India's Rise in Global Economy: A Driving Force from the Global South
Key Ideas
  • India's rapid progress in economic reforms and infrastructure investments positions it as a key player in the global economy, set to surpass Germany and Japan by 2027.
  • The country's growth trajectory is supported by investments in infrastructure, digital innovation, and environmental sustainability, aiming to reach a USD 30 trillion economy by 2047.
  • India's demographic dividend, with a young and dynamic population, is expected to drive economic expansion in the Global South, contrasting with ageing populations in Europe and America.
  • Significant improvements in financial inclusion and green energy initiatives, including the production of Green Hydrogen, showcase India's commitment to sustainable development and decarbonization.
India's growing influence on the world's economic stage is becoming more prominent as the Global South gains attention. Amitabh Kant, G20 Sherpa and former CEO of NITI Aayog, highlighted India's crucial role in shaping the future global economy during an event organized by AMFI. India's economic reforms and substantial investments in infrastructure have propelled it to the fifth-largest economy globally and are projected to surpass Germany and Japan by 2027. The country's growth will be further driven by ongoing investments in infrastructure, digital innovation, and environmental sustainability, with a target of reaching a USD 30 trillion economy by 2047. Kant emphasized the significance of India's demographic dividend, fueled by a young and dynamic population, in facilitating economic expansion. This contrasts with the ageing populations of Europe and America. India's transformation from being one of the 'Fragile Five' countries to a global economic powerhouse was attributed to bold structural reforms, such as the implementation of GST, the Insolvency and Bankruptcy Code, and initiatives to enhance the Ease of Doing Business. The country has also made remarkable progress in financial inclusion, with a substantial increase in the percentage of Indian women with access to bank accounts. Additionally, India is actively advancing in green energy, particularly in the production and distribution of Green Hydrogen, as part of its efforts to achieve decarbonization goals and combat climate change.
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