In recent news, it has been estimated that India will grow to be the world's 3rd largest economy by 2030. It is now at $1.4 trillion but estimating from its trajectory, businessman Mukesh Ambani says it will be $30 trillion in just 20 years.
Short history lesson. India was controlled by the British Empire until 1947, when Ghandi helped to peacefully gain its independence. But not long after internal conflict resulted in the splitting off of Pakistan. The two nations have been at war since, and it has led to both nations experimenting with nuclear weapons. Despite overpopulation, extensive poverty and corruption, India's economy and world status continue to grow. It is currently on the UN security council.
India's economy has been steadily increasing since it shifted to a more open market in the 1990's, with privatization of many industries and the reduction of regulation. Most of its workforce is in agriculture, but most of its money comes from its service sector. Since India has a large english speaking population, it has been able to export a lot of IT services and such.
Recently India has been working to reduce its debt and has successfully prevented inflation and other issues from the global economic crisis, and in fact its economy was still growing throughout the crisis. But it has some long term problems such as education, urban migration and poor infrastructure that it will have to combat in the long term.
Sources:
World fact book.
http://economictimes.indiatimes.com/news/economy/indicators/india-to-become-30-trillion-economy-by-2030-mukesh-ambani/articleshow/8710774.cms
Wow, to see the economy of India grow that quickly is almost unthinkable, you would be talking about a 2500% growth rate over 20 years, something akin to buying a stock for 14 dollars and having it grow to 300.
ReplyDeleteIt's hard for me to imagine India as the 3rd largest economy by 2030. Especially when education isnt their strong suit. I feel like they need to be a well educated country to bring themselves up to be the 3rd largest economy. It will be interesting to see what happens to India.
ReplyDeleteI'm proud of India. A nation that is foolishly generalized as a low-class collective or as a low-wage labor pool is soon becoming an industrial power with the education and the will to drive it home. It should be inspiring to any other nation to further compete on the global market.
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