On a recent trip to Delhi and Mumbai, we were struck by India’s innovation and development. Modern highways, new airports, and a thriving urban landscape show how the country has evolved while preserving its unique energy and spirit. Key takeaways Economic growth under Modi's leadership: the prime minister has propelled India onto the global stage through increased foreign direct investment, infrastructure spending, and favourable trade deals. Rising prosperity and ‘premiumisation’: an estimated 100 million people are expected to earn over USD10,000 by 2027 1 . This growing affluence is leading to a premiumisation trend, which is reflected in consumer behaviour and companies’ strategies. A unique socioeconomic landscape: India is characterised by the juxtaposition of ultra-premium consumers and poorer segments of the population, contrasting with other countries where such disparities are often less visible. Advancing financial Inclusion: banking penetration reached 89% of adults in 2024 2 , driven by government initiatives, and banks are now focusing on tapping into underpenetrated rural markets through expanding branch networks and digital strategies. Long-term potential: despite a recent slowdown in India’s growth story, due to reduced government spending and cautious private investment, we have a positive view on the country and believe the structural tailwinds for growth remain firmly in place.