India’s economy shows remarkable resilience in the face of global economic challenges. Despite the COVID-19 pandemic, rising conflict, and other disruptions, India is emerging as a beacon of economic growth and stability.
This has garnered widespread attention and admiration from the international community. Prime Minister Narendra Modi’s leadership has been instrumental in this success story.
Through a carefully balanced approach to political, economic, and social reforms, he has managed to steer India towards unprecedented economic growth.
The world is taking note of India’s remarkable achievements under the Modi regime and many are hailing it as a model for other countries to emulate.
A substantial economic growth rate of 8.4%
India’s economic growth rate has been consistently measured from quarter to quarter. Surprisingly, by the end of 2023, India has shown remarkable economic growth and has managed to exhibit the world’s fastest economic growth rate in 2023 as compared to the previous year.
The country’s statistics confirm that India’s gross domestic product has grown 8.4% in the last quarter of 2023. Its economic growth rate was 7.6% from June to September 2023. India has achieved economic growth that exceeds the speed expected by economic analysts in the country.
India has set a goal to become the second-largest economy in the world by 2075. This challenge is faced by Prime Minister Narendra Modi’s government at a time when India has become one of the world’s most populous countries and the largest democracy in the world.
When Prime Minister Modi came to power, India was the tenth-largest economy in the world. However, by the end of his second term, India became the fifth-largest economy in the world, surpassing Britain, according to the International Monetary Fund.
It is predicted that in the next few years, India will overtake Germany and Japan to become the world’s third-largest economy. The International Monetary Fund has estimated that India will become a $10 trillion economy in 2030.
India before China
India’s economy grew by 6.1% during the 2022-2023, while China, which has shown high economic growth over the past decade, achieved a 4.5% economic growth rate in the first three months of 2023.
Despite the impact of the COVID-19 pandemic, India has managed to steer its economy in the right direction with careful and sound financial management.
Amid global severe crises, including the ongoing pandemic and the Russian-Ukrainian war, India’s gross domestic product (GDP) stands at a massive level of 7.2%, showing that global power is increasingly concentrated in Asia.
A massive economy of 52.5 trillion dollars
India’s working-age population has exceeded 900 million people. According to the Organization for Economic Co-operation and Development, India’s workforce is expected to surpass China’s in the coming years.
By 2075, India is predicted to become the second-largest economy in the world, surpassing the United States of America. The Goldman Sachs Research Institute has indicated that 2075 India’s economy will reach 52.5 trillion dollars, allowing it to create a global transformation.
This has led to a new sense of optimism and renaissance in the business sector. This positivity is reflected in that major companies like Apple and Google are expanding their businesses in India.
Now it’s India’s turn
Michael Spence, the Nobel Prize winner for Economics in 2001, predicts that India will surpass China in terms of economic growth. While China’s economy has increased in the past due to the reforms implemented in the 1980s and 1990s, it is now facing setbacks due to COVID-19, conflicts with the West, an ageing population, and other factors.
On the other hand, India’s gross domestic product is already exceeding China’s, and economic analysts believe that India’s growth will continue to be sustained.
India’s success can be attributed to its foreign policy that prioritises its neighbours, allowing neighbouring countries to benefit from India’s achievements. This is why India deserves the support of its neighbouring states, and it is encouraging that all countries support India’s rise as a global power.
