Is India the next economic superpower?
India is a country that is on the up in every sense of the word. The second largest country in the world in terms of its population, India has made momentous strides in recent years to be genuinely challenging to become a world economic superpower. The infrastructure in the nation’s major cities is improving all the time and improvements still need to be made, something that has been recognised by most in the country, but the improvements that have already been carried out certainly help to facilitate growth.
Sometimes it is hard to fully appreciate how far India has come and often this is a little subjective as the country still has millions below the poverty line. However, India is currently creating a new billionaire every month and has the fourth most billionaires in the world behind other economic superpowers such as the US, China, and Germany. What is perhaps most impressive is the fact that 69% of India’s billionaires are self-made – something that is often not the case in other countries where most billionaires come from significant wealth in the first place.
India is currently enjoying a start-up boom and this is across a number of different industrial sectors. The diversity of where, in terms of industries, is impressive but the country’s main focus appears to be on tech start-ups, an extremely competitive sector with well-established competition in most other countries. However, India is now the third largest country globally for tech start-ups and there are high hopes that there will be 2,100 new tech start-ups alone by 2020.
It is these sorts of figures that make you sit up and realise how far India has come in the last two or three decades. Indeed, if you had said in the 1970’s that India could become an economic superpower you would probably have been laughed out of the building. There is one major factor that has made India become what it has and that is its people. There drive and determination to better themselves as well as their openness to advice and help has put them in a fantastically strong position to move forward and become greater.
India is a country that is welcoming overseas and investment and this is something that is very commendable. An area that has seen a great deal of investment both domestically and from abroad is renewal energy. This may sound surprising as the country had been one of the worst polluters of the planet but it seems that this too has been recognised. India has set a target of using 60% non-fossil fuels by 2027, exceeding the Paris Climate Agreement targets by 20%. This can only help the country to continue to grow, something that will no doubt create even more billionaires on a monthly basis and the surrounding environments will be a far cleaner place for everyone to enjoy.
India is really becoming a place to invest and they are doing all they can to encourage overseas investment – something that should be praised. The sums that are being invested are very significant with receiving Japan’s Softbank and Taiwanese company Foxconn are committed to investing $20 billion dollars in India. This when coupled with the fact that energy giant EDF has also committed to investing $2 billion shows how far the country has come in the last twenty years. Overseas investment will definitely help India and bringing high skilled foreign people to train locals will also benefit them.
It is hard to argue that India is now a major player on the world stage with many established western economies desperate to do business with the country. Is India a superpower already? That could be argued either way but it is hard to imagine that is won’t be in just a few short years.