What's happened
India's economic growth under Prime Minister Narendra Modi has been remarkable, with the economy more than doubling in size to over $3.7 trillion. The IMF has upgraded India's growth forecast to 7.8% in 2024, positioning it to overtake Japan and Germany to become the world's third-largest economy by 2027.
Why it matters
Prime Minister Modi's economic policies have led to significant growth, positioning India as a key player in the global economy. The country's rise to the third-largest economy by 2027 will have far-reaching implications for trade, investment, and geopolitical dynamics in the region.
What the papers say
Business Insider UK highlights Modi's success in attracting corporate giants like Elon Musk and Jamie Dimon to India, while BBC News emphasizes Modi's efforts to transform India into a developed nation by 2047. South China Morning Post discusses India's appeal to global investors and the shift towards India over China. The Japan Times focuses on India's projected overtaking of Japan in nominal GDP by 2025.
How we got here
Since Modi took office, India's economy has seen significant growth, surpassing the UK to become the fifth-largest economy. Modi's focus on economic reforms and infrastructure development has attracted foreign investment and propelled India's economic expansion, leading to the country's projected rise in global rankings.
Common question
More on these topics
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India, officially the Republic of India, is a country in South Asia. It is the second-most populous country, the seventh-largest country by land area, and the most populous democracy in the world.
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Narendra Damodardas Modi is an Indian politician serving as the 14th and current Prime Minister of India since 2014. He was the Chief Minister of Gujarat from 2001 to 2014, and is the Member of Parliament for Varanasi.