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The rising role of India in the $100 trillion global GDP

  In a world that has seen the gripping effect of the pandemic and a devastating war with global repercussions in the last few years, there is a silver lining as well. An uninhabited economic development shows the ray of hope for the world. By the first quarter of 2023, the global economy is going to reach a new height while ensuring continued growth for the decade. In this journey, the Asian countries, among which, India, will play a pivotal role. The Covid pandemic, followed by the outburst of its Omicron variant, brought the world to a halt. When the world was getting its hold back onto normalcy, the European war situation complicated the situation. With various sanctions in place, the return to economic normalcy is staggered but not dead on its track. The earlier prediction was set in the year 2024, considering the pandemic effects. However, a reviving economy ensures that the goal will be reached far before. The boost for this economic growth, surprisingly, comes from China and India, two of the worst-hit countries in the pandemic. As they are turning the tide in their favour with a higher rate, the same is the trend of the global economy too. For now, the United States along with the European countries, are among the leaders in the global GDP. However, the condition in these countries are nearing the saturation point and the focus of the world GDP is set to shift towards the Asian axis. China and Japan are already two Asian super giants who are among the world leaders. India, with planned growth and favourable conditions, can join the ranks in the coming decade too. A combined effort of China, India, Japan and South Korea has added more than $25 trillion in 2021 to the global GDP. India is set to cross Germany to be the world’s third-largest economy by 2031 and at the same time, China is predicted to replace the USA as the largest economy. This development can be an indicator of history repeating itself. Prior to 1500 AD, the lion’s share of the economy was commanded by Asia, with Europe playing a little role. Colonization and industrialization were the tools that took away to the crown and resulted in a West-side migration. The journey to the goal, a successful realization of securing a leading position in the global GDP, is not an easy task for India. There are several setbacks and unforeseen difficulties on the way and especially the present war situation has made the circumstances more difficult. As the global economy and the share market on the whole are affected, India’s economic expertise that was recovering from the post-Covid downward trend has again taken a tumble. However, the country’s human resources can help to achieve the ambition. As the nation’s population approaches 1.4 billion, a proper resource allocation and management system can easily help to increase India’s effective annual output manifold.



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