Volume 2 – 19 May 2025
India Forward:
Transformative Perspectives
India is demonstrating strong resilience as it confronts unpredictable global market movement and geopolitical risk. As a leader on the global stage, it is a country worthy of everyone’s attention.
That is why last year we launched the S&P Global India Research Chapter, an initiative that brings together experts from across S&P Global and Crisil.
The Chapter has gone on to publish insightful research about the opportunities, risks and potential that will shape India’s journey toward becoming the world’s third-largest economy by 2030.
This year, the India Research Chapter is releasing, India Forward: Transformative Perspectives.
The journal compiles our best and latest thinking on strategic issues impacting businesses, investors, policy makers, and markets. Our research is designed to help stakeholders make informed decisions that have the potential to unlock tremendous value.
As we continue to discover new perspectives about the country and market, we are committed to sharing them with you.
Thank you to the teams responsible for this research. And thank you for your interest in these issues.
S&P Global
Martina L. Cheung
S&P Global
President & CEO, S&P Global
Martina L. Cheung is President, CEO, and a member of the Board of Directors of S&P Global.
Previously, Ms. Cheung was President of S&P Global Ratings and served as the Executive Lead of S&P Global Sustainable1. Earlier, she was President of S&P Global Market Intelligence.
Ms. Cheung joined the Company in 2010 as Vice President of Operations for S&P Global Ratings and went on to serve as S&P Global’s Chief Strategy Officer. She also was Head of Risk Services for S&P Global Market Intelligence.
Prior to joining S&P Global, Ms. Cheung worked for Accenture’s Financial Services Strategy group and later as a Partner at Mitchell Madison Consulting.
Barron’s recognized Ms. Cheung as one of the 100 Most Influential Women in U.S. Finance in 2025. Ms. Cheung was named one of the Most Powerful Women in Finance by American Banker and included on the list of Influential Women in Institutional Investing by Pensions & Investments in 2024. Also in 2024, INvolve named her to its 100 Empower Executives list for the second consecutive year. Ms. Cheung received the Merit Award from The Women's Bond Club in 2022.
Ms. Cheung is a member of the Council on Foreign Relations and the Economic Club of New York.
Ms. Cheung serves on the Board of Trustees for Catholic Charities New York and was a member of the Board of CRISIL, a global analytics company and India’s leading credit ratings agency.
She holds a bachelor’s degree in commerce and a master’s degree in business studies from National University of Ireland, Galway.
About this edition
India is poised to maximize opportunities as the global trade and cooperation environment evolves. It has grown visibly in size, scale and international impact over the past three decades and is on track to become the world’s third-largest economy by fiscal 2030-31.
India’s core sectors have grown in sync with the dynamism of demography and an evolving structural context of the economy. These core sectors intersect the promise of new growth in manufacturing and continued gains from agriculture and services. As the economy grows, the call on core sectors to deliver for an aspirational population will increase.
Beyond the near-term, changes in global trade policy would catalyze supply-chain diversification, to the benefit of India. An analysis of S&P Global Market Intelligence’s Strategic Opportunity Index (SOI®) over time indicates that India has made notable progress in enhancing its competitiveness and making its India is poised to maximize manufacturing sector more attractive opportunities as the global trade and to global investors.
Energy will be a key thread that will enable the performance and viability of all sectors in India. Cross-cutting themes will span security and reliability, in the larger framework of a more market-oriented and globally integrated economy.
Analysis by S&P Global Commodity Insights elucidates that India’s burgeoning biofuel industry is at the forefront of efforts to transform Indian energy sector, balancing growth needs with a shift to sustainable energy sources amid rising environmental concerns. S&P Global Mobility notes that the transport sector, which is a significant source of emissions and a mainstay of increasing urbanization, is a key area where biofuels can have an immediate impact.
At S&P Global and Crisil, we assess the intersection of sectors that will form the backbone of future growth and quality of life in India. As India tactfully navigates geopolitical reordering, a mix of domestic interventions and global partnerships will enable India to meet key objectives for itself and for the world.
