India is on the verge of becoming an economic superpower, but the road ahead is not easy
The country denoted for being a superpower has the extensive ability to exert influence on an international scale. The country’s government is in a state of possessing immense power, in terms of both, economic and military, and can exert superiority over other countries. As per the ‘World Population Review of 2021’, the most powerful country in the world is the United States, followed by China, Russia, Germany, and the United Kingdom. The survey ranks the top 80 most powerful countries in the world on the basis of international and military alliances, political and economic influence, and leadership skills. Now, new reports suggest that India might soon become the next superpower and extend its economic superiority over other countries. The US might have made it to the top of the list for quite a long time, but India is definitely making its way to gaining economic superpower status and might overtake other superpowers quite soon enough.
The rise of China into a superpower is the biggest story in the global economy in recent decades. But amid concerns around its stumbling property market conditions and global fears around inflation, the emergence of its neighbor, India, as an economic superpower might become truly freakish. We are all quite aware of Chinese business giants like Jack Ma, but Indian industrialists and business leaders like Gautam Adani and Mukesh Ambani have also been contributing to the revolution of global industries. Adani and Ambani, in particular, vastly represent India’s growing economic strength, thanks to the rapid expansion of their massive conglomerates, which covers everything, starting from ports to airports, from solar powers to television.
India’s Journey to Becoming Economic Superpower is Not Easy
According to reports, India’s gross domestic product has grown by over 13% in the Q2 of 2022 after the pandemic controls were lifted and manufacturing and services boomed. Although a dramatic change and growth in the country’s GDP might not happen, India is still on track to expand by over 7% by the end of 2022 as it continues to benefit from economic liberalization in the private sector, a rapidly growing working population, and the realignment of the global supply chains away from the prying eyes of China.
Recently, India has overtaken the UK to become the world’s fifth-largest economy, and experts predict that in the coming years, the country will surely rally up the ladder to overtake Germany and Japan to become the third-largest economy in the world. They believe that the primary trigger that will help India to rise above the ranks is its growth in the manufacturing sector and challenging the world’s largest exporter, i.e., China might just be the right start. India is already benefitting from a large, well-educated, often English-speaking middle-class, helping the country to develop world-class IT and pharmaceutical sectors. It is only a matter of time before the country becomes the largest country with the highest economy, marching hand-in-hand with the United States.