India: A Powerhouse Economy in the Making, but Still Faces Uncertainty

India is currently going through general elections, and Prime Minister Narendra Modi can proudly boast that the country is hosting the world’s largest election while also being one of the fastest-growing economies. With a GDP of $3.5 trillion, India now ranks as the fifth-largest economy in the world, surpassing its former colonial ruler, Britain. The government has invested heavily in various sectors such as roads, railways, ports, energy and digital infrastructure, attracting the attention of many multinational companies looking to diversify their supply chains by including India in their strategies.

India’s economic growth and development are expected to play a significant role in shaping the upcoming election results. Projections suggest that India’s GDP could reach $6 trillion in the next five years, cementing its position as the world’s third-largest economy. However, despite economic progress, the country still faces challenges such as underemployment. While India has a significantly smaller workforce than China’s and low female labor force participation by global standards.

The private investment in India is also lower than it was before the 2008 global financial crisis. This underscores the need for continued efforts to sustain economic growth. When Mr. Modi took office, India’s per capita income was only a fifth of China’s; however, this difference remains unchanged today as India embarks on its economic journey. Six books offer insight into India’s complex economic landscape and mixed record of Mr. Modi’s economic policies.

Overall, while there are challenges ahead for India’s economy and society at large, it is clear that Prime Minister Narendra Modi has made significant progress during his time in office so far. With continued investment and focus on key areas such as job creation and sustainable growth, there is no doubt that India will continue to be an important player on the world stage for many years to come.