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With the prophecy of the Indian economy to grow at 7.5 percent in 2024, by the world bank the growth story of Indian economy looks positive this year and in the coming years too. While the previous year 2023 already was marked as one of the most successful years for the country, the current year also looks bright for the nation in terms of economic growth.Tagged as the world’s fastest-growing economy for the past two years, India practiced several expansions in 2023 that amplifies foreign investor confidence. De- spite all the challenges, India’s GDP has continued to do better giving the country the identity of a fastest growing one among the G20 economies.
The growth story has a lot to do with the structural factors such as favorable demographics, rapidly increasing digitization, and the well-designated policies to boost manufacturing. While other major economies of the world had been reeling under the threat of recession, India managed to keep its economy shielded from the fallouts of the international geo-political situations, supply chain & oil price fluctuations. There are no doubts that a lot more can be achieved. And there are a few question marks on addressing the growth pangs. Country’s problems such as a crumbling rural economy, weak infrastructure and a low-skills workforce has been a talking point among the economists and experts.
Poverty and income inequality, agricultural distress, infrastructure deficit, corruption and red tape, environmental sustainability require long terms solutions that will deter- mine the on -ground real development of India as a nation of its people in the coming years. Addressing these underlying challenges that continue to plague India’s economy despite the strong growth prints is a major concern for the policy makers and various initiatives have been set in place by government as well as private institutions to deal with these difficulties.
A lot has been written in international forums and media about the growth trajectory of the Indian economy. Of course, the country stands like a bright spot in the gloomy world. However, what will keep this growth story intact in the coming years is when the actually daunting problems of the nation are addressed with expeditious priority and understanding.
India is a land of diversity and its economy is a multifaceted with dynamic system. The future growth and development will depend on a variety of economic, social and political factors all put together. There is a clear thrust towards making India a manufacturing hub, in Global Capability Centres (GCCs), India has found its next driver of services exports, the corporate and financial sector balance sheets are in a healthy position and to top it all one of the youngest demo- graphics of India can transform the social and economic fortunes of the country.
INDIA IS THE THIRD LARG- EST DIGITALIZED COUNTRY IN THE WORLD, ONLY BEHIND THE UNITED STATES OF AMERICA (USA) AND CHINA, INDIA HAS EMERGED AS THE WORLD’S THIRD LARGEST STARTUP ECOSYSTEM WITH OVER 1.25 LAKH STARTUPS AND 110 UNICORNS. THE PER CAPITA INCOME OF IN- DIA IS LIKELY TO GROW AROUND 70% BY 2030 THAT WILL MAKE THE COUNTRY A MIDDLE-IN- COME ECONOMY.
INDIA WILL BE THE WORLD’S FUTURE TALENT FACTORY AS IT WILL HAVE 20% OF THE GLOBE’S WORKING POPULATION BY 2047. IT WILL NOT ONLY BE INDIA’S DECADE, BUT INDIA’S CENTURY, WITH ALL KEY ELEMENTS IN PLACE - A LARGE WORKING POPULATION, MULTINATIONAL COMPANIES REIMAGINING GLOBAL SUPPLY CHAINS, AND A COUNTRY LEAPFROGGING AT DIGITAL SCALE-TO ACHIEVE SOMETHING SPECIAL NOT JUST FOR THE INDIAN ECONOMY, BUT POTENTIALLY FOR THE WORLD- BOB STERNFELS, CEO, MCKINSEY & CO
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