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Thought leadership Co-lending in India: Expanding credit access for MSMEsIn today’s rapidly evolving financial landscape, co-lending has emerged as a key enabler of credit expansion in India, facilitating partnerships between banks and non-banking financial companies (NBFCs) to extend credit more efficiently to underserved segments. -
Article Why India’s financial inclusion journey needs to focus on equity and access to creditFinancial services have expanded over a decade, giving millions access to bank accounts and digital payments. But true empowerment needs to reach every corner of the country if growth is to be long-term and sustained -
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Article Economic Survey 2024-25: Deregulation, investment and innovation for a Viksit BharatIndia's economic growth remains for a steady trajectory with real GDP expected to grow at 6.4% in FY25 and in the range of 6.3%-6.8% in FY26, reflecting resilience despite global uncertainties.
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The first quarter of 2025 reflected sustained investor attention in India’s healthcare and pharmaceutical sector, marked by consistent deal activity and strategic alignment with long-term growth drivers. Transaction trends across both segments signalled a targeted approach to market expansion, technology integration, and infrastructure development. Pharma transactions continued to focus on scale-building in API and CDMO operations, while the healthcare space saw meaningful consolidation in single-specialty hospitals and diagnostics.
Health tech remained active, with early-stage investments gaining traction, particularly in digital platforms geared toward preventive and chronic care. The quarter also highlighted an increasing preference for scalable, asset-light business models in diagnostics and consumer healthcare. Amid macroeconomic headwinds, investor behaviour leaned towards selectivity and value optimisation, yet appetite for high-quality, innovation-driven platforms remained firm.
This edition of the Dealtracker analyses key sector movements and investment preferences, offering insights into the shifting priorities of both strategic and financial investors. As industry fundamentals remain strong, the trajectory of deals suggests a maturing market favouring innovation, access, and operational resilience.
Key insights from the Pharma and Healthcare Dealtracker Q1 2025
Investor interest in India’s healthcare and pharmaceutical landscape remains resilient, with strong momentum in health tech, CDMO/API manufacturing, single-specialty care platforms and consolidation in multi-specialty hospital. The sector’s shift toward regulated market access, digital innovation, and scalable consumer health models continues to drive deal flow. While the fundamentals remain robust, macroeconomic pressures and potential US tariff measures may moderate deal values and volumes in the near term. Nevertheless, the sector presents compelling opportunities for both strategic and financial investors looking to tap into India’s evolving healthcare ecosystem.
Bhanu Prakash Kalmath S J
Partner and Healthcare Services Industry Leader, Grant Thornton Bharat
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