World Economic Growth – India is poised to play a pivotal role in the global economy as the focus shifts towards the Global South. With its rapidly growing population, expanding middle class, and increasing technological advancements, India is positioned to become a major player in the world’s economic growth. As the world looks towards emerging markets for opportunities and innovation, India’s influence is only expected to grow.
World Economic Growth : As the world shifts its focus towards the developing countries of the Global South, India’s rapid progress is poised to play a pivotal role in shaping the future of the global economy. This insight comes from Amitabh, G20 Sherpa and former NITI Aayog CEO, who recently spoke at an event organized by the Association of Mutual Funds in India (AMFI).
According to Amitabh, the International Monetary Fund (IMF) predicts that 75-80% of economic growth this year will originate from the Global South. India, in particular, has ascended to become the fifth-largest economy globally, propelled by economic reforms and substantial investments in infrastructure. The country is now on track to surpass Germany and Japan by 2027, with continued growth expected to be driven by investments in infrastructure, digital innovation, and environmental sustainability. Amitabh envisions India becoming a USD 30 trillion economy by 2047.
Amitabh emphasized that both the IMF and World Bank foresee three-fourths of global growth over the next three decades originating from the Global South, fueled by a youthful and dynamic population. This demographic advantage is poised to be a key driver of economic expansion, contrasting sharply with the aging populations of Europe and America.
Amitabh highlighted India’s remarkable transformation over the past decade, transitioning from being one of the IMF’s “Fragile Five” countries to a global economic powerhouse. This shift has been propelled by a series of bold structural reforms, including the implementation of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code, the Real Estate Regulation and Development Act (RERA), and various initiatives aimed at enhancing the Ease of Doing Business.
Overall, Amitabh’s insights underscore India’s growing significance in the global economy and its potential to shape the future economic landscape.
Kant emphasized that in 2016, only 18 percent of Indian women had access to bank accounts. However, this number has now skyrocketed to 91 percent, showcasing the remarkable strides the country has taken towards achieving financial inclusion.
Furthermore, India is making substantial advancements in the realm of green energy. The production and distribution of Green Hydrogen are being prioritized to help meet the country’s decarbonization goals in the battle against climate change.
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