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Back to Newslettersonline business growth concept with Indian rupee and graph. 3D rendering illustration with stock market data. golden colored© pixxelstudio91 / shutterstock.comIndia is on the cusp of major economic growth, making it an attractive location for investment. Several factors contribute to this optimistic view: India’s large and growing middle class, technological innovations and growth-oriented regulatory changes are promising signs. The country’s economy grew by an impressive 9.1% in 2021. Many expect the trend to continue. Morgan Stanley projects that India will “become the world’s third-largest economy by 2027.”The future is not necessarily clear. A decade ago, many analysts expected to follow in the steps of China’s explosive growth, but this never happened. Sceptics argue that India’s current development did not come from sustained long-term development, but merely its recovery from the economic downturn caused by the Covid pandemic.But there are good reasons to think that the trend is well-founded and here to stay. India has a young, growing and increasingly educated workforce; and an expanding consumer market. It has the makings not of a temporary boom but of a sustained growth with a solid foundation.According to the World Bank’s latest India Development Update, titled “Navigating the Storm,” India’s economy has demonstrated continuing resilience despite a troubling external environment. “A tightening global monetary policy cycle, slowing global growth and elevated commodity prices,” the report states, are expected to impact India. Nevertheless, “the economy is relatively well positioned to weather global spillovers compared to most other emerging markets.”The update expects India to “experience lower growth in the 2022-23 financial year compared to 2021-22,” due to the aforementioned difficulties. Despite these obstacles, however, the World Bank forecasts a substantial increase in India’s gross domestic product (GDP). This positive outlook is primarily attributed to “robust domestic demand” within the country. The World Bank modified its GDP forecast for the 2022-23 fiscal year to 6.9% from 6.5%, noting a serious upturn during the second quarter (July–September) of this period.In other words, India is not merely experiencing the good fortune of a post-pandemic bounceback. It was able to weather the pandemic and recover well because it has a strong foundation. The update quoted Auguste Tano Kouame, the World Bank’s Country Director in India, who emphasized that “India’s economy has been remarkably resilient to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in good stead compared to other emerging market economies.”There are a number of factors that explain India’s economic resilience and its prospects for strong future growth:1. Large consumer market. India’s population is over 1.4 billion,For more than 10 years, Fair Observer has been free, fair and independent. No billionaire owns us, no advertisers control us. We are a reader-supported nonprofit. Unlike many other publications, we keep our content free for readers regardless of where they live or whether they can afford to pay. We have no paywalls and no ads.In the post-truth era of fake news, echo chambers and filter bubbles, we publish a plurality of perspectives from around the world. Anyone can publish with us, but everyone goes through a rigorous editorial process. So, you get fact-checked, well-reasoned content instead of noise.We publish 2,500+ voices from 90+ countries. We also conduct education and training programs on subjects ranging from digital media and journalism to writing and critical thinking. This doesn’t come cheap. Servers, editors, trainers and web developers cost money.We rely on your support for our independence, diversity and quality.We rely on your support for our independence, diversity and quality.You can also contribute viaLast week’s BRICS summit marked a historic moment as the five partner nations agreed to integrate six new members in...India’s top economic adviser argues that the government has created one common national market, facilitated creative destruction through IBC, helped...Preparations for the world’s largest annual pilgrimage are underway. 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Back to Newslettersonline business growth concept with Indian rupee and graph. 3D rendering illustration with stock market data. golden colored© pixxelstudio91 / shutterstock.comIndia is on the cusp of major economic growth, making it an attractive location for investment. Several factors contribute to this optimistic view: India’s large and growing middle class, technological innovations and growth-oriented regulatory changes are promising signs. The country’s economy grew by an impressive 9.1% in 2021. Many expect the trend to continue. Morgan Stanley projects that India will “become the...

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