The news that dominated the Business news pages of almost all major dailies in India is the heartwarming news that Mumbai now has more billionaires than Beijing. Mumbai is now only behind New York and London as far as the number of billionaires are concerned. Already declared as the fourth largest economy of the world as per the GDP this new metric is also a strong indicator that the economy of India is doing just fine and is poised further on the path of ‘upward mobility’.
The aging population of China has given India a golden chance to replace China as the new manufacturing hub and become the second-largest economy in the world after the United States of America. Already Apple phones have started being manufactured in India and semiconductor device manufacturing is gaining momentum. States like Karnataka and Tamil Nadu are giving tougher competition to Maharashtra and Gujarat and emerging as the wealthiest states of India.
The skilled young population that India possesses has the potential to work productive hours and ensure that the GDP of the country is on a steady path. India is lucky to have a government at the center which is very much pro-business. Every day we are reading about IT parks being thrown open in different cities of India.
Faster-growing economies need faster aerial and land communication. India is making some of the finest highways and ensuring that from wherever in India one travels to at least one metropolitan city within 12 hours. India is just about to connect the Kashmir valley to the rest of India through a rail network. In modernizing the railways of India, Prime Minister Narendra Modi is comparatively doing better than all premiers of all countries of the world. Modernized fast trains are being added to every route in the country. Sooner we will have the first functional bullet train.
India needs to intensively remove the import/export deficit and continue to become the manufacturing hub of the world. India has for centuries in past been the numero uno economy of the world – there is no reason to believe that India cannot again claim its deserving space in the 21st century as the leading economy of the world.
