Crisil Forecasts India Growth Driven by Rising Per-Capita Income

Crisil expects India's medium-term economic growth to be driven by strong domestic consumption, sustained public infrastructure spending, and a revival in private investment. A report from the credit rating agency indicates that rising per-capita income will position the country for a more prominent role in the global economy by 2030.

Supporting this outlook, the International Monetary Fund projects that India's per-capita GDP will grow by more than 9 percent between 2027 and 2030. This growth coincides with a structural shift in how Indian households save, with a marked increase in funds moving toward market-linked instruments.

Assets under management in the mutual fund industry grew from Rs 31.43 lakh crore in March 2021 to Rs 73.73 lakh crore in March 2026, peaking at a record Rs 82.03 lakh crore in February 2026. Crisil attributes this expansion to increased financial literacy, rapid digitalization, and a growing preference for systematic investment plans.