India

India Overview

India has one of the largest, most highly diversified economies in the world, but, because of its enormous population, it is—in terms of income and gross national product (GNP) per capita—one of the poorest countries on Earth. Since independence, India has promoted a mixed economic system in which the government, constitutionally defined as “socialist,” plays a major role as central planner, regulator, investor, manager, and producer. Starting in 1951, the government based its economic planning on a series of five-year plans influenced by the Soviet model. Initially, the attempt was to boost the domestic savings rate, which more than doubled in the half century following the First Five-Year Plan (1951–55). With the Second Five-Year Plan (1956–61), the focus began to shift to import-substituting industrialization, with an emphasis on capital goods. A broad and diversified industrial base developed. However, with the collapse of the Soviet system in the early 1990s, India adopted a series of free-market reforms that fueled the growth of its middle class, and its highly educated and well-trained workforce made India one of the global centres of the high-technology boom that began in the late 20th century and produced significant annual growth rates. The agricultural sector remains the country’s main employer (about half of the workforce), though, with about one-fifth of the gross domestic product (GDP), it is no longer the largest contributor to GDP. Manufacturing remains another solid component of GDP. However, the major growth has been in trade, finance, and other services, which, collectively, are by far the largest component of GDP.

Source: britannica.com

Landscape and growth

Global State of the Market Report

In 2022, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified over 43,000 professionals on Advisory Boards in India, or 3% of the global Advisory Board market.

Advisory Board Landscape

Research has indicated that there is a thriving Advisory Board market within the region. Advisory Board professionals will have opportunities in the key market sectors including textiles, automobiles and banking.  Also, the business sector including SMEs, present strong future growth opportunities.

Future Growth Opportunities

The sector will continue to mature as the best practice community and Advisory Board credentials are obtained within India.

Key Statistics

Population 1,416.87 million
GDP $3,176,295 USD Million
Labour Force by occupation
Agriculture42.6%
Industry25.12%
Services32.28%
GDP by sector
Agriculture16.82%
Industry25.89%
Services47.51%
Import $758,972 USD Million
Export $679,681 USD Million
Global ease of doing business rank 100th
Global ease of doing business score 60.76/100