The Indian economy is taking centre-stage to the world as the nation of 1.3 billion lays out what they can offer as an emerging economic superpower.
Now going through a phase of rapid development, India has significant upside potential with high GDP growth and no signs of slowing down.
With a GDP growth rate exceeding 7% in 2017, the Indian economy will surpass China’s and continue to rise annually.
Some critics say that the country’s growth slowed towards the end of 2016. These ‘slows’ are only a minor speed bump though. India should continue being one of the strongest emerging economies on the planet.
India’s potential has materialized as a real threat to China. They fear India’s economic development could squander them in years to come.
Thankfully, these fears are calmer than they were earlier this decade. Both countries engage in talks, mostly centered around trade, to make sure they can benefit each other.
China and India each hold key footholds in Asia, so both parties must work together to solve common economic goals.
Modi Supporting the Indian Economy
Prime Minister Manmohan Singh spurred India’s economic growth streak. He led India through a destructive economic crisis in 1992 as its financial adviser.
Starting his tenure as PM in 2004, Singh encouraged several economic and political reforms to ensure a brighter future for India.
But Singh’s economic success was tainted with accusations of corruption and inefficiency. This made way for his successor Narendra Modi. Modi is a very well-received figure with a goal of reforming economic and political policies – some in dire need of change.
Modi’s success can be seen in his former district of Gujarat, which he developed into a key economic region of India. He implemented a similar approach throughout the rest of the country, helping to ensure that India can reach economic and political success.
The “Make in India” Campaign
Upon his arrival in office, Modi articulated his plans of development and implementation of several projects. Critics argue his ‘100 day’ promise was unsuccessful. The ‘Make In India’ campaign rebuts the critics though.
Numerous projects and developments promise prosperity not only India, but also to international investors. These extensive campaigns will bring social and cultural developments to the country while providing jobs and other opportunities.
In conclusion, India has outlined the path they want to tread over the next few decades. The country’s restructuring under the governance of Narendra Modi places them right into the spotlight of the world economy.
However, the nation should learn from its neighbors. India will only succeed over the long-term if they can avoid developmental mistakes which China made.