Experts have concluded India is on a path to becoming a $10 Trillion economy by 2035. Interesting isn’t it? However the world has its own questions on this number and the path to reach it, most of the statements are merely statements at the moment and there are so many questions that remain unanswered. One might think the events of the economic year 2022 suggest otherwise. The economic fallback is affecting one and all and in times like it seems rather optimistic to make this assumption.
Today we will analyze the questions and what may or may not happen in the decade to come. Recently at the 25th Energy and Technology meet the Union Minister for Petroleum and Natural Gas stated that India is going to become a $10 trillion economy by 2035. It was not just a statement, it was an understood fact and rather a very interesting fact. The statement instantly gained a lot of attention from experts and economists all over the nation and everyone has one question to ask, How?
India’s path of hurdles
The Indian economy has been through a lot of ups and downs, and even now when the world is going through problems like a pandemic, recession and wars one cannot expect growth and productivity to the peak. Last year was a rollercoaster ride in itself, there were times when our currency touched its lowest, stock markets had a breakdown and global relations were compromised.
The future has its way to make sense somehow, experts have been very positive about what has been in store for the coming few years. At this point we simply have assumptions and we are hopeful about a positive new beginning. There is no denying that a couple of years will be traumatic for the world economy, and if India does not become a direct pain point of the recession’s wrath we will still face some amount of impact of this period.
Are we tackling the hurdles?
As per the government, the steps that are being taken at the moment will have an impact on the future of our country and will yield long-term growth. Despite the pandemic and all other world problems, three sectors thrived like no other. These sectors were energy, food, and fuel. The groups of people involved in these sectors have seen growth other than the freelance network community and some sectors of the tech sector were a few of the main examples of growth and GDP contribution.
Let’s discuss some sectors of growth and development for the Indian GDP:
Sustainable India: India’s growth pattern centers around green energy and sustainability in the coming years. The country is taking a path from hydrocarbon to sustainable growth. This step will help our growth and will make us a viable choice for international trade. The route to international trade and growth is now focused on sustainable companies. It is an understood fact that no nation wants to make ties with nations or companies that are not focusing on sustainability.
Internal Growth: India has also started managing the issues that existed internally within the economy. Many new laws and practices have come into the picture. The new and developed insolvency code refines the country's overall insolvency problem. Additionally, we have started working on rules of internal sustainability and regulating wastage wherever possible. It is the efforts that go both ways in creating a strong future and merely focusing on international or national growth will not make the way any easier.
International Lead: India has been leading a lot of interesting world-over phenomena. Recently India led the G20 summit. The summit was a way for the Indian economy to showcase its growth and where it has been in a matter of only a few years.
Economic Pace: India was the fastest-growing economy in 2022, and while the world was collapsing India was gaining strength and growing. Business network communities all over the nation spread wings globally. The tech sector brought in clients and bench workers building a strong business circle. The stock markets sustained the impact of the recession and we ended 2022 on a rather satisfactory note.
So much has happened in the past year that any move further only makes us hope for the best. One cannot rely on future predictions anymore, as we have no idea what the future holds for the world economy. No one anticipated the pandemic and here we are, living in a post-pandemic world that will never be the same. We no longer wish to go to offices every day and we like to work from the comfort of our homes while opportunities through Flexi recruitment services keep pouring in from different corners of the world.
Now that we have established that the world is changing, and India is doing well as well, what seems to be the conclusion of our first question? Will India reach the mark of $10 trillion by 2035?
Here are some things we can consider at the moment,
India has performed well in terms of economic growth and our numbers seem better than most. So we are sure to see a positive future if things go the way they were predicted.
While we focus on GDP growth if we wish to reach the goal of a $10 trillion economy, we need to focus on external growth as well. There is a huge role that an economy plays when they display itself as a world power even if it isn’t. Just like the old saying, fake it till you make it.
We need to make the best of the global downfall and gain all our industrial clients. Companies from all over the world will look to work with firms that provide results at lower rates. Indian companies have been outsourcing essential to the world, maybe it is time to have a bigger picture. We have one of the best human resources and we can thrive by sharing human resources the right way. This is the time to develop a clientele
that stays rigid though out, basically slowly becoming essential in every industry sector world over.
The future looks bright, but we cannot always be sure. Whatever the economic situation of the world is, it is time to make the best of every situation. The goal now is to hope for a better future and sustainable growth and keep your fingers crossed. been leading a lot of interesting world over phenomena. Recently India led the G20 summit. The summit was a way for the Indian economy to showcase its growth and where it has in a matter of only a few years.
The future looks bright, but we cannot always be sure. Whatever the economic situation of the world is it is time to make the best of every situation. The goal now is to hope for a better future and sustainable growth and keep your fingers crossed.