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9/30/2024
Simon Wallace
Global Co-Head of Real Estate Research
Seng-Hong Teng
Research Analyst Generalist
Saeesh Kakodkar
Asset Manager Real Estate
Young, educated and growing, India is poised to be one of the largest economies in the world. While driving demand, this future success will also require extensive development of modern real estate across all major sectors. For a long time, Indian real estate has been a sleeping giant, but the giant is stirring, and will soon be ready to wake.
A Sleeping Giant Awakens
Having sat in twelfth place just twenty years ago, India is today the fifth largest economy in the world.[1] The country however remains a long way away from fulfilling its full potential. Despite impressive annual real growth of 6% over the past decade, output per head remains a fraction of that seen in China.[2] However, this appears set to change. Following major supply side reforms, digitalisation, and infrastructure improvements – raising the country’s Ease of Doing Business ranking from 142nd in 2014 to 62nd in 2019[3] – the country looks set for a sustained period of strong GDP growth. Add to this an exceptional demographic profile, with a young, highly educated, and growing population, the economy, appears set to overtake Germany and Japan by the end of the decade, with some projecting it could be the largest economy in the world before the end of the century.[4]
IMF, June 2024
Oxford Economics, June 2024
World Bank, June 2024
CEBR, July 2023
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