In addition to a growing population, the Goldman Sachs analysis predicts that India's growth would be driven by advances in innovation and technology, increased capital investment, and improved worker productivity.
Demographics will also be important. "Over the next two decades, India's dependency ratio will be one of the lowest among regional economies," Sengupta predicted.

The dependency ratio of a country is calculated by dividing the number of dependents by the total working-age population. Sengupta believes that India has the "best ratio" of working-age people to children and the elderly.

Sengupta believes that increasing labour force participation is critical to realising the promise of India's expanding population. He recognised a two-decade demographic potential anticipated for New Delhi to capitalise on.
"So that really is the window for India to get it right in terms of setting up manufacturing capacity, continuing to grow services, and continuing the growth of infrastructure," he added.

Increasing labour productivity will result in higher economic production, especially because the country's government has prioritised infrastructure development with road and railway construction.

According to the investment bank, technology and innovation are also important drivers of the Indian economy.

According to Nasscom, India's nongovernmental trade organisation, India's technology industry income is predicted to expand by $245 billion by the end of 2023, fueled by IT, business process management, and software product streams.