Volume 4 – 26 May 2026
India Forward:
Strategic Imperatives
Welcome to the fourth edition of India Forward: Strategic Imperatives. We share this report with our customers and key stakeholders at a defining moment in time: India is set to become the world’s third-largest economy by 2031, and global uncertainty is necessitating a recalibration of the country’s strategic options. It must straddle the line between self-sufficiency and diversification.
Today’s global economies must balance their macroeconomic, geopolitical, trade and energy options, aligning supply and demand dynamics with their immediate needs and long-term ambitions. India enters this volatile period backed by strong domestic fundamentals; the country is well positioned to harness these economic shifts and accelerate toward its goal of becoming an advanced economy by 2047.
The knock-on effect of this uncertainty is already evident across crude oil benchmarks, currency volatility and shifting investor sentiment. While robust corporate and banking sectors provide a vital cushion against immediate shocks, maintaining India’s upward trajectory will require deft management of energy security, fiscal resilience, regulatory interventions and trade diversification.
Strategic Imperatives brings together thought leaders from S&P Global and Crisil to decode these complex dynamics and map the risks and opportunities ahead.
India Forward underscores the continued commitment that S&P Global and Crisil share to follow India’s growth story as global volatility heightens. I am confident that our data, insights and perspectives will empower our stakeholders to make informed, strategic decisions at this critical time.
S&P Global
Head of India Leadership Council
Abhishek Tomar
Head of Data, Enterprise Data Organization
In this role, he leads essential functions such as data operations, business partnerships, stewardship, and quality assurance, while also focusing on customer success, data performance optimization, and site operations management.
Additionally, Abhishek is a strategic advisor to the leadership teams in India, Pakistan and the Philippines. He spearheads the India Leadership Council, comprising S&P Global and Crisil, aiming to identify new strategies and business development opportunities across the region.
With 22 years of experience, Abhishek has held various roles in data analytics and operations management, including senior management and leadership positions in the financial industry. Previously, Abhishek was Chief Data Officer for S&P Global Market Intelligence and Managing Director - India Operations at S&P Global where he was responsible for over 8,000 employees with a focus on delivering strong business results.
Abhishek is an active member of the National Executive Board of American Chamber of Commerce (AMCHAM) in India. He holds a bachelor’s degree in Commerce from Delhi University and an MBA from NIILM - Centre for Management Studies.
In this edition
Sponsors and Leads of the India Research Chapter
S&P Global
Head of India Leadership Council
Abhishek Tomar
Head of Data, Enterprise Data Organization
In this role, he leads essential functions such as data operations, business partnerships, stewardship, and quality assurance, while also focusing on customer success, data performance optimization, and site operations management.
Additionally, Abhishek is a strategic advisor to the leadership teams in India, Pakistan and the Philippines. He spearheads the India Leadership Council, comprising S&P Global and Crisil, aiming to identify new strategies and business development opportunities across the region.
With 22 years of experience, Abhishek has held various roles in data analytics and operations management, including senior management and leadership positions in the financial industry. Previously, Abhishek was Chief Data Officer for S&P Global Market Intelligence and Managing Director - India Operations at S&P Global where he was responsible for over 8,000 employees with a focus on delivering strong business results.
Abhishek is an active member of the National Executive Board of American Chamber of Commerce (AMCHAM) in India. He holds a bachelor’s degree in Commerce from Delhi University and an MBA from NIILM - Centre for Management Studies.
S&P Global
Amish Mehta
Managing Director and CEO, Crisil
Amish Mehta is the Managing Director and CEO of CRISIL.
In his current profile, Amish leads CRISIL's Indian and global businesses, steering its efforts to deliver high-quality analytics, opinions and solutions to corporations, investors, financial institutions, policy makers and governments.
Amish joined CRISIL in October 2014 as President and Chief Financial Officer. In July 2017, he was appointed Chief Operating Officer, responsible for Global Analytical Center, India Research and SME, Global Innovation and Excellence (GIX) Hub and Corporate Strategy. As COO, Amish has led CRISIL’s acquisitions and change agenda, and creating a growth path for the businesses managed.
Prior to joining CRISIL, Amish was Chief Financial Officer for Indus Towers. He has rich experience of over two decades in telecommunications, oil and gas, FMCG and business advisory services, and has held leadership roles in diverse organisations, including BP/Castrol India, EY, and ExxonMobil India.
