The Intelligence from The Economist The Intelligence: Supercharging India’s economy
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May 8, 2024 Arjun Ramani, a global business and economics correspondent, shares insights into India's burgeoning economy and how Narendra Modi's leadership has positioned the nation for future success. He discusses the need for new reforms to ensure sustainable growth, highlighting the crucial role of the IT and services sector. The conversation also touches on Russia's resilient arms industry, adapting amidst sanctions, and how China clandestinely supports it. Plus, Ramani lightens the mood with amusing anecdotes about the trials of working while flying.
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Modi's Economic Impact
- Many Indian voters believe Modi's policies contribute to the country's economic growth.
- India is the fifth-largest economy and projected to become third by 2027.
India's Growth Compared
- India's economy, while the fastest-growing major economy, isn't experiencing the explosive growth of China or the Asian tigers at similar stages.
- Its growth rate is around 6-6.5%, compared to their 10+%.
Drivers of Indian Growth
- India's economic success is driven by infrastructure development, a single national market, and a strong services sector.
- Digital infrastructure, like the national identity scheme linked to bank accounts, enables digital payments for millions.