From 10th to 4th largest economy: Nilesh Shah hails India`s decade of rapid growth
India’s remarkable journey from the 10th to the 4th largest economy in just a decade reflects the country’s expanding global clout and resilient growth engine, Kotak Mahindra Asset Management Company (AMC) Managing Director Nilesh Shah has said.
Speaking at the Kotak International India Insight Summit in New York, Shah stated that India’s economic journey has been driven by strong domestic consumption, a vibrant services sector, and manufacturing expansion, which have collectively enabled the nation to surpass the $4 trillion GDP mark by 2025.
Despite its modest per capita GDP of $2,940, placing it 136th globally, India’s contribution to the global economy has become increasingly significant.
"India drives 8–10 per cent of world growth, and on purchasing power parity terms, our contribution is close to 18 per cent," Shah said, calling the country "the engine of the global growth train in the days to come".
He highlighted that India’s equity markets have delivered 13.7 per cent annualised growth between 2020 and 2025, outperforming most emerging markets and reinforcing investor faith in the nation’s long-term growth story.
Emphasising fiscal discipline, Shah pointed out that while India’s consolidated deficit remains around 7 per cent of GDP, it stands out as the only major economy to have reduced its debt-to-GDP ratio since the 2008 global financial crisis — even after the Covid-19 shock.
Addressing concerns about market openness, Shah said India remains one of the most accessible economies for global investors.
"Foreigners own the majority of our largest listed bank, asset management company, automobile company, FMCG company, telecom firm, and engineering company," he noted.
He added that India’s willingness to host global tech giants, such as Meta, Google, X, WhatsApp, and Amazon — in contrast to China’s closed digital ecosystem — has further strengthened its innovation and investment landscape.
He emphasised that India’s rise represents more than just economic progress — it signals the emergence of a confident, globally integrated growth leader shaping the next phase of the world economy.
