New Delhi, Aug. 16 -- India's growth story is broadening beyond traditional engines, with banking, auto components, e-commerce and private markets emerging as key areas of opportunity, according to a series of recent reports by global consulting firm McKinsey & Company.

McKinsey's latest India-focused research points to strong domestic demand, digitalisation, manufacturing, exports and private capital as important drivers of the country's next phase of growth, while also highlighting challenges that businesses and investors will need to navigate.

India's banking sector has significantly outperformed global peers, supported by robust economic growth, sustained credit expansion and improving asset quality. McKinsey said Indian banks' retu...