The global economy has faced its fair share of challenges in 2023. Despite global economic hurdles, India stood firm and demonstrated resilience. Let us dive into what market trends to expect in 2024. Also, read about the key sectors on your growth watchlist in India.
Although there is some uncertainty in the global economy as we enter 2024, India’s economy is up for robust growth as one of the fastest-growing economies. India is also one of the most attractive places for foreign direct investment (FDIs), garnering $33 billion during FY 2023-24 (up to Sep 2023).
1. Fintech Sector
India has one of the fastest-growing fintech markets in the world. It is expected to reach $1.3 trillion by 2025, growing at a CAGR of 31% from 2021 to 2025.
Growth Drivers Of Fintech Industry
2. EV Sector
EVs are emerging as the driving force behind India's commitment to sustainability. India’s EV market is expected to grow at a CAGR of 49% from 2022-2030. In FY 2022-2023, EV sales marked an impressive year-on-year (y-o-y) growth of 154% compared to FY 2021-2022.
Growth Drivers Of The EV Industry
3. Real Estate Sector
Real estate is one of the most watched industries in the world. It includes four segments- retail, housing, commercial, and hospitality. According to projections by NAREDCO and EY, India’s real estate market is expected to reach over $1 trillion by 2030.
Growth Drivers Of Real Estate Sector
4. Artificial Intelligence (AI)
AI is expected to add up to $15.7 trillion to the global economy by 2030, according to The Comptroller and Auditor General of India (CAG), Girish Chandra Murmu. Also, there has been a significant jump in the number of startups in India over the last few years, from 8,635 in 2018 to 26,542 in 2022.
Growth Drivers Of The Artificial Intelligence Industry
The year 2024 might bring a few ups and downs for the global economy, but India’s outlook remains positive. The narrative of “invest in India” and market trends will remain strong in 2024 as well. Investors might benefit by parking their money in growing sectors. However, investors need to diversify their portfolios to mitigate risk.
Explore Gripinvest to stay abreast of the latest investment trends to make informed financial decisions.
Frequently Asked Questions
1. How can I capitalise on the EV industry while earning fixed returns?
You can invest in options like LeaseX on Grip Invest to capitalise on the industry's growth story. Investors have had opportunities to partner with EV market leaders like BluSmart, Zypp, BatterySmart, and ChargeZone.
2. What are some innovations in the fintech industry for investors?
SEBI-regulated online bond-providing platforms like Grip Invest make investing in high-yielding, fixed-income opportunities like securitised debt instruments, corporate bonds, etc., accessible to every investor. They offer transparency, stability, and ease of investment through innovation and regulation.
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