He is a Chartered Accountant and holds a bachelor’s degree in Commerce.
S&P Global Energy
Look Forward Council, Co-Chair
Atul Arya, Ph.D.
Senior Vice President and Chief Energy Strategist
His areas of expertise include business strategy, commercial analysis, oil markets, energy technologies, climate change and renewables. He has previously led Energy Insight, Research and Analysis and Energy Research teams at S&P Global (Now a part of S&P Global). Dr. Atul previously worked for BP for over 20 years in a number of operational, business, technical and strategic positions around the world. His career includes international leadership experience in a diverse array of energy fields spanning strategy development, business planning, field operations and technology commercialization. His experience includes leadership in solar energy development as well as oil and gas. Dr. Atul has previously served on boards of several companies and institutions and is member of the World Economic Forum's Global Future Council on Advanced Energy Technologies and is 25+ year member of the Society of Petroleum Engineers. He is a sought-after speaker and moderator at public conferences, company boards and industry events and a member of the CERAWeek leadership team.
He holds B.S., M.S. and Ph. D. degrees in engineering.
S&P Global
Farhan Husain
Global Head of Communications
Farhan Husain is the Global Head of Communications for S&P Global, serves as a member of the Operating Committee, and oversees strategic communications for S&P Global’s South Asia operations across India and Pakistan.
Most recently, Farhan was also Global Head of ESG Communications for S&P Global where he established a global team and communication strategy for S&P Global’s first ESG commercial business, S&P Global Horizons. Farhan is an established global communications leader who has extensive experience partnering with C-Suite executives to provide strategic counsel and execution across public relations, executive communications, change management, M&A and strategy communication, internal communication strategy, and investor relations.
Farhan joined S&P Global in 2016 where he managed the external communications strategy for the US, Canada and Latin America before being promoted to Global Head of External Communications for Market Intelligence in 2017. Farhan also held communications positions in S&P Global Ratings overseeing the successful communications strategy for the Ratings’ ESG Evaluation launch, and spearheaded the internal and external visibility strategy for S&P’s Chief Economists. Prior to joining S&P Global, Farhan held several communications and marketing roles in the financial services industry across companies including Ernst and Young (EY), International Securities Exchange/NASDAQ and the New York Stock Exchange.
Farhan was the founder of Baruch College Campus High School’s Alumni Association and currently sits on the Board of Reach out and Read - Greater New York chapter. He has a degree in Broadcast Journalism from Hofstra University.
S&P Global
Nilam Patel
Managing Director, India Operations
S&P Global Market Intelligence
Deepa Kumar
Head of Asia-Pacific Country Risk and Co-Lead, India Research Chapter
Deepa leads analysis on India and routinely spearheads and contributes to corporate-wide initiatives focused on India. Deepa has a background in Indian parliamentary research and was previously an entrepreneur whose organization in New Delhi focused on increasing citizen engagement with political representatives.
S&P Global Energy
Gauri Jauhar
Executive Director, Global Energy Transitions and Clean Tech Consulting
Gauri is Executive Director, in Energy Transition and Clean Tech Global Consulting team, and a Certified Independent Director by the Institute of Directors (IOD). She has 23 years of experience in the energy, applied economics, finance fields, with wide regional experience in the United States, Kuala Lumpur, Singapore, Mumbai, New Delhi. Focus on ESG In the Energy Transitions and the integration of clean fuels in the energy spectrum and multi-sector mitigation strategies.
Her areas of specialization are Integration of New Energy sources to the Energy spectrum for companies and countries, Financial and Operational Competitor Benchmarking, Energy pricing, Market entry strategies and Energy policy development. She represents S&P Global in various industry bodies such as the US India Hydrogen & Gas Task Forces by the US India Strategic Partnership Forum.
Prior to joining S&P Global, Gauri was Commercial Advisor - Gas Policy & Regulatory Affairs at BP in India. She was the gas policy lead for a multi-disciplinary team-leading BP's energy reforms advocacy efforts in India. Prior to joining BP, she was a Senior Consultant at PFC Energy (now part of S&P Global), leading PFC Energy's Integrated Energy business in India and Singapore.
Gauri started her career as a Research Associate at the National Council of Applied Economic Research in New Delhi, analyzing macro-economic policy issues for the Indian economy and her paper with DK Joshi on "India's Macro-Stabilization Policy in 1990s: A Review and Assessment" was published in the book, "The Indian State in Transition."
