Economist Podcasts The Intelligence: Supercharging India’s economy
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May 8, 2024 Join Arjun Ramani, a Global business and economics correspondent for The Economist, as he dives into India's economic future. He discusses Prime Minister Modi's bid for a third term, fueled by a backdrop of economic growth but tempered by the need for reforms. Ramani analyzes the booming Indian IT sector while highlighting labor market challenges. Plus, he sheds light on Russia's resilient arms industry amid sanctions and China's strategic support. For a light-hearted twist, he shares humorous insights on the quirks of air travel!
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India's Growth Rate
- India's economy is growing at 6-6.5%, making it the fastest-growing major economy.
- However, this is slower than China's and other Asian tigers' growth at comparable stages.
Drivers of India's Success
- India's economic success is driven by infrastructure development and a growing services sector.
- Digital infrastructure, like national IDs linked to bank accounts, enables digital payments for millions.
Modi's Contributions
- Modi continued previous infrastructure and digital initiatives, executing them effectively.
- While some accuse him of crony capitalism, corporate concentration has fallen under his leadership.