Goldman Sachs projects India will be the world’s second largest economy by 2075, The huge growth will be driven by:
- India has become the world’s most populous country with 1.4billion people in April, 2023
- boosting participation of its labor force, with training and skills
- progress in innovation and technology
- increasing worker productivity
- capital investment will be a significant driver of growth
- savings rate are likely to increase with falling dependency ratios, rising incomes, and deeper financial sector development
And this growth will have a significant impact on critical minerals demand.
“India has announced that it aims to reach net zero emissions by 2070 and for 50% of the power generation capacity to come from non-fossil sources by 2030. The government is also pushing EVs and green hydrogen, and is targeting 500GW of renewable or clean energy capacity by 2030.
Ultimately, transitioning to green energy is a large investment opportunity, but it’ll take time. In the interim fossil fuels are going to be the majority share in energy needs until India transitions to green energy”— Goldman Sachs, How India could rise to the world’s second-biggest economy
For more in-depth analysis on the rise of India: