India

India’s current economic environment is characterised by stable growth and moderating inflation. GDP is projected to expand by around 6.5% in 2024–25, while inflation is expected to remain below 5%, supporting macroeconomic stability. At the same time, structural challenges persist, including labour-market frictions and relatively low labour-force participation, particularly among women.
For Swiss exporters, India’s strong growth momentum and rising public capital expenditure create attractive opportunities for investment and market entry. However, companies should take into account regional disparities, as investment levels and business conditions vary significantly across states, making careful location selection and local partnerships essential.

Swiss exports to India have grown strongly in recent years, with particularly robust momentum in the MEM sector, where exports increased markedly between 2020 and 2023. Key Swiss export categories include machinery, watches, precision instruments, pharmaceuticals and chemical products. Over the same period, imports from India declined, reflecting weaker inflows in several categories, with chemical products, precious metals and clothing remaining the main import segments.
For Swiss exporters, the trend underscores the importance of consolidating their presence in fast-growing sectors and leveraging India’s investment-driven demand. Diversifying product portfolios and aligning offerings with local market needs can help sustain growth and resilience over the medium term.

Swiss companies have significant opportunities in India’s industrial and services sectors, which together account for over 80% of GDP. With a large share of the workforce still employed in agriculture, there is substantial scope for Swiss expertise in industrial automation, productivity-enhancing technologies and service innovation to support economic transformation. In addition, the Swiss Business Hub India (SBHI) actively supports market-entry and expansion projects, contributing to a favourable environment for new Swiss business ventures.

For Swiss exporters, the strongest commercial potential lies where India is scaling and upgrading, rather than simply in the largest sectors by size. Industrial demand is being driven by investments in manufacturing efficiency, automation, energy management and quality upgrading, creating opportunities for Swiss machinery, precision equipment and industrial technologies. In parallel, the rapid expansion of services - particularly in digitalisation, financial services, engineering and consulting - is generating demand for specialised, high-value solutions where Swiss expertise is competitive. Focusing on capability gaps and modernisation needs, rather than sector size alone, allows exporters to better target India’s most dynamic growth segments.

Swiss exporters face challenges in navigating complex global trade and investment structures. Foreign direct investment (FDI) data can be difficult to interpret, as investment flows are frequently routed through intermediary jurisdictions such as Mauritius, Singapore and the Netherlands, which can obscure the ultimate source, destination and underlying market dynamics. As a result, headline FDI figures may not fully reflect actual demand conditions, making detailed market analysis and local insight essential.