Explainer: India will soon become an economic superpower under the leadership of PM Modi, read the Wall Street Journal report

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New Delhi : The year 2023 is very important for India. Economists and economic analysts of the country and the world are seen saying that under the leadership of Prime Minister Modi, India will soon become economically strong and emerge as a superpower of the world. Greg Ip, chief economic analyst of the English newspaper ‘The Wall Street Journal’ published from America, wrote in an article on 23 February 2023 that the year 2023 could prove to be the year when India emerged as a global economic superpower. .

Greg Ip, chief economic analyst at ‘The Wall Street Journal’, further wrote in his article that so far the world has been confused about India, despite its abundant workforce and entrepreneurship, shoddy infrastructure and stifling regulations. But now the time has come to put an end to this kind of confusion. He has written that in true sense the year 2023 can prove to be the year when India emerges as a world economic superpower in the whole world. He has written that with solid economic growth, micro-economic reforms and changed geo-political environment, India has made itself a major attractive destination for western countries, where they are now eager to reach. Come, read the main points of Greg Ip’s report…

Greg Ip Key Points

• The year 2023 can prove to be the year when India can emerge as a global economic superpower. This can be attributed to the cumulative effect of solid economic growth, micro-economic reforms and a changed geopolitical environment, which has made the West more eager than ever to woo India.

• The International Monetary Fund says India’s annual economic growth will average 6.5 per cent this year and the fastest among 30 major economies next year, resuming two decades of solid growth.

• India may soon overtake China to become the most populous country in the world. India has the demographic advantage of having the youngest population compared to China and most western countries.

• Last year, India displaced Britain as the world’s fifth largest economy in current dollar terms and could overtake Germany for the fourth spot by 2025.

• India has taken some impressive steps in the field of infrastructure like road network, railways, aviation, power generation etc.

• Several new expressways have been built or are under construction in recent years. From 2014 to 2019, there was an expansion of 45 percent in the National Highway kilometer.

• Since Prime Minister Narendra Modi took office in 2014, the number of airports has doubled and total rural roads have increased by 85 per cent.

• Power plant capacity has increased by 66 percent and blackouts have reduced significantly.

• The Western Dedicated Freight Corridor under construction is on the verge of completion. It will be able to carry double-stacked containers in 1.5 kilometer long trains from New Delhi to Mumbai in half the time of currently operating rail lines connecting container ports. A separate eastern corridor will extend up to Kolkata.

• Infrastructure, both physical and digital, has also improved the lives of common Indians. The government says the number of households receiving piped water has nearly tripled to 108 million in the past three years.

• Greg Ip said that an Indian-born colleague of mine returned to his native village in India’s poorest state of Bihar in 2021 for the first time in eight or nine years and was shocked to see how many homes now have running water, electricity and other equipment There are paved roads, as are color TVs and washing machines, and restaurants that accept digital payments.

• Prime Minister Modi has prioritized reforming India’s notoriously burdensome and inefficient business environment, with a new bankruptcy law and a goods and services tax to speed up the resolution of bankrupt companies, which has increased the number of taxpayers and tax collections. made simple.

• India has a vibrant startup scene, which now includes over 100 unicorns. These have spawned over $1 billion worth of new businesses.

• The ‘India Stack’ (what the government calls digitization of public services) has made it possible to bring a myriad of tasks online. These include tax appeals and Covid vaccine appointments etc.

• Thousands of minor technical and procedural lapses, long standing demands of business have been or are being decriminalised.

• India has pushed for free trade deals. Agreements with the UAE and Australia are now in force and talks with the UK are well advanced.

• Ananth Nageswaran, Chief Economic Adviser to the Government of India, says the process of deleveraging, which was followed by the pandemic and the commodity price shock, which delayed the full impact of structural reforms, can now be reversed once geopolitical and economic stability returns. One can see the lagged effects of reforms.

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