The Indian economy comes out of its colonial past in the 75th year of its independence by surpassing the UK in the last three months of 2021 as per the GDP calculations of the International Monetary Fund (IMF). This bagged India the position of the fifth-largest economy in the world. India is now only behind the developed economies of the world, the US, China, Japan and Germany. The achievement became more valuable because India surpassed the UK which ruled the country for around two centuries and left India with extreme poverty and hunger.
India has taken a huge leap within this decade and become the fifth-largest economy while experiencing the major policy change and political commitments for India’s sustainable future to play a key role in the present world order. Still, India has a long road to go. As per the projection India is expected to become the third-largest economy in the world by 2030 with continuous reforms and the adoption of sustainable practices. India is also expected to surpass the US economy and become the world leader by 2048 with the strategic roadmap made under Vision India @2047.
Along with visionary leadership and a strong policy framework, many reasons are also contributing to India’s economic growth saga. Such as the demographic dividend, the drastic improvement in ease of doing business, the huge push to infrastructure development, the curb on corruption, the vibrant startup ecosystem with the increasing number of unicorns, increasing demand for services and consumption, etc.
India’s continuous effort to excel and be resilient to changes has brought prosperity and growth. No doubt, the rising population, high prices and level of poverty bring challenges to the growth of the economy along with shocks due to contemporary global issues such as rising inflation, climate change, the Russia-Ukraine conflict, the energy crisis, etc.
But India turns its challenges into opportunities and touches new avenues of success and growth in the global landscape. Seeing its comprehensive policy approach to peace, security, and sustainability along with the rising income levels and increased consumer demand, India has set the path to rise further and become the largest economy in the world.