India is likely to be the world’s fastest-growing big economy this year

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India’s Rockefellers and tech stars are hoping that the country’s economic modernisation and unification will survive Narendra Modi’s divisive politics

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Save time by listening to our audio articles as you multitaskIn 2014, when Narendra Modi began his first term as prime minister, India was the world’s tenth-largest economy. In the following seven years it grew by 40% ; of big economies only China did better, with 53% over the same period. Growth this year of 8% will be the highest among big countries, according to theof roughly $5trn at market prices.

The first and most important pillar of India’s new growth pattern is the emergence of a single national market in which more firms and consumers use the modern financial system. This is fast superseding regional markets and informal businesses using mainly cash, which accounted for two-fifths of output and 87% of jobs five years ago. Much of the reform and investment underpinning this change predate Mr Modi, but he has expedited them.

The second pillar of India’s new growth concerns industry. India has long dreamed of becoming a factory for the world. But manufacturing’s share of output has remained stuck at 17-18% over the past decade as corporate investment by all firms has idled at the equivalent of 9-12% ofBigger and bigger business

Hoping to benefit from multinationals’ efforts to diversify away from China, Mr Modi’s lieutenants are also handing out $26bn in subsidies over the next five years for investment in 14 industries. These “production-linked incentives” pay out as firms’ revenues expand in such fields as solar panels, batteries and pharmaceuticals. Samsung from South Korea and Foxconn from Taiwan are usings to make more mobile phones in India.

The single market, industrial policy and technology seem likely to bring about a pick-up in growth from the 5.4% year-on-year rate reported in the final quarter of 2021. A mortgage banker says, “I have never seen this kind of demand for loan applications in 40 years.” Demand for electric vehicles is booming, a manufacturer exults.

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What a biased article. Grudgingly trying to divert credit to the nepotistic Congress gangsters. Comparing narendramodi with the Islamist Erdogan; the latter who has ruined Turkey with his stupid policies lowering interest rates for theological extremist reasons.

Who writes such crap? You're misleading & damaging your own dwindling reputation! That's why you're losing the popularity because the truth is just the opposite. The thug tea vendor narendramodi has plundered the treasury with momentous subterfuge scams. Inflation, unemployment

'The trials and growth of every economy have an epic quality.' ~ Yogi Berra

Naah, I have heard that since many-many years ago.

C'est tellement polluer. Vous voulez quoi? C'est un pays surpeuplé, et vous voulez encore plus d'économie. Mais où s'arrêtera la bêtise humaine?

I hope they improve personal hygiene bc there is a lot of opportunities to improve in that field.

Cope Rothschilds.

1 $luna = 1 btc 1 $ust = 10 usdt 202?//19

Why contradict? If Modi's style could derail, then is it not the same Modi under whom, as you said, 'India is likely to be fastest growing economy in the World. India will indeed be so! World has not yet understood the real potential of Indians. 😃😃

Funny that they want us to PAY to read propaganda against India.

This is the most stupid article from whoever wrote it.Indian economy is ready to collapse..they don't even know how to grow the economy.Only growth is happening for the ultra wealthy..it seems whoever wrote this article has no knowledge of economics or the person is just trying

Find it funny. Narendra Modi style of rule. What do you mean by that. It almost sounded as you are in disagreement and don't like it.

There will probably a lot of economies be derailed in the near future.

Conservative Economist pushes the bullshit that 'covid is gone' when tens of thousands continue to die of it every day. What a sad take on the value of human life.

🙄🙄🙄🤔🤔🤔 GodiMedia

Raghuram Rajan has a different view.

Yeah,no.

You always get these predictions wrong Economist

Recedes? Have you guys seen what's going on in China?

Really ? That's why gujarati Muslims are richest Muslims in india . Stop this propaganda, it has no takers in india that's why he continues to sweep elections in india ! You are only creating a vicious eco chamber by writing such lies

Razarumi Biased opinion of Economist. Can't help when people are brainwashed already.

It is nothing but how big the national economy is, but what determines how healthy people's happy lives are.

Greatness is achieved sometimes at the expense of others...History proves it. In today's World..Mirror Mirror on the Wall😊

India supports the killing and raping of Ukrainians. There is no I didn’t greatness. Karma will surely visit India.

You chaps have to introduce that word 'minorities' in every passage don't you!

National pride is helpful ingredient of personal self-esteem, which in itself is prerequisite for business/professional success. So nothing wrong Mr Modi, you are on the right track.

Not true. Narendra Modi wants to built a robust economy. He cares about equality. Minorities in India needs to be protected but also the government should make sure that minorities law is not used to play the victim card after comitting a offence.

The Minorities you talk about were the biggest enablers of genocide on hindus/Buddhists/jain whether it was afghanistan/pakistan or Mughal inslaved region of india

Muslim extremists are inspiring others to become extremists.

He is hindu. What's wrong for being proud of his hindu heritage ? There's no future for India without Hinduism. -- Annie Besant

U and your family (British💂) have communal mindset. They divided India into different countries in the name of religion. U r a propaganda and narrative media company.

India has already given minority religion Islam two big countries Pakistan and Bangladesh. Is it not enough?

Jealous Britishers, victims of Muslim supremacy in UK..

The India Rockefellers and tech starts need to listen to Mr. Modi because Mr. Modi pays attention to nearly all or all of India; not just the rich. Karma is crap! Look after your fellow citizens in any way you can! Always have the less fortunate in mind for their betterment!

Human right violation allegations coming soon to India since they're not opposing Russia 🇷🇺

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