The Stage is Set for India’s Bright Future
India is in the ascendant, as evidenced by its rapid rise up the league of top economic performers in recent years. The country’s economy is continuing to gather pace amid a global slowdown and the longer-term outlook is positive thanks to a host of government reforms, a burgeoning middle class, and relatively young population.
In the space of just eight years, India has leapt ahead from being a new entrant into the league of the world’s top 10 economies to now occupy the fifth spot, surpassing the UK in 2022 with a GDP of US$3.75tr.
This remarkable progress reflects in large part the impact of ambitious structural economic reforms by Prime Minister Narendra Modi’s government since it came to power in 2014, with a powerful demographic dividend further underpinning that strong performance.
Slightly less tangible – but equally important to the rapid progress – has been a newfound belief and self-confidence under a stable government with a long-term vision. Its structural reforms in particular highlight the emphasis being placed by Delhi on playing the long game.