Over the past decade, the Indian economy and its take to centre-stage of the world continues to be hailed by leaders worldwide as the nation of 1.3 billion lays out what they can offer as an emerging economic super power.
The country has seen many developments, and with an increasing GDP growth rate over the past several years along with no signs of it slowing down, there are significant investment opportunities for many.
Strengths of the Indian Economy
Insights suggest that India’s GDP growth rate will exceed 7% in 2015, surpassing that of China’s, and continue to rise annually. However, some critics say that the country’s growth was slowing towards the end of 2014, which could have been due to the transition to current Prime Minister Narendra Modi.
Nonetheless, these ‘slows’ are nothing but a minor speed bump as many of India’s policies attracting investors into multiple industries have been revised in light of restructuring and developing India from its heart outwards.
The potential strength of India has materialised as a real threat to China who fears their economic developments could, in turn, squander them in years to come. However, these fears have been reduced to an extent, as both countries have engaged in notable talks to make sure that both countries can benefit each other.
Both nations hold key footholds in Asia region, so working together would be more beneficial for both parties.
Modi Supporting India’s Business Enviornment
The growth streak of the Indian economy was spurred on by former PM Manmohan Singh, who saw India through a destructive economic crisis in 1992 as the country’s financial advisor. He started his tenure in 2004, encouraging many economic and political reforms to ensure a bright future for India.
However, his success was tainted with insinuations of being corrupt and ineffective, making way for his successor Narendra Modi. Modi has been a well-received figure in India, whose ambition is to share the wealth of India to all by once again reforming many economic and political policies.
Modi’s success can be seen in his former district of Gujarat, which he developed into one of the key economic regions of India. He has implemented a similar approach throughout the rest of the country to make certain that India can reach economic and political success.
The “Make in India” Campaign
Upon his arrival in office, Modi articulated his plans of development, governance, and implementation of multiple projects, though critics argue his ‘100 day’ promise was somewhat unsuccessful.
However, the launch of the ‘Make In India’ campaign rebuts the critics, as the multiplicity of projects and developments of India’s economy and infrastructure promises prosperity not only to the Indian culture, but also to the wide-range of investors. This extensive campaign will also bring social and cultural developments to the country, providing jobs and other opportunities to many.
Thus, India has outlined the path they want to tread over the next few decades and the restructuring of the country under the governance of Narendra Modi has placed India right into the spotlight of the world economy.
India is set to be the metaphorical heart of Asia’s economy in the long-term, offering investment opportunities ranging multiple industries and of different scales.