A decade ago, India was the world’s 10th largest economy, but today, with a GDP of 4.11 trillion dollars, it is moving towards becoming the world’s third-largest economy by 2030. India’s strong economic position has been made possible due to several factors, including infrastructure, digital environment, increasing middle-class income, and progressive reforms. This is stated by Philip Morris International, Inc. (PMI) MD Navneel Kar. He said that India has started modernizing its infrastructure on a war footing, focusing on increasing road, highway, rail, waterway, and air connectivity. Prime Minister Modi has established a strong foundation for stable growth by launching the ambitious Gatishakti scheme, which has led to the development of logistics infrastructure and efficiency. In the last two years, the pace of road construction in India has increased from an average of 24 kilometers per day to 27 kilometers per day. Recently, the honorable Civil Aviation Minister mentioned that there are plans to increase the number of airports in the country from 148 to 200 in the next four years. Now, it is essential to recognize the capabilities of the developing economies of the world.
The digital environment has accelerated growth
The World Bank’s Logistics Performance Index has seen India’s ranking improve by six places to 38 among 139 countries.
India has rapidly moved towards creating a digital environment. The country has built a world-class infrastructure by adopting technology, which has accelerated the pace of change. The ‘Digital India’ campaign has played a significant role in this, removing barriers and bringing all citizens under the digital umbrella. UPI has been a major achievement, completely changing the way transactions are conducted in India.
Reforms have given direction to economic progress
The government’s progressive reforms have created an attractive investment environment in the country. The most significant reform is the Ease of Doing Business, which has improved India’s ranking in the World Bank’s Doing Business Report from 142 to 63 in 2020. This report highlights the profound impact of the reforms carried out in the country. In 2023, the government abolished 39,000 compliances and 1,500 old laws. The standard indirect tax structure, GST, was introduced, making India a practical market for global companies to grow.
