Emerging Bharat
-- Aditya Arun Kartha, IX-G, Indian Education School
Monday, July 10, 2023
India has been progressing at a very fast rate since its independence. It has been taking one step a time to reach its goal of world superpower status or more correctly “vishwaguru”. India has also been progressing at a very fast pace in the field of economy. It has been witnessing the highest growth rate among major economies for the last 3 to 4 years, replacing China’s place as fastest growing country among major economies.
This economic growth has led to an increase in jobs, reduction in poverty and more money for an average person. We can see that the GDP per capita has increased from $ 375 to $2600. This means the average person has more money to spend which leads to increased purchase of goods and services available in the market. This increased consumer spending also leads to increased tax collections which can be used to fund infrastructure projects and subsidies to increase industrial production. After COVID’s disastrous impact on the economy production has picked up and the PMI has reached 57.8 which is the strongest in Asia. There has also been a decrease in unemployment.
The Market capitalization, which is the value of all publicly traded stocks in an exchange, has increase to 3.7 trillion USD in BSE and 3.27 trillion USD in NSE which helped them achieve a place among the top 10 largest exchanges in the world. There has also been an increase in Government subsidies and easing of tax regulations which has led to many Indian and Foreign Multinational companies from the Tata Group to Apple and Microsoft investing in India.
The future also looks bright for India as after recently overtaking the United Kingdom in GDP (nominal) to the fifth place (3.7 trillion USD), she is predicted to cement her place among the top three economies of the World by 2030. She has finally reached the place of the topmost economies in the world which used to belong to her till the 1800’s.Increased economic prosperity will lead to better infrastructure, more goods and services in the market and better lives for the people.
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Aditya Arun Kartha, IX-G, Indian Education School |
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