According to a recently published report by Harvard University, India is ranked as the fastest growing country for the coming decade, growing at an annual rate of 7.9 percent, according to economic complexity growth projections.
The report shows that India has a plethora of opportunities across multiple industries, driving growth and creating employment. With India’s continued economic growth and scientific temper, it is on its way to becoming the most powerful country in the world. A look at the 12 reasons why India is set to rule the world by 2025.
1. Economic development- India may soon become the second largest economy in the world. India currently has a $2.6 trillion economy, ahead of the US and according to Economic Affairs Secretary Subhash Chandra Garg, it will grow to $5 trillion by 2025. India has experienced high GDP growth in the last two decades which has led to increase in per capita income.
2. Science and Technology- India is making remarkable progress in the field of science and technology. As digitalization continues to increase, India will make more progress in block chain, 3D painting, machine learning and robotics. Nearly $150 billion is invested in the Artificial Intelligence sector as India strives to become a giant in this sector in the future.
3. Diplomacy- India has been able to build a strong political position. It has not been involved in any major international conflicts and is friendly to the majority of the nation, as well as the European Union, Japan, Russia, and the U.S. Maintaining peaceful relations with such world powers.
4. Democracy- One of the biggest strengths of India is that it is a democratic republic. Although China also shows advancement in technology and economy, it does not provide freedom of speech and expression to its citizens. Whereas democracy is favorable for competent government and India allows its people to choose their leader.
5. Military strength- India has one of the most powerful military forces in the world. It has a massive defense budget and top military technology reaching global standards. India Russia, Europe, Israel, US Can also buy military resources for war.
6. Population- India has the second largest population in the world, 65 percent of which is below 35 years of age. Hence India has the most dynamic workforce which is going to be a change maker in the next two to three decades. A younger workforce will increase competition for jobs. Hence there will be increase in business profit with less labor cost.
7. Tourism- Tourism sector will contribute significantly to India’s development journey. India’s tourism sector created 40.3 million jobs in 2016, ranking the country second in terms of employment rate.
8. Infrastructure- India is aiming to develop a modern rapid transformation system. Cities such as Kolkata, Mumbai, Delhi, Bengaluru, Chennai and Kochi have closely interconnected metro train systems. Whereas companies like Mahindra are working towards electronic vehicles equipped with e-mobility in the engineering future.
9. Education- India has an advanced education system with globally recognized institutions like the Indian Institute of Technology. Which is the second largest producer of engineers, doctors and scientists. Additionally with the advancement of technology, the Government of India is also encouraging the growth of e-learning and smart classes.
10. Agriculture- C.2 According to McKinsey report, India’s agricultural production can reach Rs 29.28 lakh crore and food export can reach Rs 7 lakh crore in the coming decade. With the rapid advancement of technology and growing tractor industry, India will soon become a food power house.
11. Energy- To deal with the energy crisis in the future, India is working towards building hydro-power stations. With current stakes in several oil fields in the Middle East and Russia, it also aims to acquire oil fields around the world. Additionally, India falls in the tropical region and with the speed with which technology is growing, India can capitalize on its geographical location to generate renewable solar energy.
12. Cultural Diversity- India is a melting pot of different cultures and religious practices. The country’s history confirms India’s long-standing tolerance for multiple castes. Which is to promote art and culture in India. Bollywood is the second largest film industry in the world and Hollywood is not able to handle the Indian film industry because of its wide spread diversity.