India’s long-term growth story intact:
The growth story of the Indian economy has been remarkable over the years. The structural transition in the Indian economy has started taking off since 1991, the year when India introduced the LPG policy. Since then, India’s GDP has grown by 12x from USD 0.3 trillion to now USD 3.7 trillion; per capita income has grown by 9x; exports by 43x; imports by 47x; forex reserve by 496x and stock market (Sensex) by 31x.
Amidst the many challenges faced by the world economy over these past few years, India has remained a safe harbor in the storm. With the pandemic shutting the world down in 2020, we have seen great changes in how we live and what we seek from life. With a greater focus on the integration of technology and AI into business, and with sentiments turning against Chinese manufacturing, India finds itself in a position to leapfrog to the front of the pack.
Disclosure: This article is published in the July edition of ‘The Chartered Accountant’ journal.
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