S&P Global Commodity Insights
Gauri Jauhar
Executive Director, Global Energy Transitions & Clean Tech Consulting
Gauri is Executive Director, in Energy Transition and Clean Tech Global Consulting team, and a Certified Independent Director by the Institute of Directors (IOD). She has 23 years of experience in the energy, applied economics, finance fields, with wide regional experience in the United States, Kuala Lumpur, Singapore, Mumbai, New Delhi. Focus on ESG In the Energy Transitions and the integration of clean fuels in the energy spectrum and multi-sector mitigation strategies.
Her areas of specialization are Integration of New Energy sources to the Energy spectrum for companies and countries, Financial and Operational Competitor Benchmarking, Energy pricing, Market entry strategies and Energy policy development. She represents S&P Global in various industry bodies such as the US India Hydrogen & Gas Task Forces by the US India Strategic Partnership Forum.
Prior to joining S&P Global, Gauri was Commercial Advisor - Gas Policy & Regulatory Affairs at BP in India. She was the gas policy lead for a multi-disciplinary team-leading BP's energy reforms advocacy efforts in India. Prior to joining BP, she was a Senior Consultant at PFC Energy (now part of S&P Global), leading PFC Energy's Integrated Energy business in India and Singapore.
Gauri started her career as a Research Associate at the National Council of Applied Economic Research in New Delhi, analyzing macro-economic policy issues for the Indian economy and her paper with DK Joshi on "India's Macro-Stabilization Policy in 1990s: A Review and Assessment" was published in the book, "The Indian State in Transition."
S&P Global Market Intelligence
Deepa Kumar
Head of Asia-Pacific Country Risk and Co-Lead, India Research Chapter
Deepa leads analysis on India and routinely spearheads and contributes to corporate-wide initiatives focused on India. Deepa has a background in Indian parliamentary research and was previously an entrepreneur whose organization in New Delhi focused on increasing citizen engagement with political representatives.
S&P Global Commodity Insights
Atul Arya, Ph.D.
Senior Vice President and Chief Energy Strategist
His areas of expertise include business strategy, commercial analysis, oil markets, energy technologies, climate change and renewables. He has previously led Energy Insight, Research and Analysis and Energy Research teams at S&P Global (Now a part of S&P Global). Dr. Atul previously worked for BP for over 20 years in a number of operational, business, technical and strategic positions around the world. His career includes international leadership experience in a diverse array of energy fields spanning strategy development, business planning, field operations and technology commercialization. His experience includes leadership in solar energy development as well as oil and gas. Dr. Atul has previously served on boards of several companies and institutions and is member of the World Economic Forum's Global Future Council on Advanced Energy Technologies and is 25+ year member of the Society of Petroleum Engineers. He is a sought-after speaker and moderator at public conferences, company boards and industry events and a member of the CERAWeek leadership team.
He holds B.S., M.S. and Ph. D. degrees in engineering.
About the S&P Global India Research Chapter
The India Research Chapter brings together experts from across divisions and functions of S&P Global and CRISIL (an S&P Global company) to focus on the opportunities, risks and potential that will shape India’s future. It is a strategic initiative aimed at providing in-depth, timely insights and thought leadership into the complexities and dynamism of the Indian economy and its diverse sectors and industries. The 2024 key research themes are:
India's Economic Landscape
Balancing Energy Security & Energy Transition
Future of Capital Markets
Digital Disruption and Artificial Intelligence
Geopolitical Scenarios
Trade, Resources & Supply Chains
Agriculture
Sustainability
Sponsors and Leads of the IRC
S&P Global Market Intelligence
Abhishek Tomar
S&P Global Market Intelligence
Head of India Leadership Council (S&P Global and CRISIL) and Chief Data Officer
In his current role, Abhishek is responsible for leading the Data Strategy, Data Management, Data Transformation and Data Quality operations while building on the strategy roadmap that enables the division to deliver on its priorities for Powering Global Markets.
Abhishek co-chairs the S&P Global Enterprise Data Network that aims to maximize the value of S&P Global data and create a competitive advantage, by creating a network, enabling synergy discovery, and scaling shared capabilities across enterprise.
