India’s Booming Economy
If you hadn’t realised that India was a country that was booming, then where have you been? India is the second largest country in the world by population and seventh largest in terms of area. Although some infrastructure in some more rural parts of the country still leaves a little to be desired, the major cities now have excellent infrastructure that is continuing to improve all the time. The facilitates growth within the country and assists with their rapid growth.
To fully comprehend how far India has come in recent years you perhaps need to appreciate that the country has the fourth most billionaires in the world behind the US, China and Germany and 69% of these are self-made billionaires – a very impressive statistics, we are sure you would agree. Indeed, the country creates one new billionaire a month on average and has been doing so since 2010 and is now catching up with countries ranked above it for billionaires.
So, which industries do these billionaires come from? The truth is that India is experiencing a start-up boom at the present time so they cover a number of different areas which is a huge compliment to country as a whole. One area that is particularly strong in India at the present time is the tech industry and more specifically tech start-up businesses. India is now the third largest globally for tech start-ups with it predicted that there will be 2,100 by 2020.
When you see these statistics is hard to imagine that this is a country that had often been thought to be the poor relation of countries in Europe and North America. Yes, the country has come a long way in a short period of time but that is testament to character and drive of the Indian people, many having a genuine desire to better themselves and willingness to take onboard any advice and help that is offered too them. India is a country that is actively seeking overseas investment and help and this is very commendable.
Another area where India has come on leaps and bounds in recent years is with renewal fuels. This is a country that had previously been one of the world’s major polluters but the country now has a goal of using 60% non-fossil fuels by 2027, exceeding the Paris Climate Agreement targets by 20%. Moves away from fossil fuels can only assist the country to continue to enjoy growth with taxes and levies only expected to rise on fossil fuels. Renewable energy sources are increasing in their effectiveness all the time. Perhaps it won’t be too long before we are seeing more than one billionaire a month!
India’s acceptance of help and overseas investment is something that that has received a great deal of praise in recent years. To give you an idea about the level of investment that the country is 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 suggests that overseas companies are also appreciating what India has to offer in terms of its economy.
The traditional economic superpowers must surely be starting to sit up and take note of what India is achieving, after all, how many other countries can point to creating a billionaire a month for the last seven years? India is riding high at the present time and it is difficult to see where this will end and many, myself included, doubt that it ever will. This is a country that is building self-made wealth and new entrepreneurs are standing up to be counted all the time and long may that continue.
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