“India has left behind the British economy. India has had excellent economic policies and reforms. India and the United Kingdom have the opportunity to learn a lot from each other in areas such as technology and agriculture. India has made tremendous progress in the last 10 years and its leadership role is very important.” It is proof of how India is dominating the world in its own ways, and today, even former British Prime Minister Liz Truss has to accept with this statement that while Western countries are in serious crisis, India has left behind the British economy with excellent economic policies and reforms. For this, she gives full credit to the current Prime Minister of India Narendra Modi and his cabinet. And says that the historic third term of Prime Minister Narendra Modi is definitely a big achievement, especially in such a global environment where the current governments are finding it difficult to remain in power. This symbolises the economic reforms taking place in India and shows that people believe the country is moving in the right direction.
Along with this, she considers India’s support meaningful and necessary for her country in many ways, so today Elizabeth Truss is saying that this is an equal partnership. The opportunities in the fields of technology, defence and agriculture are huge for both sides. This needs to be understood today. She has expressed hope that both countries will agree on a free trade agreement. At the same time, India’s role in the Quad alliance established by the US, Britain, Japan and India to counter the growing influence of China is very important and commendable. Certainly, “India is now the country with the largest population in the world and is an old democracy. India will play a big leadership role in the future. This is very exciting. India is part of the Quad, which is especially important in view of the growing threat from China.” She sees India as a country playing a big role on the global stage today.
If we look at it, what former British Prime Minister Liz Truss is saying seems to be completely true, even if the opposition of Bharatiya Janata Party (BJP) in India does not accept this in the struggle for power and the desire to get it and tries to corner the Modi Government by raising many questions on the economic front, but today it is certain and it is coming to the fore again and again that the whole world is accepting the economic strength of India. Whereas this is the same India of 10 years ago, on the economic front, all the global leaders of the world used to sweat while praising it, but now everyone is unanimously accepting that the leap that India has made in the economic sector in the last decade is the fastest compared to any country in the world.
In fact, these are today’s latest figures of India which will fill every Indian with pride. With GDP growth currently at 7 per cent and over 151,000 startups, India is reshaping its economy. China’s rapid rise over the past decades has made it a major player on the world stage, while India’s recent growth has attracted global attention, establishing it as a formidable competitor. Today, not just former Prime Minister Liz Truss, but John Chambers, chairman of the US-India Strategic Partnership Forum, is saying that “by the end of this century, India will not only overtake China, but will be 100 percent larger in terms of GDP.” Their optimism was rooted not in lofty predictions but in the solid progress India has made over the past decade, driven by transformational policies and reforms that have reshaped its economic landscape. This set the tone for discussions on the country’s extraordinary rise and its future prospects on the global stage.
“For the first five years, I would argue, this administration did an amazing job of setting the stage for the decade,” says John Chambers. According to the World Bank’s India Development Update, the country’s GDP is projected to grow at a robust rate of 7 per cent in FY2024-25, underlining its status as the fastest-growing major economy in the world. This growth momentum is set to remain consistent, with GDP growing from 7.0 per cent in FY2022-23 to 8.2 per cent in FY2023-24. These numbers not only reflect the resilience of India’s economy but are also the fruits of a well-planned strategy. It is a fact that “over the past five years, while Indian markets have consistently delivered a compound annual growth rate of around 15 per cent, FY23-24 was an exceptional year, with benchmark indices rising 28 per cent while volatility remained low at just 10 per cent.
Apart from market performance, the roots of India’s growth can be traced to strategic initiatives such as Digital India. It must be said that this initiative, launched in 2015, was aimed at transforming India into a digitally empowered society and its results have been remarkable. One of the most important results of Digital India is the transformation brought about by the Unified Payments Interface (UPI), which has reshaped the way Indians transact. UPI’s growth from 92 crore transactions in FY 2015 to 13,116 crore transactions in FY 2017-18 is expected to be the biggest growth of digital payments in India. The launch of UPI reflects the widespread adoption of toll-free payments. This success has redefined convenience and established India as a global leader in digital finance. Beyond UPI, the CoWIN platform emerged as a critical tool during the COVID-19 pandemic, serving as the digital backbone for India’s vaccination drive. It enabled the administration of over 220 crore doses without a single day of interruption, reflecting the country’s ability to leverage technology for public health.