Abhishek also has an expanded remit to execute and align site operations strategy across offices in Argentina, India, Pakistan and the Philippines to ensure the continued strength of operations. Currently leading the India Leadership Council in the Regional Coordinator capacity, Abhishek oversees the Steering Committee comprised of leaders from across S&P Global and CRISIL to discover new pathways to connect country/regional strategies and business development opportunities while also focusing on how we support our people, our customers and the markets by building a future together.
He joined the company in 2002 and brings to this position extensive experience across data analytics, data and operations management, business strategy, and organizational leadership skills.
Abhishek has more than 20 years of experience in the financial services sector and is an active member of the National Executive Board of American Chamber of Commerce (AMCHAM) in India. Abhishek holds a bachelor’s degree in Commerce from Delhi University and a master’s degree in Business Administration in Systems & Marketing from NIILM - Centre for Management Studies.
S&P Global
Amish Mehta
S&P Global
Managing Director and CEO, CRISIL
Amish Mehta is the Managing Director and CEO of CRISIL.
In his current profile, Amish leads CRISIL's Indian and global businesses, steering its efforts to deliver high-quality analytics, opinions and solutions to corporations, investors, financial institutions, policy makers and governments.
Amish joined CRISIL in October 2014 as President and Chief Financial Officer. In July 2017, he was appointed Chief Operating Officer, responsible for Global Analytical Center, India Research and SME, Global Innovation and Excellence (GIX) Hub and Corporate Strategy. As COO, Amish has led CRISIL’s acquisitions and change agenda, and creating a growth path for the businesses managed.
Prior to joining CRISIL, Amish was Chief Financial Officer for Indus Towers. He has rich experience of over two decades in telecommunications, oil and gas, FMCG and business advisory services, and has held leadership roles in diverse organisations, including BP/Castrol India, EY, and ExxonMobil India.
He is a Chartered Accountant and holds a bachelor’s degree in Commerce.
S&P Global Commodity Insights
Atul Arya, Ph.D.
Senior Vice President and Chief Energy Strategist
His areas of expertise include business strategy, commercial analysis, oil markets, energy technologies, climate change and renewables. He has previously led Energy Insight, Research and Analysis and Energy Research teams at S&P Global (Now a part of S&P Global). Dr. Atul previously worked for BP for over 20 years in a number of operational, business, technical and strategic positions around the world. His career includes international leadership experience in a diverse array of energy fields spanning strategy development, business planning, field operations and technology commercialization. His experience includes leadership in solar energy development as well as oil and gas. Dr. Atul has previously served on boards of several companies and institutions and is member of the World Economic Forum's Global Future Council on Advanced Energy Technologies and is 25+ year member of the Society of Petroleum Engineers. He is a sought-after speaker and moderator at public conferences, company boards and industry events and a member of the CERAWeek leadership team.
He holds B.S., M.S. and Ph. D. degrees in engineering.
S&P Global
Farhan Husain
Global Head of Communications
Farhan Husain is the Global Head of Communications for S&P Global, serves as a member of the Operating Committee, and oversees strategic communications for S&P Global’s South Asia operations across India and Pakistan.
Most recently, Farhan was also Global Head of ESG Communications for S&P Global where he established a global team and communication strategy for S&P Global’s first ESG commercial business, S&P Global Sustainable1. Farhan is an established global communications leader who has extensive experience partnering with C-Suite executives to provide strategic counsel and execution across public relations, executive communications, change management, M&A and strategy communication, internal communication strategy, and investor relations.
Farhan joined S&P Global in 2016 where he managed the external communications strategy for the US, Canada and Latin America before being promoted to Global Head of External Communications for Market Intelligence in 2017. Farhan also held communications positions in S&P Global Ratings overseeing the successful communications strategy for the Ratings’ ESG Evaluation launch, and spearheaded the internal and external visibility strategy for S&P’s Chief Economists. Prior to joining S&P Global, Farhan held several communications and marketing roles in the financial services industry across companies including Ernst and Young (EY), International Securities Exchange/NASDAQ and the New York Stock Exchange.
Farhan was the founder of Baruch College Campus High School’s Alumni Association and currently sits on the Board of Reach out and Read - Greater New York chapter. He has a degree in Broadcast Journalism from Hofstra University.
