India’s economy is following China to reach rapid take off

Much potential: Workers arranging garments in Ahmedabad.India’s economy and demographics resemble China’s between the late 1990s and early 2000s, indicating there could be two more decades of rapid sustained growth ahead. — AFP

INDIA has been the world’s fastest-growing major economy in the last two years and is forecast to retain the top spot in 2024 as the urbanisation and industrialisation process reaches the rapid take-off phase.

Real gross domestic product (GDP) is forecast to increase more than 6% in both 2023 and 2024, according to the International Monetary Fund (IMF).Compound annual growth will be slightly faster than China (4% to 5%), twice as fast as the world economy as a whole (3%), and four times faster than in the advanced economies (1.5%).