CoWIN not only represents India’s effective response to the global crisis, but also demonstrates how digital infrastructure can support large-scale health initiatives. Together, these achievements demonstrate that Digital India has laid the foundation for a digitally inclusive economy poised for long-term growth. The impact of this digital revolution goes beyond payments and identity verification. Over 35.6 crore Ayushman cards have been issued under the Ayushman Bharat scheme, providing millions of people access to healthcare. In addition, over nine crore FASTags have been issued, which is almost equal to the number of vehicles to be manufactured worldwide in 2023, facilitating smooth travel on the country’s highways. Such achievements highlight the comprehensive nature of India’s digital transformation, which touches every aspect of life and promotes sustainable economic growth.
Based on India’s positive economic outlook, SEBI Whole Time Member Anant Narayan ji is absolutely right when he says that the rapid growth of startups in India has established itself as a key factor in the country’s economic growth. According to him, “Only 10 to 12 years ago, there were very few startups in India. In fact, in the last time period, from 2015 to 2022, investments in startups increased 15 times.” This surge in investment has fueled a dynamic entrepreneurial ecosystem. India is now home to the third-largest startup ecosystem in the world, with over 151,000 recognised startups. The Startup India initiative launched in 2016 has played a key role in fuelling this growth, creating over 15.5 lakh direct jobs. This is a testament to how innovation, supported by the right policies, can drive economic growth while solving pressing challenges.
At the same time, India’s increasingly strong performance in the economic sector across the world shows that the Modi government has done a lot of profound work during its tenure. Every sector is being given holistic attention. Now, take the field of AI; as soon as it started being discussed in the world, India immediately recognised it as an opportunity for itself and started working on it. With the Modi Government launching initiatives like “AI for India 2.0” in 2023 and hosting the Global IndiaAI Summit in 2024, it is clear that India is establishing itself as a leader in AI on the global stage. India’s focus on AI is not just about technological advancement, but about creating a skilled workforce for the jobs of tomorrow, ensuring sustained economic growth. However, India’s economic story is not just about growth at the top.
For example, one can look at digital inclusion driven by schemes like the Pradhan Mantri Jan Dhan Yojana (PMJDY), which has brought millions of previously unbanked individuals into the formal financial system. Since its launch a decade ago, PMJDY has opened over 53 crore bank accounts, helping people access financial services and participate in the economy. Such grassroots development is critical to ensure that India’s growth is inclusive, bringing the benefits of prosperity to every corner of the country. One of the pillars of India’s economic growth is providing housing to its citizens. Under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), over 1.18 crore houses have been sanctioned, of which over 87.25 lakh have been constructed and delivered. This ambitious housing initiative is transforming lives by providing safe, all-weather homes to millions of families, including middle-class people seeking affordable housing solutions. The concrete results of this scheme are another indication of how India is laying the foundation for long-term growth while ensuring that no one is left behind, promoting sustainability, and improving the quality of life for many.
Given all this, the claim that India will overtake China as an economic power by the end of the century may seem ambitious to some, but the country’s progress over the last decade lends weight to their words. With the adoption of digital technology, the rise of startups, strong stock market performance, a strong focus on AI and a commitment to inclusive growth, India is on a path that could redefine global economic dynamics in the years to come. Now let us hope that what former British Prime Minister Liz Truss is saying today is not just the truth of the present, the results of the effective work of the Modi government of India will be seen for a long time in the future. India will once again regain the glorious horizons of its past in the economic sector.
The reality of the moment is that the government’s focus on boosting manufacturing and improving youth employability, combined with India’s young and ambitious population, presents a unique opportunity for economic growth. As the country moves towards becoming a USD 5 trillion economy by FY27-28, the expansion of manufacturing and emerging industries and the transition to clean energy options are likely to create high-quality, formal and green jobs. This will help many Indian states that aspire to grow rapidly, as they are already investing in these sectors to take advantage of India’s demographic dividend. Subsequently, the improvement in the labour market is likely to be reflected in future surveys.
Comments