A picture shows workers at a building site in Mumbai in November 2023. The image reveals India’s booming economy which has been doing remarkably well.
According to a report from London by CNN, India, the world’s fastest growing big economy performed extremely well through 2023. The country’s Gross Domestic Product (GDP) rose by a whopping 8.4% in the last three months of that year, an amazing jump from a 7.6% growth recorded in the June to September period. Not only is this far better than anticipated, but it means that India ended the year on a very high note.
Thamashi De Silva, an economist, stated that India’s growth rate was the best compared to other big economies. She added that the economy started 2024 on a high note. Another report suggests that the number of extremely rich Indians is expected to increase by 50% by the end of 2028.
The International Monetary Fund (IMF) predicts that India’s economy will grow by 6.5% in 2024, which is much higher than China’s predicted growth of 4.6%. This robust growth is expected to lift India from the fifth to the third biggest economy in the world by 2027.
In addition to this, India is becoming an attractive base for countries and businesses looking to expand their production capacities beyond China. Many companies, including Apple supplier Foxconn, are already growing their businesses in India. Tesla’s CEO, Elon Musk, has also expressed interest in setting up shop in the country.
India’s government, under the leadership of Prime Minister Narendra Modi, has been making efforts to encourage big companies to build factories in the country. They have been investing a lot of money into developing the country’s infrastructure.
However, it’s important to note that India’s economy might slow down a bit due the global economic environment and restrictions on lending. Despite this, the government’s investments in infrastructure are expected to stabilize this effect.
Vocabulary List:
- Remarkably (adverb): In a way that is worthy of attention or notice strikingly.
- Whopping (adjective): Very large enormous.
- Anticipated (adjective): Expected or predicted.
- Robust (adjective): Strong and healthy vigorous.
- Attractive (adjective): Appealing to the senses or desire inviting.
- Stabilize (verb): Make or become more stablesteadfastor unchanging.
