Growing economy, space prowess & G20

A year of significant moments that put India in global centrestage

September 9, 2023

By Rahul Nandan

Bharat or India is at the cusp of colossal change and transformation. As the world’s fastest growing and fifth largest economy, it is poised to become a superpower sooner than later. A vibrant economy, a large fast growing middle class with increasing purchasing power, steady global investment inflows and robust export promotion initiatives, digital leadership, political stability, and a massive spur in infrastructure (aspiring a trillion-dollar investment by 2025) accompanied with credible clean energy initiatives are all making India the globe’s preferred destination.

In the past one year, three significant developments have cemented India’s position as a fast-emerging global leader. In 2022, the country became the world’s fifth largest economy (GDP $3.75 trillion) as per International Monetary Fund figures, overtaking the United Kingdom, its erstwhile colonizer. Today, the UK is reeling under rapid inflation, leading to a sharp rise in the cost of living and risk of recession. Projected to overtake both Japan and Germany as the world’s third largest economy by 2027, this is a defining moment in the country’s history. From a terrible economy with a GDP of mere Rs 2.7 lakh crore (3% of the world’s GDP) when it became independent, the country has come a really long way in the past 70 years.

With its successful moon mission Chandrayaan 3 last month, India created history by becoming the first nation to land near the Moon’s south pole and joined the elite space club of countries to send a spacecraft to the Moon. Landing on the lunar south pole is a feat considering it holds the key to the lunar water ice, one of the Moon’s most valuable resources. The region is also rich in minerals. The mission’s success gained heightened significance after Russian spacecraft Luna-25 destined for the same south pole crashed into the Moon just days before. The subsequent launch of Aditya L1 this month, India’s first solar observatory mission attempting to decode the solar mysteries, was an icing on the cake. These feats are testimony to the country’s emerging space prowess and the talent of its scientific community and organizations.

And then India’s presidency of the G20 Summit this year. The country hosted the G20 Summit in New Delhi on September 9-10. It was the biggest G20 Summit ever, being attended by the heads of 41 delegations, and also said to be the grandest by all measures.

The summit under India’s leadership culminated in common consensus on some key initiatives. The host country had a major accomplishment in the inaugural session itself on September 9 where its move to include the African Union in the group paid off. The African Union is now the 21st member of G20 and the next summit in Brazil’s Rio de Janeiro will be called G21. The development is in sync with India’s push for the global south and aspiration for a permanent seat in the United Nations Security Council.

Another key development during the G20 Summit was the announcement of the India-Middle East-Europe Economic Corridor that envisions to establish seamless connectivity between India and Europe via the Middle East region. The underlying concept is the development of a network of railway lines in the Middle East and creating transportation links connecting India and Europe through sea routes on either side. The strategic initiative aims to promote seamless trade between the three regions, develop supporting green infrastructure and counter the Chinese Belt and Road Initiative.

Since assuming the G20 presidency last year in Bali (Indonesia), India has made apparent its focus on issues that unduly impact the developing nations — climate change; rising debt burden; soaring inflation; food, water, and energy security; and digital transformation.

These three developments in the past twelve months have pushed India’s position on the world stage to the next level, where it is being looked at as the only alternative to China in the Asia Pacific. The ancient nation “Bharat” must not let go of this moment and seize every opportunity to cement its position as a future superpower. It must take robust steps to address its gaping inadequacies that have been holding it for decades by focusing on reducing corruption, growing inequality, equitable education and healthcare access, population control, boosting rural infrastructure and creating ample job opportunities. It must break its eternal shackles of caste, creed, religion, and socio-economic status that are restraining it from taking a giant leap and the position it truly deserves. And, this is possible only when India’s 1.4 billion people come together against anything and everything that comes their way.

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