Ancient India had a significant and prosperous economy before the Industrial Revolution. India was famous for its contributions to mathematics, science, philosophy, and art. However, colonisation and the Industrial Revolution changed the global order, and India lost its preeminent position to the West.
Since the start of the new millennium, India has been slowly but steadily rediscovering its old mojo. A resurgent India is making headlines around the world, shedding its ‘developing country’ tag and morphing into a global power. From its consistent average pace of economic growth to now becoming a global force in manufacturing and advancing in science and technology.
We are today the world’s fifth-largest economy, having surpassed former colonial power Great Britain and also France, and we are on course to overtake Germany and Japan by 2030. Only China and the US will be ahead of us.
In this backdrop, India’s steady rise in the global order gains significance. Our leadership displayed on the global stage in recent months also reflects this.
In recent times, India has had a stable political situation at the centre. We have a robust workingclass population and a large consumer base. The manufacturing sector has been further bolstered by the rise of the services sector. Over the past two decades, a large number of reforms have paved the way for India’s rise. The future looks very bright.
For example, our manufacturing sector is only just hitting its stride, establishing us as a hub for everything from phones and pharmaceuticals to automotive and aerospace components. Our spirit of entrepreneurship has been vibrant, with access to technology spawning a thriving start-up ecosystem spanning the remotest corners of the country.
Denne historien er fra February 18, 2024-utgaven av Business Today India.
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Denne historien er fra February 18, 2024-utgaven av Business Today India.
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