India's path to prosperity depends on the growth of all states, with some states performing better than others in terms of per capita income and economic outcomes, highlighting the need for policy interventions to address disparities and promote inclusive growth.
Finance Minister Nirmala Sitharaman highlights the central government's consistent reforms and stable results over the past nine years, including reforms during the COVID-19 pandemic, while emphasizing the importance of investment in health and education as priorities for India and the global community.
Indian voters are growing unhappy with Prime Minister Narendra Modi's government due to high inflation and unemployment, but he is still expected to win a third term in elections next year due to his personal popularity, according to a survey by India Today magazine.
India's economy is experiencing consistent growth, and is predicted to become the fourth-largest economy within 18 months and the third-largest by 2028, driven by strong fundamentals and infrastructure development, while successfully reducing poverty; however, further reforms in areas such as patents, judicial, administrative, and process reforms are needed to boost economic growth.
Prime Minister Narendra Modi emphasized the importance of heritage in driving economic growth and promoting international cooperation in his address at the G20 Culture Ministers' Meeting. He highlighted India's efforts to map cultural assets, promote traditional crafts, and preserve its rich cultural heritage.
Billionaire Ray Dalio sees India as a promising investment opportunity due to its recent successful moon landing and projected 7% growth rate, describing it as having the right potential and leadership for growth similar to China in the 1980s. Dalio believes Indian prime minister Narendra Modi has the capacity to influence the world order. On the other hand, Dalio has become less optimistic about China and suggests a massive debt restructuring is needed. Other notable figures, such as Tesla CEO Elon Musk and Goldman Sachs, also express confidence in India's economic prospects.
India is experiencing significant political and cultural changes as Hindu nationalism and neoliberal economic ideas reshape the country, benefiting new elites and the middle class while negatively impacting the working class. This transformation is influenced by the "Gujarat model" of development, characterized by collaboration between the state and the corporate sector, low wages, tax holidays, and land acquisition. Additionally, India has shifted towards the right politically, with a move towards neoliberalism leading to a market-oriented economy and a decline in social spending. This has had negative consequences for the working class, and the rise of neoliberalism has created more space for the politics of Hindutva. The ruling Bharatiya Janata Party has successfully cultivated support among the emerging middle class, which values individualism and the ownership of private property. With the growing influence of the middle class and the close ties between the government, industry, and finance, India has experienced a preference for governance by decree or judicial decisions rather than democratic decision-making. This has led to the dominance of Hindutva and the erosion of basic rights for minority groups.
Indian Prime Minister Narendra Modi warned that there is a risk of a "new model of colonialism" if nations with critical minerals do not see it as a global responsibility, as the race to secure resources for energy transition goals intensifies. Modi emphasized the need for cooperation in the face of uneven geographical diversification and export restrictions imposed by countries like China.
Indian Prime Minister Narendra Modi has called for a global framework for regulating emerging technologies such as cryptocurrency and artificial intelligence, emphasizing the need for rules and regulations that do not belong to any one country or group of countries.
India's recent achievements and economic growth have positioned it as a rising global power, but the country must address its challenges in poverty, job creation, education, and inequality in order to fully realize its potential.
The economist Tharman Shanmugaratnam highlights India's challenges in achieving sustained economic growth, addressing social and economic disparities, and integrating with China and ASEAN. He emphasizes the need for India to focus on education, increase exports, reform employment and land acquisition laws, and take advantage of its untapped potential.
Indian Prime Minister Narendra Modi has called for the United Nations to reform in order to reflect the realities of the 21st century and ensure the representation of important voices, ahead of hosting the G20 summit in India. Modi also expressed support for the African Union to become a full member of the G20.
Prime Minister Narendra Modi has emphasized the importance of financial discipline and warned against irresponsible financial policies and populist measures, stating that they may deliver short-term success but will have long-term social and economic consequences. He also expressed confidence in India's rise and outlined his vision for the country's development by 2047.
Indian Prime Minister Narendra Modi discussed India's achievements during its presidency of the G20, highlighting its human-centric model of development and its response to the pandemic, which has gained recognition and appreciation from the international community; he also emphasized the importance of including the Global South and Africa in global affairs and addressing their needs. Additionally, Modi noted India's efforts in promoting renewable energy and the democratization of technology, while acknowledging the challenges of cybercrime and the need for global cooperation. He expressed confidence in India's future economic growth and its potential to become one of the top three economies in the world by 2030 and a developed country by 2047.
India's economic rise is seen as inevitable due to factors such as a consumer boom, context-appropriate innovation, a green transition, a demographic dividend, access to finance, major infrastructure upgrades, policy reforms, geopolitical positioning, and a diaspora dividend, although challenges such as unbalanced growth, unrealized demographic potential, and unrealized ease-of-business and innovation potential still need to be addressed.
India's G20 presidency may be seen as a failure in terms of achieving global consensus, but it has been successful in boosting India's image, promoting its leadership in the "global south," and enhancing the personality cult of Prime Minister Narendra Modi domestically.
Former Indian Prime Minister Manmohan Singh has stated that India has prioritized its sovereign and economic interests while advocating for peace, emphasizing the importance of being restrained in using foreign policy for domestic politics. He also commented on India's handling of the Ukraine-Russia conflict, urging the G20 to focus on policy coordination rather than security differences. Additionally, Singh expressed optimism about India's future but stressed the importance of maintaining a harmonious society that celebrates diversity.
The virtuous cycle of scale, innovation, and democracy in India is leading to more talent staying or returning to the country, which contributes to economic growth and strengthens the social contract, ultimately creating a promising future.
India's hosting of the G20 summit highlights Prime Minister Modi's dominance in the capital, with significant security measures and changes to the city's infrastructure, although issues of inclusivity, infrastructure, and human rights persist.
India successfully used its G20 presidency to showcase its rising power status, bridge the gap between the West and the Global South, and highlight Prime Minister Modi's leadership, but the summit itself did not deliver concrete outcomes on key issues such as climate change and multilateral development bank reform.
Under PM Modi's leadership, India is uniting to achieve the vision of "One India Great India", with the country experiencing social, economic, and political transformation and making significant strides in various sectors such as agriculture, healthcare, and infrastructure.