Contributors
S&P Global Energy
Pulkit Agarwal
Head of India Content
Pulkit Agarwal is Hrad of India Content
S&P Global Energy
Look Forward Council, Co-Chair
Atul Arya, Ph.D.
Senior Vice President and Chief Energy Strategist
His areas of expertise include business strategy, commercial analysis, oil markets, energy technologies, climate change and renewables. He has previously led Energy Insight, Research and Analysis and Energy Research teams at S&P Global (Now a part of S&P Global). Dr. Atul previously worked for BP for over 20 years in a number of operational, business, technical and strategic positions around the world. His career includes international leadership experience in a diverse array of energy fields spanning strategy development, business planning, field operations and technology commercialization. His experience includes leadership in solar energy development as well as oil and gas. Dr. Atul has previously served on boards of several companies and institutions and is member of the World Economic Forum's Global Future Council on Advanced Energy Technologies and is 25+ year member of the Society of Petroleum Engineers. He is a sought-after speaker and moderator at public conferences, company boards and industry events and a member of the CERAWeek leadership team.
He holds B.S., M.S. and Ph. D. degrees in engineering.
S&P Global Market Intelligence
Mai Barakat
Data Center Services and Infrastructure Analyst
Mai Barakat is an analyst on the 451 Research Datacenter Services & Infrastructure team at S&P Global Market Intelligence. Her research focuses on datacenter market activity across Europe, the Middle East and Africa.
Her key research areas include emerging datacenter markets; retail, wholesale and cloud provider activity; industry growth projections; market share analysis; government incentives and regulations; and pricing dynamics.
Before joining the Datacenter Services & Infrastructure team in 2020, her focus was on mobile telecommunications and 5G in Europe. Prior to that she spent more than 10 years at Omdia covering mobile/fixed telecommunications and TV in the Middle East and Africa, with a special focus on mobile banking and fintech initiatives in emerging markets.
Mai holds a Bachelor of Science in international management and French from the University of Bath, UK and an MSc in marketing. She is fluent in Arabic and French.
S&P Global Energy
Gauri Jauhar
Executive Director, Global Energy Transitions and Clean Tech Consulting
Gauri is Executive Director, in Energy Transition and Clean Tech Global Consulting team, and a Certified Independent Director by the Institute of Directors (IOD). She has 23 years of experience in the energy, applied economics, finance fields, with wide regional experience in the United States, Kuala Lumpur, Singapore, Mumbai, New Delhi. Focus on ESG In the Energy Transitions and the integration of clean fuels in the energy spectrum and multi-sector mitigation strategies.
Her areas of specialization are Integration of New Energy sources to the Energy spectrum for companies and countries, Financial and Operational Competitor Benchmarking, Energy pricing, Market entry strategies and Energy policy development. She represents S&P Global in various industry bodies such as the US India Hydrogen & Gas Task Forces by the US India Strategic Partnership Forum.
Prior to joining S&P Global, Gauri was Commercial Advisor - Gas Policy & Regulatory Affairs at BP in India. She was the gas policy lead for a multi-disciplinary team-leading BP's energy reforms advocacy efforts in India. Prior to joining BP, she was a Senior Consultant at PFC Energy (now part of S&P Global), leading PFC Energy's Integrated Energy business in India and Singapore.
Gauri started her career as a Research Associate at the National Council of Applied Economic Research in New Delhi, analyzing macro-economic policy issues for the Indian economy and her paper with DK Joshi on "India's Macro-Stabilization Policy in 1990s: A Review and Assessment" was published in the book, "The Indian State in Transition."
S&P Global
Dharmakirti Joshi
Chief Economist, Crisil
At CRISIL, Joshi's purview includes demand forecasting, assessing macroeconomic scenarios, and analyzing and monitoring the impact of macroeconomic domestic and external shocks on the economy. He has extensive experience in macroeconomic analysis and medium-term assessments of the Indian economy.
He was member of the Working Group of Savings for the 12th Five Year Plan. He is also a member of the industry monitoring group of Reserve Bank of India. He was the Chairman of Economic Affairs Committee of Bombay Chamber of Commerce and is currently member of Economic Policy Group of Confederation of Indian Industry and Indian Merchant Chamber. He regularly writes for leading newspapers and expresses his views on the economy in the electronic media.
