In 2016 and 2017 the growth of the Indian economy slowed down noticeably, mostly as a result of two government initiatives. One was the withdrawal of high-value banknotes in November 2016, known as “demonetisation” or “DeMo”; and the other was the introduction, in July 2017, of the Goods and Services Tax, which replaced India’s cascading and complex taxation system and, in effect, created a pan-Indian single market for the first time since the nation’s independence in 1947. Real GDP growth in 2021 is expected to reach the high of 8.0% that the Indian economy registered back in 2015, after slow but steady annual increases. Public spending on infrastructure and stable domestic consumption will be the main growth drivers over the forecast period. India spent INR 60tn on infrastructure in the period from FY2007 and FY2017, and estimates it will need to invest some INR 50tn more over the five fiscal years starting on April 1, 2018. The upcoming general elections in 2019 might pose risks to the reform agenda of prime minister Narendra Modi’s government, but infrastructure will hardly be removed from the priority list, as there is a wide political consensus that India needs top-quality infrastructure to sustain its growth in future.

01 EXECUTIVE SUMMARY 

02 SECTOR OUTLOOK 

03 SECTOR IN FOCUS

04 COMPETITIVE LANDSCAPE

05 COMPANIES IN FOCUS 

06 REGULATORY ENVIRONMENT 

07 COAL

08 OIL AND GAS

09 METALLIC MINERALS

10 NON-METALLIC MINERALS