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Our world is in the midst of an unprecedented period of transition and uncertainty, but one fact that unites all observers is that India faces a defining opportunity to capitalize on this moment.

Economically and politically, there are few global issues that can be solved without the cooperation of India, a fact that is highlighted by the country’s agenda for its presidency of the G20 in 2023. As in our previous Look Forward reports, our analysts have leveraged their deep sector and geographic knowledge as well as our data and insights to take a deep dive into a specific subject. This time, we look at the opportunities, risks and potential for India to strengthen its claim to be a true global superpower in the next 10 years.

We hope this research will help our customers around the world understand one of the most dynamic and fast-changing countries on Earth. From energy transition to the global economy, agriculture to transportation, supply chains to technological innovation, India is at the center of it all. However, the road ahead is far from straight, and navigating it will require decision-making that considers a vast array of potential scenarios, both at home and globally.

This report has been organized by the S&P Global Research Council, which is focused on the key global themes of energy security, climate and sustainability, technology and digital disruptions, supply chains, capital markets and geopolitical shocks. The foundation of the report is the work we do every day to deliver essential intelligence to our customers and the market — on India and on other topics that matter.

CRISIL is driven by its mission of making markets function better as India’s foremost provider of ratings, data, research, analytics and solutions. This report also shows the value of being part of S&P Global as it marries local expertise with global perspectives and leverages capabilities across the organization.

Amish Mehta

S&P Global

Amish Mehta

Managing Director and CEO, CRISIL


Sponsors & Contributors

Atul  Arya, Ph.D.

S&P Global Commodity Insights

Atul Arya, Ph.D.

Senior Vice President and Chief Energy Strategist


Alexandra Dimitrijevic

S&P Global Ratings

Alexandra Dimitrijevic

Global Head of Research & Development


Martina L. Cheung

S&P Global Ratings

Martina L. Cheung

President, S&P Global Ratings


Lindsay Newman

S&P Global Market Intelligence

Lindsay Newman

Head of Geopolitical Thought Leadership, Economics & Country Risk


Hana Beckwith

Hana Beckwith


Rajiv Biswas

S&P Global Market Intelligence

Rajiv Biswas

Executive Director and Asia-Pacific Chief Economist


Stuart Bowles

Stuart Bowles


Paul Gruenwald, Ph.D.

S&P Global Ratings

Paul Gruenwald, Ph.D.

Global Chief Economist


Puneet  Gupta

S&P Global Mobility

Puneet Gupta

Director, Indian Automotive Market


Gauri  Jauhar

S&P Global Commodity Insights

Gauri Jauhar

Executive Director, Energy Transition & Cleantech Consulting


Dharmakirti Joshi

S&P Global Ratings

Dharmakirti Joshi

Chief Economist – CRISIL Limited


Rahul  Kapoor

S&P Global Market Intelligence

Rahul Kapoor

Vice President & Head of Commodity Analytics & Research, Maritime, Trade & Supply Chain


Sana  Khan

S&P Global Commodity Insights

Sana Khan

Agribusiness Consultant



Deepa  Kumar

S&P Global Market Intelligence

Deepa Kumar

Head of Asia-Pacific Country Risk


Jennifer Laidlaw

S&P Global Sustainable1

Jennifer Laidlaw

Senior Writer


Angus  Lam

S&P Global Market Intelligence

Angus Lam

Senior Economist, Country Risk



Rick Lord

S&P Global Sustainable1

Rick Lord

Head of Innovation Methodology


Sophie  Malin

S&P Global Market Intelligence

Sophie Malin

Senior Economist, Pricing and Purchasing


Sambit Mohanty

S&P Global Commodity Insights

Sambit Mohanty

Senior Editor, Oil News and Analysis



Sampath Sharma Nariyanuri, CFA

S&P Global Market Intelligence

Sampath Sharma Nariyanuri, CFA

Research Analyst


Jose Perez-Gorozpe

S&P Global Ratings

Jose Perez-Gorozpe

Head of Credit Research Emerging Markets



Aries Poon

S&P Global Market Intelligence

Aries Poon

Director, Head of Asia-Pacific Insights and Analysis


Chris Rogers

S&P Global Market Intelligence

Chris Rogers

Head of Supply Chain Research


Annie Sabater

Annie Sabater


Juan  Sacoto

S&P Global Commodity Insights

Juan Sacoto

Senior Vice President and Head of Agribusiness Consulting, North America



Tom Scott

Tom Scott

Vice President, Agribusiness Consulting, IHS Markit


Hafiz  Noor Shams

S&P Global Market Intelligence

Hafiz Noor Shams

Associate Director, Economics



Kuntal Singh

Kuntal Singh


Ashima  Tyagi

S&P Global Market Intelligence

Ashima Tyagi

Economics Associate Director, Pricing & Purchasing



Further Reading