India is currently in the midst of its general elections, with Prime Minister Narendra Modi able to proudly claim that the country is hosting the largest election in the world while also being the fastest-growing major economy. With a GDP of $3.5 trillion, India now ranks as the fifth largest economy globally, surpassing that of its former colonial ruler, Britain. The government is heavily investing in various sectors such as roads, railways, ports, energy, and digital infrastructure, attracting the attention of many multinational companies looking to diversify their supply chains by including India in their strategies.
Private investment in India is also lower than it was before the 2008 global financial crisis, highlighting the need for sustained efforts to maintain economic growth. When Mr. Modi assumed office, India’s income per person was only a fifth of China’s, a gap that remains unchanged today. As India navigates its economic journey, six books offer insights into the country’s complex economic landscape and the mixed record of Mr. Modi’s economic policies.
The economic growth and development in India are expected to play a significant role in shaping the upcoming election results, potentially securing Mr. Modi a third term as Prime Minister. Projections suggest that India’s GDP could reach $6 trillion in the next five years, solidifying its position as the third-largest economy in the world. However, despite its economic progress, India still faces challenges such as underemployment and low participation of women in the workforce compared to global standards.
India has been experiencing moments of premature triumphalism followed by setbacks throughout history despite its economic progress over time. While there have been significant improvements since Independence from British rule; there are still obstacles such as poverty alleviation and improving access to healthcare which have not been resolved entirely even after several decades of independence from British rule and subsequent development efforts by multiple governments across different eras
