AA Edit | Economy robust, rise inevitable
Prime Minister Modi predicts India will soon become the third largest economy, citing flourishing domestic industry and robust growth
The Indian economy is currently the fifth largest in the world. It is growing fast and on the path to becoming the third largest soon. Speaking at an event, Prime Minister Narendra Modi drove home the point that given the rate at which our domestic industry is flourishing, the day is not far behind when it will be behind only the two superpowers.
The Prime Minister has been holding out this hope for some time now. He estimates that India is on track towards achieving this extraordinary rise within the next five years. Exuding confidence that global investors are looking at India as an investment hub with a keen eye, Mr Modi has time and again been urging domestic industry to not lose this “golden opportunity”.
Many factors contributed to achieving this tipping point — where the further rise of the Indian economy is nearly inevitable. It has been achieved through a series of policies, steps and milestones as a nation since economic liberalisation began in 1991. Global attention is now firmly riveted on the Indian economy. This focus is making wealth creators, the main driving force behind the country’s economic growth, push for local sectors.
The necessary push to domestic industry in the form of various government schemes and robust spending, the positive impact of growth on manufacturing and better agricultural production have also contributed in making India the fast-growing large economy in the world. Banking heavily on its large working-age population, it now boasts of high growth and relatively low inflation at a time when the world at large is struggling with low growth and high inflation rates.
Not just its young demographic, India also saw a digital expansion and infra push in the last decade. The former helped the government in cutting down corruption. India tops the world today in global digital payments. The infra push, as witnessed by the ever-present construction vehicles on the roads, is another factor when understanding the optimistic air around the Indian economy.