Source : https://www.climatepolicyinitiative.org/

India, with over 1.4 billion people, is the world's largest democracy and has seen significant economic growth over the past decade due to its integration into the global economy. In the fiscal year ending in March, India's GDP (Gross Domestic Product) grew by 8.2%, making it the fastest-growing major economy. This growth, higher than the government's forecast of 7.6%, provided a boost to Prime Minister Narendra Modi during the national election. In the final quarter, GDP expanded by 7.8%, following an 8.6% rise in the previous quarter.

From 2014 to 2023, India’s per capita GDP grew by 55%, and the country moved from being the ninth to the fifth largest economy globally. Sustained growth is expected to position India as the third largest economy by 2027, behind only the US and China. Additionally, India is seen as an attractive alternative to China for diversifying supply chains amidst strained US-China relations.Indian Ambassador Shri Sandeep Chakravorty highlighted several reasons behind India's rapid economic growth. "Over the years, we have implemented various policies in infrastructure development, with significant investments in highways, railways, airways, civil aviation, and infrastructure. These efforts are now starting to yield results," he stated.

Source : World Bank, International Monetary Fund and CNN

Shri Sandeep continued by explaining that India is currently striving for high economic growth by strengthening the manufacturing sector. To support this, several social and educational projects are also being undertaken to enhance the quality of human resources. Projects in the social sector require primary focus, especially in addressing the needs of those below the poverty line by providing housing for everyone, electricity for every home, water for every home, and toilets in every home.

He also mentioned that 1.1 billion Indians now have access to the internet, and 500 million bank accounts have been opened in recent years. The development of these programs, combined with attractive incentives, has drawn investor interest. This has subsequently enhanced India's manufacturing capability to produce high-tech products. India's manufacturing capability is exemplified by the production of items such as iPhones, which were previously imported. Now, iPhones are being manufactured in India.

References :

India records bumper economic growth as election draws to a close

Terungkap, Kunci Sukses PDB India Tembus Tertinggi di Asia

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