India's Economy Poised to Overtake Germany by 2024

India's economy has shown significant growth in recent years, making it one of the fastest-growing economies in the world. With a population of more than 1.3 billion people, India has a vast consumer base that provides ample opportunities for growth and development.

Vibrant Start-up Ecosystem: India is currently the third-largest ecosystem for startups globally, behind only the United States and China. With a rapidly growing technology industry and a young population, India is poised to continue its impressive growth trajectory in the years ahead. More than 92,000 entities recognized as startups since launch of Startup India

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Demographic Advantage: India has a large, youthful population that is expected to drive economic growth in the coming years. The median age in India is just 28, compared to 46 in Germany, giving India a demographic advantage in terms of its workforce.

Economic Growth: India's economy has been growing at a steady rate of around 7% per year, making it one of the fastest-growing major economies in the world. This growth is expected to continue, driven by factors such as increased foreign investment, infrastructure development, and a growing middle class.

Political Stability: India has a stable political environment, which is crucial for attracting foreign investment and promoting economic growth. The government has implemented several reforms in recent years aimed at improving the ease of doing business in the country.

Technology Innovation: India is home to a thriving technology industry, with companies such as 印孚瑟斯 , 塔塔咨询服务公司 , and 维布络 leading the way. The country's technology sector has the potential to continue driving economic growth in the coming years.

Manufacturing Capabilities: India is a major player in global manufacturing, with companies such as Tata Motors , Mahindra and Mahindra Limited [Automotive and Farm Equipment Business] , and Bharat Forge Ltd leading the way. The country's manufacturing capabilities are expected to continue growing, driven by factors such as government initiatives and a growing skilled workforce.

Infrastructure Development: India has made significant investments in infrastructure development in recent years, including the construction of new airports, highways, and railways. In Budget 2023-24, infrastructure development has been allocated 10 trillion rupees. This is five times the amount spent during the previous nine years. These investments are expected to drive economic growth by improving connectivity and reducing transportation costs.

Renewable Energy: India is a leader in renewable energy. India's total renewable energy capacity, excluding large hydro and nuclear plants, reached 122 GW in February 2023 with a target of 450 GW of renewable energy by 2030, which includes?280 GW of solar power and 140 GW of wind power

Favourable Demographics: India is home to a large and growing middle class, which is expected to continue driving consumption and economic growth in the coming years. This demographic shift presents significant opportunities for businesses operating in India.

Rising Globally: India's rising global profile is expected to attract more foreign investment and promote economic growth. The country's strategic location, growing diplomatic influence, and membership in global organizations such as the G20 India , QUAD, BRICS The ASEAN Secretariat United Nations , World Bank Group all contribute to its increasing prominence on the world stage.

A nation deeply committed to democracy and multilateralism, India’s G20 Presidency would be a watershed moment in her history as it seeks to play an important role by finding pragmatic global solutions for the wellbeing of all, and in doing so, manifest the true spirit of ‘Vasudhaiva Kutumbakam’ or the ‘World is One Family’. https://g20.mygov.in/

Digital infrastructure: India has made significant strides in digital infrastructure, with widespread access to mobile phones and increasing internet penetration.

BharatNet ,?one of the biggest rural telecom projects in the world, implemented in a phased manner to all Gram Panchayats (approximately 2.5 lakh) in the country for providing non-discriminatory access to broadband connectivity to all the telecom service providers.

Hopefully, India will become World’s 4th largest economy by 2024 overtaking Germany: Chief of Defence Staff General Anil Chauhan at ‘The Chanakya Dialogue’ organised by PHD Chamber of Commerce and Industry PHDCCI Delhi