As world economy looks beyond China, India steps up as a new powerhouse

As powerhouses from China to Germany contend with slowing growth, the stakes are rising to find another nation equipped to propel the global economy

Kai Schultz & Vrishti Beniwal | Bloomberg
Prime Minister Narendra Modi

Prime Minister Narendra Modi

India’s economic transformation is kicking into high gear.
Global manufacturers are looking beyond China, with Prime Minister Narendra Modi stepping up to seize the moment. The government is spending nearly 20% of its budget this fiscal year on capital investments, the most in at least a decade.
Modi is closer than any predecessor to being able to claim that the nation — which may have just passed China as the world’s most populous — is finally meeting its economic potential. To get there, he’ll have to wrestle with the drawbacks of its exceptional scale: the remnants of the red tape and corruption that has slowed India’s rise, and the stark inequality that defines the democracy of 1.4 billion people.

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First Published: Jan 23 2023 | 7:04 AM IST

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