India - World's largest country, surging forward to be an economic powerhouse

New Delhi [India], May 19 : From the bustling streets of Mumbai and Delhi to the tech towns of Bengaluru and Hyderabad, and from the serene shores of the Bay of Bengal to the habitations in hilly Himachal and Kashmir, India is pulsing with renewed vitality.

A new India under a committed Modi government is racing ahead with an unmatched pace of modernization.

India's diplomatic ascendancy, economic transformation, swift infrastructure development, and embrace of innovation and technology have collectively positioned her as one of the leading nations globally.

And now, with influential people and organizations expressing confidence in her future prospects, India stands poised as one of the foremost nations on the global stage.

But how has India achieved this remarkable position? Is it a miraculous overnight achievement or a meticulously crafted, quintessential journey of success? What are the reasons responsible for the growing global optimism about India's future on all fronts? Is India set to reclaim her 'golden sparrow' status?

India surpassing China to become the most populous country in the world could be another blessing for the world's fastest-growing economy. With a median age of just over 28 years and a working-age population of over 900 million, India has the biggest workforce in the world.

Even more significant is that this demographic trend will remain more or less the same in the next fifteen yearsa period that is being anticipated as the most crucial phase for India.

India, which is making great strides in all aspects of the economy, is going to benefit immensely from this demographic dividend. India's young, ambitious and innovative look of talent is already driving her economic growth faster than any major economy in the world. Experts believe that the addition of an even younger workforce will provide further momentum to its economic growth.

India is one of the few countries that has consistently excelled as a top economic performer in the last decade. India grew by an impressive 8.7 per cent last financial year.

And while the growth speed of major economies like China, the US, Japan, and Germany are set to face major obstructions due to their ageing populations, India's broadening consumer base owing to a younger population and a productive workforce is projected to catapult the country to the top of the global economy rankings.

As per nearly all major projections, India will be the third-largest economy in under ten years.

Information technology, the service sector, and agriculture, which have remained India's growth engines in the absence of a manufacturing revolution, will continue to contribute in a similar fashion.

Akash Jindal an expert on the Indian economy while talking about the pace at which the Indian economy is growing said that, there are three sectors of the economy, agriculture, manufacturing and services. Till now services have been the main sector, which has been a major contributor to the GDP of our country. Apart from that consumption and demand, we have the great Indian demand story that has been leading the Indian economy and the growth of the Indian economy.

On the other side, the Indian manufacturing sector, which is now taking off in a real sense, will be the trump card during this fourth industrial revolution.

Observers say India's predominantly young working-age population, which is projected to expand even further by 200 million in the next three decades, can and will play an important role in India's manufacturing capacity.

One aspect that distinguishes present-day India from India of the previous century is that the young Indian population will not face challenges in accessing basic necessities and will have all the benefits of a well-developed infrastructure. They will be in a much better position to seize the opportunities effectively.

From ensuring swift poverty alleviation to regular tap water supply in even the most remote of areas, from the nearly complete eradication of open defecation to endeavouring to provide clean fuel to people at the lowest rung of the ladder, the government of India has fulfilled the fundamental necessities to ensure her people a competitive position in pursuit of becoming the best in the world.

Many people are still below the poverty line, so we have to provide them with all the services because what we are targeting is inclusive growth. The growth must reach till the last person said Jindal.

According to a jointly compiled report by the United Nations and Oxford University in 2022, which referred to Indian achievements towards poverty alleviation as 'historic change', as many as 415 million people emerged from multidimensional poverty in a fifteen-year period beginning in 2005-2006.

A subsidy on LPG cylinders in rural areas has not just enhanced the quality of life of India's poorest citizens but is also contributing to the country's sustainability goals and net-zero targets.

110 million rural households in India were receiving tap water by January 2023- a significant rise since the government launched 'Mission Jal Jeevan' in 2019 to provide all Indians with tap water.

Professor of Economics at the Jawaharlal Nehru University Praveen Jha said that India will indeed become number three in terms of the global ranking of GDP as a country, it will reach there. So for instance, if you look at certain kinds of infrastructure which play an important role in people's lives. So you can talk about let's say piped drinking water, you can talk of, let's say availability of sanitation facilities and toilets and so on. Clearly, the numbers are there they tell you that our performance has been reasonably good.

With fundamental aspects addressed, India has now been able to redistribute her attention.

India is now investing in human capital and skill development. Today, India is in a position to harness the potential of its massive population.

As per economic observers, a skilled, dynamic workforce can further accelerate the Indian growth velocity and help her achieve the target of a 40 trillion USD economy by 2047.

Pioneering efforts in renewable energy usage, advancements in space exploration, and India's efforts in infrastructure and other sectors have already established the country as a formidable force to be reckoned with.

Appreciation of her business-friendly decisions and policies has manifested itself in the form of rising foreign direct investments.

Her pro-people policies have garnered the praise and respect of countries the world over.

And when it comes to exerting additional effort, the Indian spirit knows no bounds. India is well positioned to take a giant leap forward, and there is widespread confidence that this leap will indeed occur, sooner than later.