New Delhi: A huge consumer population with a massive production capacity will help India make its mark globally under the leadership of Prime Minister Narendra Modi, catapulting the country to equal -- maybe even surpass -- the Chinese economy in the future, global investor Mark Mobius said.
India is expected to become the third-largest economy in the world with a GDP of $5 trillion in the next couple of years. Ten years ago, India was the 10th largest economy in the world, with a GDP of $1.9 trillion (at current market prices).
Mobius told IANS that a lot of new investments are coming into India and more and more large companies are looking at embracing the "China+1" strategy.
"India is going to become a favourite destination to establish global supply chains, manufacture components, materials and equipment, which will come at the expense of China in its due course," he noted.
The latest study by Oxford University’s Said Business School (SAS) and Gates Foundation found that India’s PRAGATI platform, led by PM Modi, has reduced delays in 340 major infrastructure projects, cutting timelines from years to months, accelerating the completion of long-delayed projects worth a staggering $205 billion.
According to Mobius, the most important thing PM Modi has done is the digitisation of the Indian economy.
"That has led to great efficiencies and extended to infrastructure growth. You must remember that the internet is part of the infrastructure of any country and PM Modi has done a lot to improve that via various initiatives (Digital India, Make in India, Skill India, IndiaAI Mission and more)," the global investor said.
According to Mobius, some countries, notably China, have taken advantage of the World Trade Organisation (WTO) rules and there will be "a reset" soon and the "future is very bright for India”.
India's perception has changed globally: Oxford professorNew Delhi: Hailing Prime Minister Narendra Modi for his good governance, Oxford University professor Soumitra Dutta said that the perception of India has changed globally over the last 10 years as the nation marches strongly towards becoming a major economic power in the world. Professor Dutta, who recently co-authored a study titled, 'From Gridlock to Growth - How Leadership Enables India’s PRAGATI Ecosystem to Power Progress’, said India aspires to be a fully developed nation and to achieve those goals, India needs to actually ramp up its infrastructure projects significantly and infrastructure projects, not just roads, highways and power plants, but also social projects. “India is at a very, very historic sweet spot in its development. A lot of geopolitical forces are in its favor, a lot of technology forces are in its favor and a lot of leadership forces exemplify Prime Minister Modi's direction on leadership,” he added. |