Joshi has spent 26 years in economic research and consultancy. He spent 11 years at the National Council of Applied Economic Research (NCAER) before moving on to the Central Electricity Regulatory Commission (CERC), New Delhi, and then CRISIL. At NCAER, Joshi worked on short and medium term macroeconomic forecasting using Computable General Equilibrium and econometric models, macroeconomic reforms and fiscal policy related issues. At CERC, he worked on regulatory, competition and tariff related issues in the Indian power sector.
Joshi holds a bachelors and Masters degree from Honours School in Economics, Punjab University, Chandigarh, India. He has attended program on Macroeconomic Policy and Management at Harvard University and was a visiting scholar to Economic Research Unit of University of Pennsylvania.
S&P Global Market Intelligence
Soon Chen Kang
Senior Research Analyst
Soon Chen Kang is a research analyst in the 451 Research technology research group within S&P Global Market Intelligence covering datacenter activities in Asia-Pacific for the Datacenter Services and Infrastructure channel.
Soon Chen’s research area includes expansion activities, customer verticals, industry growth projections and pricing dynamics of the datacenter colocation market. Her most recent work focuses on go-to-market analysis of the emerging datacenter markets in Southeast Asia.
Prior to this role, Soon Chen was a journalist covering the consumer sector at S&P Global Market Intelligence. She wrote extensively on the evolving e-commerce landscape in the region.
Soon Chen holds a Bachelor of Education in Teaching English as a Second Language degree from University Malaya. She is fluent in Chinese and Bahasa Malaysia.
S&P Global Market Intelligence
Deepa Kumar
Head of Asia-Pacific Country Risk and Co-Lead, India Research Chapter
Deepa leads analysis on India and routinely spearheads and contributes to corporate-wide initiatives focused on India. Deepa has a background in Indian parliamentary research and was previously an entrepreneur whose organization in New Delhi focused on increasing citizen engagement with political representatives.
S&P Global Energy
Rajeev Lala
Director, Upstream Strategies and Transformation
Rajeev Lala, Ph.D., serves as the Director of the Companies and Transactions group at S&P Global Energy. With 14 years of experience in the energy sector and 17 years dedicated to studying energy geopolitics, Rajeev specializes in the analysis of National Oil Companies (NOCs) and leads a team focused on researching the upstream and low-carbon strategies of major NOCs worldwide.
He earned his doctorate from the School of International Studies at Jawaharlal Nehru University in New Delhi, where he explored the politics of energy in EU-Central Asia relations, culminating in his thesis titled “The Politics of Energy in European Union-Central Asia Relations, 1999-2010.” Additionally, he holds an MPhil in energy pipeline politics and an MA in International Relations.
S&P Global Market Intelligence
Hanna Luchnikava-Schorsch
Head of Asia-Pacific Economics
Ms. Hanna Luchnikava-Schorsch, Head of Asia-Pacific Economics, is the lead India economist with the Global Economics group at S&P Global. Her research focuses on macroeconomic, financial and business developments in Asia, with particular emphasis on India. Among the issues she tracks are monetary and fiscal policies, financial and labor markets, as well as foreign trade and investment. She has prior experience in macroeconomic forecasting and market research gained with leading global institutions and firms, including the World Bank and McKinsey & Company. Her university degrees include a Bachelor of Arts in International Relations from the Belarusian State University, Minsk, Belarus, and a master's degree in International Economics and Finance from the International Business School at Brandeis University, Waltham, Massachusetts, US.
S&P Global Energy
Vedant Patil
Principal Consultant, Energy Transitions and Cleantech Consulting
Vedant Patil is Principal Consultant, Energy Transitions and Cleantech Consulting at S&P Global Energy
Key support and contributions by: Brianne Paschen, Claire Wilson, Ellen White, Mary Brown, Benjamin Yang, Shipra Singh, Pooja Nair, Rajat Juneja, Kurt Burger, and Camille McManus
About the S&P Global India Research Chapter
The India Research Chapter brings together experts from across divisions and functions of S&P Global and Crisil (an S&P Global company) to focus on the opportunities, risks and potential that will shape India’s future. It is a strategic initiative aimed at providing in-depth, timely insights and thought leadership into the complexities and dynamism of the Indian economy and its diverse sectors and industries.