S&P Global
Nilam Patel
Managing Director, India Operations
S&P Global Market Intelligence
Deepa Kumar
Head of Asia-Pacific Country Risk and Co-Lead, India Research Chapter
Deepa leads analysis on India and routinely spearheads and contributes to corporate-wide initiatives focused on India. Deepa has a background in Indian parliamentary research and was previously an entrepreneur whose organization in New Delhi focused on increasing citizen engagement with political representatives.
S&P Global Commodity Insights
Gauri Jauhar
Executive Director, Global Energy Transitions & Clean Tech Consulting
Gauri is Executive Director, in Energy Transition and Clean Tech Global Consulting team, and a Certified Independent Director by the Institute of Directors (IOD). She has 23 years of experience in the energy, applied economics, finance fields, with wide regional experience in the United States, Kuala Lumpur, Singapore, Mumbai, New Delhi. Focus on ESG In the Energy Transitions and the integration of clean fuels in the energy spectrum and multi-sector mitigation strategies.
Her areas of specialization are Integration of New Energy sources to the Energy spectrum for companies and countries, Financial and Operational Competitor Benchmarking, Energy pricing, Market entry strategies and Energy policy development. She represents S&P Global in various industry bodies such as the US India Hydrogen & Gas Task Forces by the US India Strategic Partnership Forum.
Prior to joining S&P Global, Gauri was Commercial Advisor - Gas Policy & Regulatory Affairs at BP in India. She was the gas policy lead for a multi-disciplinary team-leading BP's energy reforms advocacy efforts in India. Prior to joining BP, she was a Senior Consultant at PFC Energy (now part of S&P Global), leading PFC Energy's Integrated Energy business in India and Singapore.
Gauri started her career as a Research Associate at the National Council of Applied Economic Research in New Delhi, analyzing macro-economic policy issues for the Indian economy and her paper with DK Joshi on "India's Macro-Stabilization Policy in 1990s: A Review and Assessment" was published in the book, "The Indian State in Transition."
Contributors
S&P Global Mobility
Puneet Gupta
Director, India & ASEAN Automotive Market
Puneet leads the India/ASEAN automotive sales forecasting team. He is an autonomics expert and blends automotive and economics to model demand for the India car market. He is actively doing big picture workshops, trends analysis, white space analysis, and electrification for the India market. Puneet also does impact assessment of government policy, regulation, event shocks (COVID19) and geopolitics on forecast. He is also collaborating with energy verticals to calculate oil demand and has modelled shared mobility needs for Indian market. Puneet is highly networked within Indian auto industry and is fully engaged with global and local automotive car manufacturers, suppliers, energy & financial companies and automotive associations in India.
Puneet has more than two decades of experience in the automotive industry working in diverse areas like strategy, channel sales, R&D, sourcing, manufacturing and logistics. He is widely quoted in the media including Reuters, Economic Times, Live Mint, Hindu, Bloomberg, BBC, Business world and many more. He has written multiple editorial contributions and has spoken in national and global conferences.
Before joining S&P Global Mobility, Puneet has worked with market leaders like Maruti Suzuki, Renault-Nissan and Yamaha in India. He is a mechanical engineer and has done his MBA from MDI, Gurgaon, India.
S&P Global Commodity Insights
Rajeev Lala
Director, Upstream Strategies and Transformation
Rajeev Lala, Ph.D., serves as the Director of the Companies and Transactions group at S&P Global Commodity Insights. With 14 years of experience in the energy sector and 17 years dedicated to studying energy geopolitics, Rajeev specializes in the analysis of National Oil Companies (NOCs) and leads a team focused on researching the upstream and low-carbon strategies of major NOCs worldwide.
He earned his doctorate from the School of International Studies at Jawaharlal Nehru University in New Delhi, where he explored the politics of energy in EU-Central Asia relations, culminating in his thesis titled “The Politics of Energy in European Union-Central Asia Relations, 1999-2010.” Additionally, he holds an MPhil in energy pipeline politics and an MA in International Relations.
