India : A Rising Global Economy/ ভারত : একটি উদীয়মান বিশ্ব অর্থনীতি

Abstract

Historically India is a country of deep democratic values, multi-culture, multi-religion, trade and heritage. India's pluralistic and composite culture is a living proof of the potential of the confluence of civilizations. India is a nation that bridges many global divides. Secular and parliamentary democracy exists in diverse and pluralistic India, but it is an Asian state, not a Western state. It has a federal structure, but here central authorities can play a disproportionately large role in matters of national interest and security. India is the world's largest democracy and one of the fastest growing economies in the world today. India stands as one of the world’s most dynamic and rapidly growing economies, currently positioned as the fifth-largest globally by nominal GDP. Stable economy, highest GDP, a vast domestic market, economic interdependence, advancement in information technology, active participation in global trade and diplomatic influence have consolidated and strengthened India's economic position and India is set to become a global economic power in the future.

      India's economic strengths lie in its diverse industrial base, burgeoning services sector, and a strong information technology (IT) industry, which is a global leader in software services and business process outsourcing. The country also has a young and increasingly skilled workforce, which is poised to drive innovation and productivity in the coming decades. Additionally, India's emphasis on digital transformation, through initiatives like Digital India, is rapidly modernizing its economy and creating new avenues for growth.

       India has emerged as a significant player on the global economic stage, reflecting a dynamic growth trajectory and strategic influence in international markets. Over the past few decades, India's economy has witnessed remarkable transformations, fueled by liberalization policies, technological advancements, and demographic dividends. This ascent is characterized by rapid GDP growth, expanding middle class, and increasing integration into global trade networks. The prospects for India’s economic growth remain robust; with projections indicating it could become the world’s third-largest economy by 2030.