Issue 385 February 1, 2018
The annual review of the Indian economy by International Monetary Fund could not have been better timed.
Just as India’s Prime Minister Narendra Modi was arriving in Zurich to attend the annual World Economic Forum (he was the first Prime Minister of India to do so in 20 years) held in Davos, Switzerland from January 23 to 26, the IMF gave a tick to the Indian economy, saying that it remains a ‘bright spot’ on the global landscape with strong growth.
The IMF Report, released in Davos, said that the drop in the price of oil in the global market in late 2014 boosted economic activity in India, further improving its external current account and fiscal positions and lowering inflation levels.
One of the most significant characteristics of India, its people and its economy is the inimitable resilience and penchant for progress, despite serious challenges and problems that confront the Nation on several fronts.
Confounding politics at regional and state levels, persisting poverty among the lower income groups (about 270 million according to World Bank estimates in 2012), unemployment, perceived corruption still persisting at some levels, and threat of terrorist attacks are among the challenges that India faces in its move to becoming the power engine of the world.
None of these however can cloud the fact that India is on the threshold of a major change, with the potential to overtake all other economies of the world not only in economic growth but also in many other areas. With its youthful population (more than 50% of Indians are below the age of 25 and more than 65% are below the age of 35), the country is set to become the human capital of the world.
The Modi government, since assuming office in May 2014, has heralded major changes in public and economic administration and as IMF observed, “and has made significant progress on important economic reforms, which will support strong and sustainable growth going forward.
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