India stands ready to lead the next phase of global growth: Experts

Economic Times

16-05-2025

India's emergence as a global economic powerhouse continues to gain momentum, demonstrating robust resilience vis-a-vis strategic policies amid the widespread global uncertainties, says the India@2047: Leading the Global Economic Order authored by Dr. S P Sharma, Chief Economist, New Economic Order Economists and Former Chief Economist, PHD Chamber of Commerce & Industry.
The book on 'India@2047: Leading the Global Economic Order' was released recently by the Dignitaries including Gopal Krishna Agarwal, National Spokesperson, BJP; Dr. Ajay Dua, (IAS Rtd.) Former Secretary, Ministry of Commerce & Industry; Prof. RM Joshi, Vice Chancellor, Indian Institute of Foreign Trade; Saurabh Sanyal, former Secretary General, PHD Chamber of Commerce and Industry; AP Vicky Shaw, Chairman, PHD Chamber of Commerce and Industry, Kashmir region; Prof. Niti Bhasin, Department of Commerce, Delhi School of Economics. Ms. Teena Jha, Senior Anchor, Sansad TV, moderated the session, and Dr. S P Sharma, author of the book provided the detailed presentation during the Launch Program.
With an average GDP growth rate exceeding 8% over the post covid three years (FY 22 to FY 24), India is on track to become a major driver of global economic growth, said the authored book by Dr. S P Sharma. As outlined in the book 'Leading the Global Economic Order', India is steadily advancing towards its vision of becoming a developed economy by 2047, the centenary of its independence. The book captures India's economic transformation through a comprehensive assessment of progress, reforms, and forward-looking strategies. Driven by flagship initiatives such as Make in India, PM Gati Shakti, and recordbreaking Foreign Direct Investment crossing USD 1 trillion, the country is witnessing a manufacturing and infrastructure resurgence.India's solid macroeconomic fundamentals—rising tax revenues, strong foreign exchange reserves, manageable fiscal deficit and debt-to-GDP ratio— strengthen its global economic positioning. India's dynamic and inclusive social approach, supported by women-led development, poverty reduction, rural advancement, and sports promotion, further reinforces its internal resilience. The book highlights the transition to sustainable growth through green energy, digital innovation, and emerging technologies such as AI and semiconductors. India's global integration is deepening with the rollout of the Foreign Trade Policy 2023, diversification of export sectors, and strategic economic alliances with the US, EU, GCC, ASEAN, and through active participation in multilateral forums like G20, BRICS, and BIMSTEC. Landmark initiatives like IMEC and the Chabahar Port projects underscore India's growing leadership in global connectivity and logistics.India@2047: Leading the Global Economic Order spans seven comprehensive chapters, detailing India's global economic ascent, growth enablers, policy frameworks, and transformative reforms. The book serves as a roadmap, articulating India's resolve to become a globally integrated, innovative, and sustainable economic leader by 2047.
The author, talking about the book, stated it to carry the roadmap or blueprint for India's journey and outlines the trajectory of India's economic growth in the past, present and future. He has attempted to gauge India's growth paradigms and its positioning in the global ecosystem.Thereafter, Gopal Krishna Agarwal, talked about 'Saamuhik Sankalp', i.e., collective pledge, so as to be able to achieve the potential of India in global leading economic order. The BJP spokesperson then stressed on clearly defining the roadmap and the narrative for the said purpose alongside keeping a positive sentiment about it. He highlighted the sectors offering greater potential for economic growth viz entrepreneurship, capitalising our intellectual capital, boosting the domestic consumption and demand, enhancing the investment opportunities, etc.Agarwal also focused on the rising foreign direct investments, ample forex reserves held by the country, while also emphasizing that fiscal deficit has remained under control even through the ups and downs of covid pandemic. He accentuated about the strong macro-economic fundamentals of the Indian economy, proving it to have a strong base for moving forward. Sh. Agarwal pointed to the holistic nature of growth to include welfare economics, inclusive growth and ensuring last mile delivery. The idea also encompassed the rising power of India economically, geopolitically and militarily. He discussed three important aspects viz higher tax collections, strengthening of financial institutions and public sector undertakings, along with good governance. He also highlighted the role of ease of doing business in India. To improve foreign trade, India's rising participation in bilateral trade treaties was highlighted. He concluded by saying the audience to embrace the challenges and channelise them to achieve our goals with strong willpower to make India - Viksit Bharat.Dr. Ajay Dua started by pointing that the book covers varied sectors, right from the formal ones to the informal ones too. He called India as the 'Startup Capital of the World', which highlights the potential of our manufacturing sector and thereby channelising our intellectual capital towards it. Dr. Dua put forth certain challenges with regards the Indian economy, viz lesser agricultural productivity per unit of land, the burgeoning unemployment problem in the skilled workforce sector, especially among women in India. He also talked about resolving the unsatiated domestic demand in India.Prof. RM Joshi called the book to have provided a complete and comprehensive perspective on India becoming Viksit Bharat. He highlighted by stating that with each passing day, India is getting stronger on multiple fronts. Prof. Joshi called out on India being a case study for various countries across the world for adopting different models. India is the only country to have provided free food for over 5 years(post-covid), which alludes towards food security and inclusivity, reaching to the last man standing in the line. It has also saved many people from dying of poverty.Prof. Joshi talked of India's-UK trade partnership deal, which has been concluded recently, which illustrated India's assertive stand on global front. Over the years, India has been the largest exporter of foodgrains globally. Even during the covid period, it highlights India's stability and resilience. He concluded by saying that India has become economically, politically, militarily and diplomatically strong.Prof. Niti Bhasin begun by discussing the aspect of collective pledge and its role in making India a capable contender for leading the global economic order. Apart from being one of the global economic powers, she highlighted that India stands out in its support to inclusivity (for instance the inclusion of African union in G20) and its preference to collective decision making. Besides being a soft power in geopolitics, it is well equipped with its hard power (defence capabilities) too. India, while stands with others and for others, also stands for itself too. Prof. Bhasin also discussed that India is engaging with varied countries to strengthen our economic ties. She concluded by saying that competitive federalism must be complemented with cooperative federalism, so as to reap maximum benefits on the economic and other fronts too.Sanyal discussed the challenges faced by India, which affect its economy. He also pointed out that or any country to grow, there are three crucial aspects. Firstly, the political will has to be strong, secondly the defence forces must be monumental to be able to act as a deterrent, and lastly skilling the manpower. He also highlighted the role of artificial intelligence in different sectors and adaptation to new age technologies. Sanyal also mentioned that the book contains a detailed assessment of India's progress so far on various frontiers and sectors, apart from laying down its aspirations.AP Vicky Shaw talked about the immense boost to the tourism sector in J&K, however suggested the infrastructure to be further strengthened. He consistently focused on strategic policies with calibrated steps, besides outlining the stable growth rate of India, FDI inflows, significance of sectoral contribution to Indian economy and social parameters like poverty rates. Further, foreign trade has been focused upon, especially defence and electronics exports. He also talked about the potential in the sector of food and processing industries, where agriculture and industry are combined to enhance value-added exports. Last, but not the least, aspects of sustainability and inclusivity are stressed upon so that growth could percolate the ground level in the economy.Dr. Sharma in his book has essentially elaborated on India's significant position in the global economy, strong fundamental support growth, balanced macroeconomic environment focusing on different sectors, structural reforms, expanded trade trajectory of India's economy, the country's participation at various international fora and its alliances, emerging growth paradigms like startups, digital economy, AI, environmental and space projects. The book has been published by leading Indian publisher Academic Foundation.