India on the Brink of Economic Dominance: Navigating Growth and Challenges in a World Election Year
India is currently going through its general elections, with Prime Minister Narendra Modi boasting about the country hosting the largest election in the world and being the fastest-growing major economy. With a GDP of $3.5 trillion, India now ranks as the fifth-largest economy globally, surpassing that of its former colonial ruler, Britain. The government is heavily investing in various sectors such as roads, railways, ports, energy, and digital infrastructure, attracting the attention of many multinational companies looking to diversify their supply chains by including India in their strategies.
India’s economic growth and development are expected to play a significant role in shaping the upcoming election results, potentially securing Mr. Modi a third term as Prime Minister. Projections suggest that India’s GDP could reach $6 trillion in the next five years, solidifying its position as the third-largest economy in the world. However, India has a history of experiencing moments of premature triumphalism followed by setbacks. Despite its economic progress, the country still faces challenges such as underemployment and low participation of women in the workforce compared to global standards.
Private investment in India is also lower than it was before the 2008 global financial crisis, highlighting the need for sustained efforts to maintain economic growth. When Mr. Modi assumed office, India’s income per person was only a fifth of China’s income per capita gap that remains unchanged today. As India navigates its economic journey six books offer insights into its complex economic landscape and mixed record of Mr. Modi’s economic policies
