India's consumer goods sector is projected to deliver a revenue growth of 17.3 per cent CAGR between 2025 and 2030, according to a sector outlook report released on Friday, 3 July by Brickwork Ratings. The healthcare services sector also carries a positive outlook, underpinned by a booming medical tourism market and expanding public health coverage.

What Is Driving Consumer Goods Growth

According to the Brickwork Ratings report, the strong revenue trajectory for consumer goods is being propelled by credit growth, GST cuts, rising demand from Tier-II and Tier-III cities, and an accelerating shift toward premiumisation. The unlocking of aspirational consumption in smaller urban centres is increasingly being seen as a structural, rather than cyclical, demand driver.

Healthcare Services: Key Tailwinds

The healthcare services sector benefits from solid interest and debt coverage ratios, a medical tourism market estimated at $13 billion, and the ongoing expansion of the Ayushman Bharat Programme to senior citizens aged 70 and above. Together, these factors position the sector for sustained revenue and credit resilience through the forecast period.

Macro Backdrop: GDP, Inflation, and RBI Stance

Rajeev Sharan, Head of Research at Brickwork Ratings, stated: 'We expect the economy to remain anchored by 7.7 per cent GDP growth in FY26, supported by strong manufacturing and services activity. For FY27, growth is projected at 6.7 per cent.'

Inflation is projected at around 4.6 per cent in FY27, with geopolitical risks and El Niño flagged as key watch points. The Reserve Bank of India (RBI)'s neutral monetary stance — following a cumulative 125 basis points repo rate reduction through 2025, bringing the rate to 5.25 per cent — is seen as preserving policy flexibility against external shocks.

Credit Outlook Across 25 Sectors

The report forecast a stable credit outlook across 22 of its 25 rated sectors in FY27, supported by resilient domestic demand, sustained government capital expenditure, healthy balance sheets, improving operating margins, and predictable cash flows. Sectors including technology, automobiles, telecom, infrastructure, logistics, industrials, and power generation are seen benefiting from deleveraging, policy support, export opportunities under new trade agreements, and long-term demand visibility.

K. H. Patnaik, Chief Ratings Officer at Brickwork Ratings, noted: 'While sectors such as chemicals and textiles face margin pressures, and transport and airports remain relatively leveraged, their credit profiles are supported by strong solvency, improving profitability, and stable revenue visibility.'

Power Distribution: The Lone Negative Outlook

Of the 25 sectors assessed across 8 industry clusters, Brickwork Ratings assigned a negative-to-stable rating to the Power Distribution segment. Niraj Rathi, Senior Director – Ratings at Brickwork, attributed the weakness to 'elevated and unsustainable debt levels reflected in the weak credit profile and continued cash gap created due to muted or delayed tariff hikes.' He added that DISCOMs which have reduced distribution losses and improved collection efficiency will be better placed to curb losses and meet Loss Prevention Scheme (LPS) terms.

Overall, the ratings agency maintained that India's macroeconomic environment remains resilient, providing a supportive backdrop for credit quality even as geopolitical uncertainties persist. With consumption momentum broadening and healthcare infrastructure expanding, the next five years are shaping up as a decisive growth window for both sectors.