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Last updated: 28 May, 2024  

India.Growth.9.Thmb.jpg India: Global growth engine

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Bikky Khosla | 28 May, 2024

PM Modi, while addressing world and business leaders during the Vibrant Gujarat Global Summit early this year, said that the world today perceives India as a growth engine in the global economy and a friend who can be trusted, and now with his party widely expected to win the General Elections- 2024, economy watchers are optimistic that India, in the coming years, will be able to replace China as the engine of global growth.

No doubt, the $17.8 trillion Chinese economy is a massive one compared to that of India’s, but when it comes to fuelling global economic growth, experts point out that India is capable of playing a more important role. An increasing number of western countries are now considering India as a better investment destination, and with India’s comprehensive range of economic reforms, it is quite likely that the country will gain a better global stature in the world economy.

It is encouraging to see that foreign investment has been flooding in India in recent years, with the Modi government straining every nerve to attract investors with tax cuts and capital supports, among other measures. Such efforts are gradually bearing fruit, which, for example, is quite evident from the fact that India's mobile phone manufacturing increased from Rs 18,900 crore in 2014-15 to an estimated Rs 4,10,000 crore in FY'24. We expect such transformation to happen in other sectors as well.

Experts point out that government's allocation to infrastructure has multiplied in recent years. In last Budget, allocation to the sector was increased to Rs 11.11 lakh crore, which will be 3.4% of the GDP, and according to a Crisil report the country's investments in infrastructure will rise to Rs 143 trillion between financial years 2024 and 2030. This massive push to infrastructure, along with the government's constant efforts to boost manufacturing, will definitely yield results in coming years.

I invite your opinions.

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