What’s Next in India Economy – Next is What

India will be the next superpower. And as we draw closer to Valentine’s day, here’s why I love my country and am proud to be living in one of the world’s largest, most ancient and fastest growing economies:

India’s economy is growing at an average of 6-7% pa and may even touch 7.5% soon. The GDP has crossed USD 2.4 trillion and is on its way to cross USD 2.5 trillion. India is poised to become the world’s 5th largest economy in 2018. By 2050, India is touted to surpass the US and China as the world’s largest economy.

This is despite centuries of exploitation by foreign invaders. Till the 18th century, India was the world’s largest economy, comprising of 35-40% of the world’s GDP at the time. Then began rampant desecration of its natural resources and economic power (enough has been said on this recently) till 1947, when India gained independence.

Thus began the Nehruvian-era reforms, including centralization and protectionism of core industries, supposedly on the same lines of communism in Russia. Parallel, China followed the same model, but enforced its ideology strictly.

Fast forward to liberalization in 1991—that’s when India actually gained a foothold on the global stage.
Large corporations suddenly realized that there was a potent market of hundreds of millions of people waiting to be served better quality products. Since then, the economy has grown by more than 6 times to nearly USD 2.5 trillion.

Yes, India was looted and plundered for centuries. Yes, we lost out on the Industrial revolution. But, who’s stopping us now?

More than 800 Million Indians are below the age of 35. We’re becoming the Entrepreneurial capital of the world with Bengaluru touted as the next Silicon Valley. Startups are solving critical societal problems that the government couldn’t wrap their brains around earlier. There are nearly 5,200 tech startups in India (the 3rd highest in the world—possibly the 2nd—and only behind the US which has more than 28,000), with over a 1,000 new ones emerging every year. 20% of these come from small cities and towns which shows immense innovative potential from the environs.

India is primarily a services-based economy, which has led it to become a global outsourcing hub so much so that one of Trump’s campaign promises was to ‘bring back jobs’. We’re becoming a global manufacturing hub—a large chunk of the Fortune500 companies have set up, or are setting up, base in India.

Yes, there are societal issues that need to be addressed. Yes, corruption is rampant and is affecting our global reputation. But, the Indian people are also resilient and hardworking. How else would you explain our rapid ascent to the top of the world after all that we’ve been through?

I’m proud to be an Indian in this day and age where the world is welcoming us with open arms. Rather than focusing on what we’re not doing, let’s focus on what we’re doing well and grow the country. Come 2050 when we’re actually on top of the world, let our children and grandchildren inherit a new India free from darkness and on its way to change the history of the world again, after nearly 350 years.

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