India jumped 19 places in World Bank’s Logistics Performance Index (LPI) 2016, to rank 35th amongst 160 countries.

India’s information technology and infrastructure sectors will be central to its journey of becoming a $10 trillion economy by 2030, according to a new report released in London.

According to its analysis, information technology (IT) services exports are projected to add $10 billion during this fiscal year, to touch $126 billion. In the field of infrastructure, India will become the third-largest construction market globally by 2022 and the real estate sector is estimated to grow to $650 billion by 2025 and surpass $850 billion by 2028, to touch $1 trillion by 2030.

As an economic consultant to the government of Malta, Goel also revealed plans by Indian companies to invest around $100 million in the European Union (EU) country in 2019. These investments include plans to set up a bank, a university and a floating hotel in the region. “Today India represents a land of infinite opportunities. Its young demographic profile combined with its strong industrial base, rapid digitisation, growing infrastructure, resilient start-up ecosystem and clear growth vision from the government, offers India a significant competitive advantage vis-a-vis other developing economies,” said Sunil Kumar Gupta, India Leader of IEBF, at the ‘Global Investment Conclave on Investment Opportunities in New India’ in the House of Lords complex on Friday.

The Indo-European Business Forum (IBEF), which works as a facilitator of business ties between India and Europe, highlighted that the sustained reforms by the Indian government have opened up the prospect of growth in these particular sectors as well as renewable energy, defence and logistics. The annual IEBF investors’ summit which began Friday ran for two days, with Prime Minister of Malta Joseph Muscat among the special guests alongside some of the prominent IEBF Advisory Committee members such as Baroness Sandip Verma, Member of the House of Lords and Chair of the European External Affairs Committee, and leading Indian-origin businessman GP Hinduja. “IEBF was started 11 years ago to promote business ties between India and Europe and today, notwithstanding the Brexit uncertainties, it is playing an active role to facilitate trade and investment flows both ways,” said Vijay Goel, founder-chair of IEBF. ”

“India sees Malta as one of the most trusted partners within the EU, being one of the first countries to recognize its independence. We have had friendly relations ever since and now it is time to transform this into a strategic economic partnership,” he said.