A study of India’s growing economy for make in India
Dr. Pravin M Deshmukh
India is the fastest growing large economy in the world– an impressive position it has held since it overtook China in the year 2015. According to IMF, it is set to retain this status till 2020. The IMF has kept projections for India’s growth in 2016-2017 at 7.5%, which is remarkable since there has been a forecast of the global growth predicted at 3.4% in 2016 and 3.6% in 2017, as reported by the national daily, The Hindu. India is also the third-largest economy in the world regarding its purchasing power parity according to the World Bank with the GDP of over USD 2.1 trillion. It was named amongst the top 10 Foreign Direct Investment (FDI) destinations in 2015. The country is home to the 2nd largest English-speaking population in the world after the Unites States. India’s smart phone users are numbered at over 220 million, making it the second-biggest smart phone market regarding active unique smart phone users, surpassing even the US market. India is also making headway in media with over 100, 000 registered publications and 800 television channels. Looking at these statistics, one cannot deny that India has an incredible potential to rise as an economic power with a prosperous future. A decade-long study by Harvard University's Centre for International Development predicts the country’s GDP will continue to expand at an average of over 7% which means nominal GDP will nearly double to around USD 4.50 trillion (at current exchange rate) in 2025. India’s purchasing power parity in 2025 will thus be around USD 15 trillion by a similar calculation. It is also set to be the 5th largest consumer market by the same year. “Never before have there been so many young people. From the study it is concluded that with the country already witnessing an increase in FDI by nearly 44% since the launch of such initiatives, India seems on its way to achieving its stated target with the government leading the way. ‘Make in India’ is the proof that the nation is willing to embrace growth by adopting changes on the journey to becoming an economic superpower.