21 RISE TO CREATE VALUE | Group Strategic Overview RISE TO CREATE VALUE As geopolitical uncertainties rise and global trade dynamics evolve, India continues to demonstrate remarkable economic resilience and momentum. According to the latest provisional estimates from MoSPI, Real GDP is estimated to reach ₹323 lakh crore in FY26, growing at 7.7% compared to 7.1% in FY25. Nominal GDP is estimated at ₹346 lakh crore, reflecting an annual growth of 8.9%. This trajectory is underpinned by three powerful and interconnected pillars. First is India’s young, consumption-driven demography. With a median age of just 28.8 years#, India has one of the youngest and most dynamic workforces in the world. This workforce will continue to expand until 2055. India's per capita GDP has grown 1.7x since 2016 and is expected to continue its rapid growth. Affluent and elite households are projected to exceed 90 million by 2030##. The recent GST rationalisation has further boosted domestic demand as a powerful engine of sustained economic expansion. Second is a significant step up in physical and digital infrastructure. Over the last 12 years, the number of airports has more than doubled, port handling capacity has grown 1.8x, electrified rail network has tripled, and high-speed corridors have expanded tenfold. India accounts for nearly half of all real-time payment transactions globally. This is enabling financial inclusion at scale, supported by over 1.4 billion Aadhaar-linked identities. Third is a robust reform agenda. Landmark policy reforms such as GST, the Insolvency and Bankruptcy Code and a sustained privatisation programme have raised the quality and confidence of India’s business environment. The accelerating pace of Free Trade Agreements is a significant dimension of the growth opportunity. The agreements with the EU and the UK will sharpen the cost and quality proposition for Indian businesses while opening preferential access to some of the world's largest consumer markets. India's Viksit Bharat ambition, to become a fully developed nation by 2047, provides the multi-decadal policy anchor that gives businesses the confidence to invest, innovate, and scale. Together, these forces place India’s economy on a strong footing. Despite near-term pressures, the momentum is firm and the opportunity ahead is significant and growing. Mahindra is present in sectors driving 70% of India’s growth. GROUP STRATEGIC OVERVIEW GDP of India Annual GDP Estimates (in ₹ lakh crore) and Growth Rates (%) at Constant Prices 2022-23 340 320 300 280 260 240 220 200 180 160 140 2023-24 2024-25* 2025-26** 7.2% 7.1% 7.7% *First revised estimates and **Provisional estimates Source: Ministry of Statistics & Programme Implementation (MoSPI) #Source: UN Economic and Social Commission for Asia and the Pacific ##Source: BCG Analysis on CCI Income Database; Household income more than ₹9 lakh per annum
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