Ten years after Narendra Modi was first elected prime minister, India’s economy has seen significant growth, roughly doubling in size. This growth has been fueled by a consistent 7 percent annual growth rate since the country opened its markets to international competition in 1991.
Modi’s leadership has been closely associated with this economic growth, with his image as a strong leader who can drive the economy forward being a key part of his appeal. Under his leadership, India has seen visible infrastructure expansions and the distribution of welfare benefits to the majority of the population, many of whom still live in poverty.
While the rest of the world, particularly Western countries looking to counterbalance China and Russia, hopes for India’s economy to accelerate further, there are challenges that need to be addressed. One potential area for growth is in manufacturing, as seen with Apple’s operations in South India. Investors are eager for India’s successes under Modi to translate into tangible dividends.
However, there are also concerns that need to be addressed. The political opposition has tried to capitalize on frustrations over job opportunities and Modi’s ties to wealthy business leaders. Despite attempts to stir public anger, such efforts have not had a significant impact on either the political landscape or the markets.
As India continues to grow and solidify its position as a global economic powerhouse, the challenges and opportunities that lie ahead will shape the country’s future trajectory.
