According to a recently published report by the Harvard University, “India tops the list as the fastest growing country for the coming decade, at 7.9 per cent annually, in the economic complexity growth projections.”
The report indicates that India has a plethora of untapped opportunities across multiple industries, driving growth and job creation. With India’s continuous economic growth and scientific advancements, it’s on track to become the most powerful country in the world. Here’s a look at 12 reasons why India is set to rule the world by 2025.
India might soon become world’s second largest economy, surpassing the U.S. Currently, India has a $2.6 trillion economy, and according to economic affairs secretory Subhash Chandra Garg, it will increase by $5 trillion by 2025. India has recorded high GDP growth in the last two decades, which has led to rising per capita incomes.
Science and Technology
India is making significant progress in its science and technology sector. As digitization continues to grow, India will make considerable progress in block chain, 3D painting, machine learning, and robotics. Approximately $150 million is invested in the Artificial Intelligence sector, as India is striving to become an AI giant in the future.
India has been able to maintain a strong diplomatic standing. It hasn’t embroiled into any major international conflicts, and has maintained peaceful ties with the majority of the nation, as well as with world powers like the European Union, Japan, Russia, and the U.S.
One of the major strengths of India is that it’s a democratic republic. Although China also shows advancements in technology and economy, it doesn’t grant its citizens the freedom of speech and expression. However, democracy is conducive with a healthy government, and India allows its people to choose their leader.
India has one of the most powerful military forces in the world. It has a massive defense budget, and has access to the global, top of the line military technology. India can buy military wares from Russia, Europe, Israel, and the U.S.
India has the second largest population in the world, with 65% of it below 35 years of age. Therefore, India has the most active workforce that is going to drive change in the next two to three decades. A young workforce will increase competition for jobs, hence increasing business profits with low labour costs.
The tourism sector will play a significant role in the growth journey of India. In the year 2016, India’s tourism sector created 40.3 million jobs, placing the country second in terms of employment rates.
India is aiming to develop a modernized rapid transit system. Cities like Kolkata, Mumbai, Delhi, Bengaluru, Chennai, and Kochi have well connected networks of metro trains, while companies like Mahindra are working towards engineering a future filled with e-mobility – electronic vehicles that run by electricity.
India has an advanced education system with globally recognized institutes like the Indian Institute of Technology. It is the second largest producer of engineers, doctors, and scientists. Moreover, with the advancement of technology, India’s government is also encouraging the growth of e-learning and smart classrooms.
According to a CII-McKinsey report, India’s agriculture output could reach 29.28 Lakh crore and food exports could go up to 7 lakh crores in the coming decade. With rapid advancements of technology and a growing tractor industry, India will soon become a food powerhouse.
To combat an energy crisis in the future, India is working towards creating hydro-power stations. It is also aiming to acquire oil fields around the world, with current stakes in several oil fields in the Middle East and Russia. Moreover, India falls in the tropical belt. And at the fast rate that technology is growing, India can cash in on its geographic location to create renewable solar energy.
India is the melting pot of various cultures and religious practices. The country’s history confirms India’s longstanding tolerance towards pluralism, which also happens to boosts art and culture in India. Bollywood is the second largest film industry in the world, and it is because of its wide-spread heterogeneity that Hollywood hasn’t able to take over the Indian film industry.