S&P Global Market Intelligence
Angus Lam
Senior Economist, Banking Risk Service
Based in Hong Kong, Angus focuses on banking sectors of emerging Asian economies. He works as an economist in the Economics & Country Risk directorate, specifically at the Banking Risk Service team. The Banking Risk Service team analyses key events and publishes key data of banking sectors around the world, with a major focus on emerging economies. Angus's research and analysis focuses on banking sectors in emerging Asia, which includes Bangladesh, Cambodia, China, India, Indonesia, Malaysia, Pakistan, Philippines, Sri Lanka, Thailand and Vietnam. Before joining S&P Global, Angus worked for a large European bank in London and a government department in the United Kingdom, where he focused on the labor market and bank lending in the United Kingdom economy.
He holds a Bachelor of Science degree in economics and politics from the United Kingdom and a master's degree in business, also from the United Kingdom.
Selected recent research:
- Chinese D-SIB's additional capital requirements likely to have limited impact on smaller, riskier banks
- Bangladesh Bank calls on state-owned banks to boost capital buffers, higher credit disbursement likely to affect asset quality
- Malaysia and Thailand outline rules for mutual bank entries; lower barriers likely to boost speed of expansion
- Sri Lanka's loan moratorium extension to end-2021 to continue to hide bad loans
- Thailand's central bank eases loan classification and provisioning guidelines until 2023, reducing banks' capital needs temporarily
S&P Global Market Intelligence
Pollyanna De Lima
Economics Associate Director, Economic Indices
Pollyanna works as an economist in the PMI team where she oversees the production of the Brazil, Colombia, India and Mexico releases, alongside regional PMI and eurozone productivity reports. She also oversees the production of the Global Business Outlook surveys and contributes to a range of development activities involving PMI datasets and the Halifax House Price Index (HPI).
Pollyanna joined the team in June 2012, after graduating with an Economics and Finance Bachelor of Science from the University of Surrey, UK. She also has a Master of Science in Finance (Economic Policy) with distinction from the University of London, UK. She is fluent in English and Brazilian Portuguese.
S&P Global Market Intelligence
Hanna Luchnikava-Schorsch
S&P Global Market Intelligence
Principal Economist, Asia Pacific, Global Economics
Hanna Luchnikava-Schorsch, principal economist for the Asia-Pacific region, is the lead India economist with the Global Economics group at S&P Global Market Intelligence.
Her research focuses on macroeconomic, financial and business developments in Asia, with particular emphasis on India and South Asia. Among the issues she tracks are monetary and fiscal policies, financial and labor markets, as well as foreign trade and investment. She has prior experience in macroeconomic forecasting and market research gained with leading global institutions and firms, including the World Bank and McKinsey & Company.
Her university degrees include a Bachelor of Arts in International Relations from the Belarusian State University, Minsk, Belarus, and a master's degree in International Economics and Finance from the International Business School at Brandeis University, Waltham, Massachusetts, US.
S&P Global Commodity Insights
Swati Mathur
Associate Director, Agribusiness Consulting
S&P Global Market Intelligence
Cassandra Pagan
Principal Analyst, Models and Scenarios Team
Cassandra is a senior consultant and cyber risk expert for the Economics and Country Risk Team at S&P Global Market Intelligence. Prior to working at S&P Global Market Intelligence, she served as the data technical expert for the Woodrow Wilson Center for International Scholars and consultant to the ITU's Global Cybersecurity Index. She also served the consulting data scientist for EDGE Strategy and organizational learning consultant for the Center for International Private Enterprise. She additionally served as research lead for Digital Inclusion at the Institute for Business in the Global Context developing data toolkits in collaboration with MasterCard and Microsoft. In addition to her experience in research, she has worked in women's leadership and at School of Leadership-Afghanistan in Kabul preparing teachers in STEM subjects. She holds a Master of Arts in Law and Diplomacy from the Fletcher School at Tufts and a degree in International Political Economy from the Colorado College.
S&P Global Commodity Insights
Ashish Ranjan
Senior Analyst
S&P Global Market Intelligence
Vicky Ranjan
Senior Economist
S&P Global Mobility
Vivek Sharma
Senior Research Analyst, Powertrain Forecast, India