India key player of economic growth in Asia: Morgan Stanley

Written by Amanda

India saw a major transformation since 2014 and has been a key player when it comes to economic growth in Asia and the global economy, American multinational investment bank and financial services company Morgan Stanley in its latest report.

The past decade has been significant for India, says the report, adding the country has gained major positions in the world order, which are bound to have a major impact on the country’s macro and market outlook.

The report highlights some of the biggest initiatives taken by the government, including policy reforms, the Insolvency and Bankruptcy Code (IBC), formalisation of the economy, foreign direct investment boost, and direct benefit transfer, among others.

“This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook…India has transformed in less than a decade,” the global agency said, cited news agency PTI.

The report says India will see a new wave of manufacturing and capex, with its share rising in the export market to 4.5% by 2031. The per capita income is also bound to increase from $2,200 to about $5,200 by the end of FY32.

Source: fortuneindia.com

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