Reasons to believe that it is going to be India’s century

State of economy

- Dr.Jyotsna joshi

"India will add more than $400 bn to its GDP every year, a scale that is only surpassed by the US and China,” Morgan Stanley

By the time this century began, India was beginning to blossom as an economy. At that time India was majorly known for its contribution in world economy through its service sector. Services outsourcing to India started in the 1980s and rapidly accelerated in the ‘90s and made contribution to the GDP. In 2000, India’s share in the world GDP was 1.43% which doubled/ increased to 2.86% in 2015.

When the second decade of this century came, and the present government came into power with humungous support of the public, substantial changes happened. The thumping mandate in 2014 and again in 2019 - leading to a stable government with reform-oriented mindset and growth strategies. Policy makers envisioned making India a $5 trillion economy by 2024-25.

India started gaining recognition in most of the sectors thereupon. It has undergone a large structural shift since 2014 due to various reforms and measures like demonetization, implementation of goods and services tax (GST), Ujjwala Yojana, Jan Dhan Yojana, corporate tax cuts; and production-linked schemes to incentivize investment.

Since India had already achieved its share in service export in global market, it is now making collaborative efforts to attract investment and boost manufacturing exports. Many companies withdrew their offices from China after the pandemic and thus, India became one big option for such companies’ opportunity in disguise.

“India remains the most attractive investment destination,” says Nobel Laureate Michael Spence