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☆ India is on pace to pass the US on the list of the world's biggest economies — but there's a looming chance it squanders this promise
  + stars: | 2023-07-14 | by ( Cork Gaines | ) www.businessinsider.com   time to read: +4 min
According to a recent Goldman report, India's economy is projected to top America's around 2075, becoming the second-largest in the world. India's economic growth is fueled by several key factors, including its vast labor force, technological advances, and burgeoning capital investment. A significant driver of this growth is innovation and technology, as noted by Goldman Sachs's chief India economist, Santanu Sengupta. The Goldman Sachs team noted that the biggest risk facing the country is if the labor force participation rate does not reverse its current 15-year downward trend. "If you have more opportunities — especially for women, because the women's labor force participation rate is significantly lower than men's — you can shore up your labor force participation rate, which can further increase your potential growth."
Persons: Goldman Sachs, Goldman, Zahra Tayeb, Goldman Sachs's, Santanu Sengupta, Sengupta, Tan, Elon Musk Organizations: Service, Apple, SpaceX, Goldman Locations: India, China, Wall, Silicon, India's, Mexico, Pacific
☆ Goldman Sachs says India will overtake the U.S. to become the world's second-largest economy by 2075
  + stars: | 2023-07-10 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +4 min
Wolfgang Kaehler | Lightrocket | Getty ImagesIndia is poised to become the world's second-largest economy by 2075, leapfrogging not just Japan and Germany, but the U.S. too, says Goldman Sachs. "Over the next two decades, the dependency ratio of India will be one of the lowest among regional economies," said Goldman Sachs Research's India economist, Santanu Sengupta. Sengupta added that the key to drawing out the potential of India's rapidly growing population is to boost the participation of its labor force. The Achilles heel to the bank's projection is the labor force participation rate — and whether it increases at the rate which Goldman projects. "The labor force participation rate in India has declined over the last 15 years," the report noted, underlining that women's participation rate in the labor force is "significantly lower" than men's.
Persons: Taj, Wolfgang Kaehler, leapfrogging, Goldman Sachs, Santanu Sengupta, Sengupta, Goldman, Downside Organizations: Lightrocket, Getty, India, U.S, Tech, Employees, Bloomberg, Nurphoto Locations: Japan, Germany, U.S, India, China, Nasscom, Greater Noida, piecework, Nagaland, Nurphoto
☆ India's growth to slow in 2023 on fading reopening impact-Goldman Sachs
  + stars: | 2022-11-21 | by ( ) www.reuters.com   time to read: +2 min
MUMBAI, Nov 21 (Reuters) - Goldman Sachs expects India's economic growth to slow to 5.9% next year, from an estimated 6.9% growth in 2022, as the boost from the post-COVID reopening fades and monetary tightening weighs on domestic demand. "In the second half, we expect growth to re-accelerate as global growth recovers, the net export drag declines, and the investment cycle picks up," Sengupta said. The Reserve Bank of India (RBI), last week, pegged the domestic growth rate at 7% for 2022-23. Goldman Sachs expects headline inflation to drop to 6.1% in 2023, from 6.8% in 2022, saying government intervention was likely to cap food prices and that core goods inflation had probably peaked. "But upside risks to services inflation are likely to keep core inflation sticky around 6% year-on-year," Sengupta added.
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