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India is going to become largest economy in the world?

While the world is going through economic recession, India is growing at faster pace.

India is set to be the world’s fastest growing major economy in the year ahead, as a post-pandemic retail boom and recent bank balance-sheet repairs lure new investment.

This is likely to fuel hot demand for everything from cars to televisions, coal and airliners.

The world’s fifth-largest economy is expected to grow 6% in the fiscal year ending March 31, 2024, according to a survey by the Indian central bank this month.

Companies around the world have been outsourcing services such as software development, customer service and business process outsourcing to India since the early days of the Internet.

Energy is also key to economic development, as it impacts education, productivity, communication, commerce and quality of life. All of India’s 600,000-plus villages have access to electricity, due to recent upgrades to transmission and distribution, among other changes. This could boost India’s daily energy consumption by 60% over the next decade.

“In the coming decade, as India’s economy transforms, we think that it will be increasingly relevant for global investors in a similar way that China is today,”

Source: Morgan Stanley, CNBC, Times of India
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