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The world's newest economic superpower

   Sep 01, 2023
Credit : GMI Post

Over the last 500 years, the emergence of the Great Powers happened only when those states had a population large enough to produce a surplus of goods that the rest of the world wanted.

Since gaining independence from the United Kingdom 76 years ago, India has become the world’s fifth-largest economy, boasting various industries that contribute to global development.

According to the India Electronics and Computer Software Export Promotion Council (ESC), India is the world’s largest exporter of electronics and software.

“India continues to be the leader in the field of IT and IT-enabled services. Driven by our world-class local talent, innovation and advanced technology, India’s IT sector is helping power the nation’s growth and attract foreign investments,” said ESC Chairman Sandeep Narula.

And in education, India is becoming an increasingly popular option among international students.

“India is a powerhouse in the fields of research and innovation with a strong track record of attracting foreign students. But beyond the country’s top-notch quality of education, India’s vibrant and diverse culture allows for a kind of personal development that no academic curriculum in the world can provide,” said Shiv Nadar University Vice Chancellor Dr. Ananya Mukherjee.

In 2011, Shiv Nadar became the country’s youngest university to receive the Ministry of Education’s recognition as an Institution of Eminence.

India’s banking and financial services sectors also expanded quickly.

“India’s financial sector has been gathering steam thanks to the massive amount of policy and technology reforms made by the country’s current strong political leadership and its competent regulators,” said IDFC FIRST Bank Managing Director and CEO Vembu Vaidyanathan.

Axis Bank Managing Director and CEO Amitabh Chaudhry agreed: “India’s banking sector is strong and capable of serving anyone who is looking to invest in the country.”

Adani Solar Chief Marketing Officer Rahul Bhutiani

In the energy sector, India’s commitment to climate action remains strong.

Adani Solar is India’s first and largest vertically integrated solar company, the government’s push for green energy sources catapulted the growth of the solar manufacturing sector which is now the world’s second-largest.

“India has made significant progress in transitioning to clean energy in recent years which has led to the creation of significant investment opportunities. The country is well-positioned to become a viable alternative to support the green energy efforts of the world,” said Adani Solar Chief Marketing Officer Rahul Bhutiani.

Meanwhile, ReNew Chairman and CEO Sumant Sinha said that the country has become one of the world’s “most exciting investment destinations” for clean energy.

“The Indian market is already the third-largest power market in the world. And given the per capita consumption of energy in India, India will have a power market the size of the entire European Union in 20-30 years,” Sinha said.

Meanwhile, IndianOil, the country’s largest oil refiner and fuel retailer, eyes more domestic and foreign partnerships in developing green energy technology.

“We recognize that collaborations create and accelerate better solutions, especially when it comes to saving the environment. From advanced biofuels research to green hydrogen supply and production, we look forward to working with long-term partners to save the planet,” said IndianOil Chairman Shrikant Madhav Vaidya.

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