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India – an Emerging Superpower

Indian-Economy

 

The Republic of India is considered as one of the emerging superpowers of the world. This potential is attributed to several indicators, the primary ones being its demographic trends and a rapidly expanding economy and by GDP India became world’s fastest growing economy in 2015 with 7.3% GDP rate.The country must overcome many of the economic, social, and political problems before it can be considered a superpower. It is also not yet as influential on the international stage when compared to the United States or the former Soviet Union.

The Indian economy is one of the fastest growing economies in the world today.
The rising income and savings levels, investment opportunities, huge domestic
consumption and the younger population will ensure growth for decades to come. The main engines of Indian economy are sectors such as Information Technology,
Telecommunications, ITES, Pharmaceuticals, Banking, Insurance, Light Engineering
Goods, Auto Components, Textiles & Apparels, Steel, Machine Tools and Gems &
Jewelry are sectors which are likely to grow at rapid pace world over creating demand
for Indian products and services. India is at present(2018) US$ 9.5 trillion economy on PPP basis and is likely to maintain its growth trajectory in times to come. The coming few
decades are likely to witness the tectonic shift in world economic structure of the world.
India‟s share in world output is projected to jump from 5% as of today to 20.8% by 2040
as per one estimate.

The economy of India is a developing mixed economy. It is the world’s sixth-largest economy by nominal GDP and the third-largest by purchasing power parity.

india_gdp

Ref:

  1. http://cgijeddah.mkcl.org/WebFiles/History-of-Indian-Economy.pdf
  2. Wikipedia
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