Infrastructure, BFSI, IT To Drive Growth In India: Deloitte

NEW DELHI:  India is poised for “improved prosperity” as the reforms initiated by the new government are taking shape and sectors, including infrastructure, will be the key drivers of growth, says global consultancy Deloitte.

Riding on the back of economic reforms and demographic dividend, Deloitte today said that Information and Communication technology, BFSI (Banking, financial services and insurance), Retail as well as Infrastructure and Construction are among the sectors which are poised to drive growth in the country over the next 30 years.

According to the latest competitiveness report by Deloitte, with a new government in place, solid growth projected, and a flourishing middle class, “investors appear increasingly willing to back India”.

“India is poised for improved prosperity as new government reforms begin to take shape,” Deloitte Global Managing Director for Industries Gary Coleman said.

“To fully realise its potential, India must continue to invest in infrastructure, particularly transport networks and power systems, as well as work to enhance the employability of its working population,” he added.

According to the report, infrastructure and construction sector is forecasted to become the world’s third-largest construction market by 2025.

“With the government’s three-pronged strategy aimed at modifying the regulatory framework, removing bottlenecks for existing projects, and reviving the capital-expenditure cycle, India could lead growth among emerging economies in the infrastructure and construction sector,” the report said.