India’s economy has only been flourishing in latest years, with business successes seeing increased profitability and viability on both the national and international stage. Now standing as the world’s seventh largest economy, surpassing those of Canada, Brazil, and Italy, India is poised to only become more powerful.
Key reasons for these improvements stand with recent policy shifts and technological adoption, of latter of which has India standing as one of the most developed nations in the world. This has resulted in one of the fastest growing economies in recent years. Economists point these developments down to two primary contributors.
The first is that in recent history India has sat at the lower end of the rankings for per capita GDP. This means that if it entered an age of rapid evolution, as it has done recently, progress stands to go nowhere but up. In fact, the per capita GDP in the year 2000 was around $438 US but today, a mere 18 years later, it has jumped to over $1900, a growth factor of over four.
The second primary contributor as given by economists comes down to India’s demographics. While many nations of the world are currently struggling with a shrinking working-age population, India’s is growing at a healthy rate.
This means that more young workers are in the market, which ties into another core component of Indian adoption – technology. In recent years especially, India has been making rapid progress in the technological market, which has some cross-over with the younger demographics. Younger people are more comfortable with newer technology, and some of these technologies have proven so useful that better rates of success are almost inevitable.
Perhaps the most common of these come from the greater rates of adoption and integration which many businesses have seen with the internet and smartphones. These offer greater efficiency than was ever possible before, and with greater adoption, this means a market primed for additional expansion.
Another such technology, one rapidly gaining momentum in the current climate, is that of robotic process automation. This technology uses advanced artificial intelligence to find links between business data sets and can generate additional leads or suggestions based on these discovered relationships. This allows for much more efficient practices and can help create systems in markets where larger linking technologies have not yet been developed.
Also of note here are some progressive policies put in place on a national scale which help encourage international investment. GST, for example, has long been awaited by those interested in entering the Indian marketplace and has already generated significant dividends for those fast enough to take action.
“Mumbai Skyline” (CC BY-SA 2.0) by
In effect, that has created an almost free-trade agreement for a market containing 1.3 billion people. Combine this with a rapidly evolving internal economy, and the untapped financial opportunities have become far too large to ignore.
As for the future of India on the world stage, it is difficult to predict. Following the current path, we know that there is still significant progress to be made, and we are only now just beginning to see what the future of India could bring. Further growth and improvement both internally and internationally is nothing short of inevitable, with many economists believing that India could soon stand as an international economic superpower.