Keeping India's growth story intact: 5 lessons from Middle East conflict that should not be ignored
India should recast its growth strategy to cope with unanticipated economic shocks and cover India’s strategic vulnerabilities. (AI image) But first let’s understand what India’s
India should recast its growth strategy to cope with unanticipated economic shocks and cover India’s strategic vulnerabilities. (AI image) But first let’s understand what India’s projected growth story is India’s long-term growth story: Overtaking US, China At present, India is the third largest economy in PPP terms. OECD projects that India is likely to overtake the US by 2045 and China by 2063.
How to keep India’s long-term growth story intact But, to keep its long-term growth story intact, India will have to re-strategize and focus on some key factors that have come to light amid the Middle East conflict, suggests the EY report. Energy security topmost priority However, the biggest takeaway from the report is that India’s response to the ongoing crisis should be focused on its energy security, since that is seen as the biggest channel of impact from a global vulnerability perspective, and one that feeds quickly into various branches of economic growth.
India remains the world’s fastest growing economy, and is likely to retain that tag even this financial year despite the setback from the US-Iran conflict. However, as it hopes to become the world’s third largest economy in
the coming years, and eventually a developed country by 2047, recaliberation of economic strategy with emphasis on reducing supply chain vulnerabilities, and securing energy needs of its growing population should form the cornerstone of economic policy making.
The BriefWire