India [New] In India, where lockdowns have stalled consumer and business spending, GDP contracted by a record 23.9% in the first quarter of its fiscal year and is forecast to shrink 9% in FY2020 before recovering by 8% in FY2021. [New] Opec has cut its forecast for the global oil market for the year, amid faltering demand and a weaker-than-expected recovery in India and other Asian countries. [New] Falling costs and renewable-friendly energy policies adopted by several countries in the six major geographies - North America, Latin America, Europe, the Middle East, China and India - are prominent reasons why solar photovoltaic and wind capacity projects are expected to climb this decade. [New] The number of elderly in India is expected to grow to 173 million by 2026, which is roughly, 18 crore by the next seven years. [New] By 2022, whilst India aims to create a resource pool of 500 million skilled workers, it will likely surpass Germany to become the fourth largest economy trailing only the United States, China and Japan. India is expected to account for a large share of the growth in emerging Asian demand, with LNG imports forecast to almost double from 23 million tonnes in 2019 to 40 million tonnes in 2025. India has ambitious plans to increase crude steel production capacity from 142 million tonnes in 2018-19 to 300 million tonnes per year by Indian fiscal year 2030-31. In emerging economies such as India, China and Africa, travel needs will increase proportionately to the growth of middle class and their discretionary spending. While most of major economies are staring at economic mayhem and severe recession with projections of negative growth in 2020, IMF projects a positive growth for India in 2020 and 7.4% in 2021. Trend point: The e-commerce market in India is expected to increase at a CAGR of 20.09% from US$ 39 billion in the end of 2017 to US$ 200 billion by 2027. The development of the dairy industry in countries like India and China is expected to fuel the growth of the synbiotic market in the coming years. India is expected to achieve the fastest energy consumption growth rate to fulfil economic growth objectives. China and India alone are expected to account for more than half of global energy demand growth between now and 2040 and their respective energy pathways will have a significant impact on the overall energy landscape and the pace of decarbonisation. Imports from China in India is expected to be INR 355.74 Billion by the end of this quarter. Non-OECD consumption in 2021 is forecast to increase by 5% to 50 million barrels a day, largely driven by a recovery in demand in China and India. From 2021, India is expected to be a major source of LNG demand growth. Government initiatives in China and India that encourage developments in AR/VR for defense and manufacturing sectors are expected to supplement the growth in the Asia-Pacific regions. With rising per capita incomes, preventive healthcare market in India is expected to be over US$ 100 billion in 2022. India, Asia's second biggest importer of LPG, is expected to buy a record 15.8 million tonnes of LPG from abroad in 2020, a 9% rise from 2019, data from FGE showed. India has the potential to save about 3.6% of GDP on an annual basis, on average over fiscal years 2021-30. Government of India is aiming to achieve 225 GW of renewable energy capacity by 2022, much ahead of its target of 175 GW as per the Paris Agreement. Given the increasing urbanisation and population trends, there will be 90 million additional workers in search of non-farm jobs by 2030 and India will have to triple job creation to 12 million gainful non-farm jobs per year from the 4 million achieved between 2013 to 2018. See full forecast Last updated: 20 September 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
