There’s more to India than just its cultural vibrancy and it being the land of hundreds of festivals, flowery traditions and a montage of illustrious history. Easily, for the better part of the last two decades- India has constantly made news for the sheer strength of its economy.
This is a massive plus for a country that in this part of the 21st century, remains still largely agrarian. Isn’t it?
The greatest primer of change regarding the shining India-story is the strength of its manufacturing sector and the unprecedented gains in the sphere of technology. India constantly exports the finest engineering talents everywhere in the world whether it is Germany or Britain, the United States or Western Europe.
And now, it is expected that amidst the very prominent presence of economies like the United States, Great Britain, China, Germany, Japan and, Russia- it is India- that is poised to assume a bright future ahead.
According to Mr Arun Jaitely, in the forthcoming days, India will actually pip none other than Great Britain to become the fifth largest economy in the world. But that said, are there some challenges in the path ahead?
Well yes. There seem to be some stifling challenges that India will need to better in its journey toward becoming a rising economic behemoth. The concern rests with the current rising crude oil prices and the global trade war that sees a constant state of embargos and sanctions being imposed parallelly jarring the connecting economies.
And that is not all. Speaking on the bright road ahead for India where the economic progress stands, Mr Jaitely was keen to observe some precious notes as well.
“If we keep growing at the rate which is being projected, it is likely that next year we will be the fifth largest economy ahead of Great Britain,” said Mr Jaitely on a Facebook post. Interestingly, he also raised a verbatim against the leading opposition party, the Congress suggesting that while the legendary political party only gave slogans, the BJP (the current ruling party) has been able to carve out resources that are forwarding the path to India’s economy.
These remarks and observations- interestingly- come at a time where the World Bank has made some positive notings about India. It is suggested that India has pushed France further down to seventh and swiped places with the country to now become the world’s sixth most powerful economic power system.
Mr Jaitley added further on the above, “This is in consonance with the rest of the narrative. Being the fastest growing economy for the last four years, we can look at the next decade as one of economic expansion.”
Obviously, where the current economic power structure of the world stands, it is none other then Donald Trump’s the United States of America that continues to be the towering economic powerhouse it is. One wonders, would the likes of Chomsky, Ferguson or Krugman will have something interesting to add here.
That said, the next economic mega structures after the USA include- China, Japan, Germany and, Britain.
Mr Arun Jaitley has sounded very gung-ho regarding the fate of India’s economy. He also added something that will give even the most remorse-filled, the constantly detracting critics of the Indian economy.
“We have already seen a significant move up in India’s ranking in the ease of doing business and as a preferred investment destination,” said Mr Jaitley.
That said, he also worded a concern about the global challenge that lays in the current ebb of world affairs. “Today we stand to be tested in the midst of a global challenge thrown upon account of the international crude oil prices and the trade war.”