Stage set for India's decade

Amidst a quagmire of splintering geopolitical relations, mounting global debt, and an impending recession, India has emerged as a resilient growth engine for the world.

- AMITABH KANT

According to the Morgan Stanley report, the nation is expected to drive nearly 20 per cent of the world’s growth in the coming decade, more than doubling its own GDP— from $3.5 trillion today to over $7.5 trillion by 2031. In the next five years, India is also forecasted to surpass Japan and Germany to become the world’s third-largest economy and stock-market, signalling a “once-in-a-generation shift” of its economic position.

India’s good fortune is no accident, and it has surfaced as a “bright spot on an otherwise dark horizon” as IMF managing director Kristalina Georgieva put it, due to the confluence of wide-ranging structural reforms (domestically) and effective multilateralism (globally).