Can India become an economic superpower? America and China will all be left behind – India TV Hindi

Photo: FILE The Indian economy

Economic superpower India: Voting has started in the country. People cast their votes to form the government of their choice. However, it appears that Prime Minister Modi will easily have another five years to continue the rapid economic expansion in the country. Under the leadership of Prime Minister Modi, India is on its way to becoming an economic superpower of the 21st century. India is becoming a real alternative to China for investors looking for growth and for consumer brands and manufacturers looking to reduce risks in supply chains. India attracts many large companies to set up production units here. So to what extent is it correct to say that India can become an economic superpower under Modi’s leadership?

India has moved up four places during Prime Minister Modi’s tenure

The Indian economy was worth $3.7 trillion in 2023. Our country is the fifth largest economy in the world. India has moved up four places during Prime Minister Modi’s tenure. India is one of the fastest growing economies in the world. India’s GDP per capita increased by 55 percent between 2014 and 2023. During this period, India has become the fifth largest economy out of the ninth largest in the world. India has long been the fastest growing of the major economies. India will continue to grow at an annual rate of at least 6 percent in the coming years. However, experts say that if India wants to become an economic powerhouse, the country will have to aim for a growth rate of 8 percent or more.

When will India become an economic superpower?

Sustainable development will make India one of the largest economies in the world. Many organizations estimate that India will become the world’s third largest economy by the year 2027. Above us, America will be first and China second. The IMF and Goldman Sachs estimate that India will have an economic advantage over America by the year 2075. Our country will be the second largest economy in the world by the year 2075. Only China will be ahead of us. The Chinese economy is currently worth $17.786 trillion. It is expected to reach $27.4 trillion by 2028 and $57 trillion by 2075.

And we will get ahead of America

The US economy will also reach $51.5 trillion during this period. America is currently the largest economy in the world with $26,954 billion. But by 2075, America will slide to third place. Then India will be the second largest economy in the world, just behind China. Currently, the size of the Indian economy is $3.730 trillion. It is expected to reach $5.5 trillion by 2028. By 2075, the Indian economy could reach $52.5 trillion.

Modern India is being built

What China did more than thirty years ago, India is doing now. A massive infrastructure overhaul is underway, with billions being spent on building roads, ports, airports and railways. Here private investors are building the largest green energy plant in the world. In this year’s budget alone, a provision of $134 billion was made for capital expenditure to promote economic expansion. India added about 55,000 kilometers (about 35,000 miles) to the national highway network between 2014 and 2023, a 60% increase in total length. Infrastructure development has many benefits to the economy, including generating employment and improving ease of doing business.

power of the stock market

The enthusiasm about India’s growth potential is reflected in the stock market, which is reaching record highs. The value of companies listed on Indian stock exchanges exceeded $4 trillion at the end of last year. The strong rally has made the National Stock Exchange of India the sixth largest stock exchange in the world, surpassing both the Shenzhen Stock Exchange and the Hong Kong Exchange. According to Macquarie Capital, retail investors alone own 9% of the Indian stock market value. While foreign investors amount to just under 20%. However, analysts expect foreign investment to increase in the second half of 2024, after the elections are over.

growing productive power

Asia’s third-largest economy has launched a $26 billion production-linked incentive (PLI) program to encourage companies to set up production in 14 sectors ranging from electronics and automobiles to pharmaceuticals and medical devices. This has led to some of the world’s largest companies, including Apple supplier Foxconn, significantly expanding their operations in India. Tesla chief Elon Musk has also said he is interested in coming to India. Musk may soon announce his investment plans in India. Up to 23% of iPhones will be made in India by the end of 2025, up from 6% in 2022, according to market research firm Canalys.

India’s DPI is famous all over the world

In recent years, the country has also created many technological platforms. These are known as Digital Public Infrastructure (DPI). They have changed people’s lifestyles and businesses. For example, the Aadhaar program launched in 2009 provided identity proof to millions of Indians for the first time. The world’s largest biometric database has helped the government save billions of rupees by reducing corruption in social security systems. Another platform Unified Payment Interface (UPI) allows users to make instant payments by scanning QR codes. From coffee shop owners to beggars, Indians in every sector have adopted it. Today, Indian UPI works in many countries.

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