When you think of India, what comes to mind?
Perhaps it's the expansive 1.4 billion people encompassing the globe. Or, it may be about the Taj Mahal or the rich cultural experience. All of this is correct when thinking of India, though outsiders looking into the country may not point out one key element: superpower.
India is experiencing incredible economic growth, surpassing Britain as the world’s fifth-largest economy. With the headlines involving superpowers talking about the United States versus China, India is quietly expanding its economy to become a key player in what is known as the New World Order. Here are three positive signs of India becoming a superpower:
GDP and economic growth
Expanding sectors of investment
India is a nation that has struggled in the past as a result of colonial rule. Due to the British East India Company and the British Empire as a whole, resources were extracted from the continent to benefit the West. As a result, the Indian population face no formal payment and was often left with immense poverty and food shortages.
Upon independence on August 15, 1947, India has grown in both population and economic status to place itself with the rest of the world. Gross domestic product (GDP) grew 13.8% in this year’s second quarter, faring much better amidst the COVID-19 pandemic than its high-profile neighbor, China.
Shilan Shah is the senior India economist at Capital Economics. She predicts that “India will overtake Germany and Japan to become the third-largest economy in the world within the next decade.”
Shah’s prediction about India’s growing economy may be right, as the country is expanding many sectors within its economy to rival China as the Top Dog. The most notable sector is manufacturing, where India is increasing its capabilities to become the world’s Number 1 exporter of goods and services.
The Economic Ministry of India released a report for the month of October, and the results proved how the nation is not letting world crises affect its economy. Despite the ongoing threats surrounding COVID-19, massive food shortages resulting from the invasion of Ukraine, and rising inflation rates worldwide, India reported that 415 million people have exited poverty over the last 15 years. This trend is continuing as companies begin to develop in the country, including large-scale car company Mercedes-Benz and global giant Amazon.
In addition, the urban unemployment rate has declined for the fourth consecutive quarter. That is, the ability of the population to gain employment has been a much easier process as the years went on.
The country still has significant work to get done, including addressing growing infrastructure and health needs that have plagued the country for generations.
However, with growing economic benefits and an increase in available jobs, the country is on the track to becoming the third-largest economy in the world. It is the superpower no one sees coming.