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From launching its first satellite Aryabhatta in 1975 to being the first country to reach the orbit of Mars, India has taken confident strides in the field of space research technology, thanks to the Indian Space Research Organisation (ISRO).
India is on course to be the third-largest economy by 2030, trailing the US and China, and headlining emerging markets that are poised to account for more than half the global gross domestic product within the next decade, Capital Economics said.
“Well before 2030, we will be the world’s third largest economy and, thereafter, the world’s second largest economy by 2050.” In purchasing power parity (PPP), India’s share of global GDP will be north of 20 per cent by 2050. “India’s success story of combining economic growth and democracy has no parallel.
This industry has witnessed a 27% increase, with around 38300 created jobs with the setup of 38 mobile manufacturing units. Also, the advancement of ‘Disha’ has enrolled 99.56 lakh candidates for training.
Make in India initiative led to radiant growth in the IT and manufacturing sectors. This has encouraged various global/foreign investors to make investments in India and boost their business by building the products in the country.
The 4 pillars of Make in India initiative are New Mindset, New Sectors, New Infrastructure, and New Processes.
The Maurya Empire (322–185 BCE) unified most of the Indian subcontinent into one state, and was the largest empire ever to exist on the Indian subcontinent.
The Indian subcontinent had the largest economy of any region in the world for most of the interval between the 1st and 18th centuries. Until 1000 AD, it was a subsistence economy with GDP per capita just above subsistence level, and with no GDP growth between 1 and 1000 AD.
In all, we think India will overtake Germany and Japan to become the third-largest economy in the world within the next decade.” A key part of India’s continued rise will be its ability to grow its manufacturing sector and challenge China as the world’s No 1 exporter.
According to RBI deputy governor Mr. Michael Patra, India will match Germany’s GDP (just over US$ 4 trillion as of 2021) and become the fourth-largest economy by 2025-26, and by 2027, India would surpass Japan (almost US$ 5 trillion GDP) and become the third-largest economy.
Excluding pandemic years 2020 and 2021, the October IMF WEO expects per capita growth in India to be higher than that of China in each of the six years, 2022 through 2027.
NEW DELHI: India has been ranked sixth in the list of wealthiest countries with total wealth of USD 8,230 billion, while the United States topped the chart, says a report.
Our country is rich, but the population is poor facing starvation, unemployment, poverty, inflation, casteism, untouchability and other factors that are not good for the progress of the society,” he said. “There is a need to establish social and economic equality in the society.
China – The world’s manufacturing hub, China is expected to be most powerful economy by 2050. A number of leading organizations such as United Nations, World Bank and European Union have also indicated towards China’s rising influence in world order.