Digital economy will contribute more than 20 percent to India's GDP

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- Foreign investors will be taking massive interest in the fields like GenAI, EV, Fintech etc. in India

Indian equity benchmarks performed well in 2023, reaching unprecedented highs. Financial experts say that in 2024, more interest from foreign investors will be seen in tech innovation and artificial intelligence, healthcare and insurance, fintech, renewable energy and climate tech, electric vehicles and automobiles.

All these sectors remain on track for continued success in 2023. Because policies related to foreign direct investment have been liberalized and manufacturing-related incentive schemes have been expanded in recent years.

India's digital economy will continue to attract foreign investors because of the demand for technology-based solutions to transform people's lives, governance and enterprise operations.

The rapidly growing demand for online products and services reflects India's growing spending power in non-metro cities. The government estimates that by 2026, the contribution of the digital economy to India's GDP will exceed 20 percent.

Emerging industries will drive investment growth in 2024 and include battery energy storage solutions, green hydrogen, biotechnology, animation, visual effects, gaming, assembly and design, comics, and semiconductor chips.

Foreign companies are seeing the Indian market as an advantage as state governments are becoming flexible and offering competitive incentives to attract cutting-edge technology and generate large-scale employment.

Increasing India's participation in the global value chain is a key goal for the government and local market stakeholders. The mobile industry's export performance so far is the first step towards deeper penetration into the supply chain.

In addition, India has accelerated its carbon reduction initiatives as it moves towards renewable energy and aims to achieve 500 GW of renewable energy capacity by 2030.

India's green industry could add 3.7 lakh jobs from the current 1.85 crore by FY 2024-25. Renewable energy, environment, health safety, solar energy, CSR and sustainability are the most in-demand skills.

Meanwhile, startup funding in India in 2022 will be Rs. 1,80,000 crore in 2023 by more than 62 percent to Rs. 66,908 crores. In 2018, startups in India spent Rs. This is the lowest funding figure since raising 1,00,930 crores. In 2021, the highest amount of funds raised was Rs 2,41,787 crore, according to the Private Circle report.

Funding deal volume fell by a sharp 72 percent to 1,444 deals in 2023 compared to 5,114 deals in 2022. This is also the lowest figure since 2018, when the total number of deals was 4,122. Unicorn production in India also saw a slowdown.

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