As per IMF, India will be a superpower by 2017
IMF – India is one of the largest economies in the world with a rich population of 1.2 billion people. As per World Bank report, India has shown tremendous growth in last few years. A major uplift in country’s economy is seen with the introduction of newer reforms and methodology.
IMF stands for International Monetary Fund. It is an international organization working across the globe on major issues like international trade, sustainable development, higher employment opportunities, poverty reduction etc. International Monetary Fund has it’s headquarter in Washington D.C.
According to IMF, Indian growth rate is deducted by 1% for the fiscal year. Earlier the growth was 7.6 % which has been reduced to 6.6% as per this year estimations. This deduction of 1% is cited as a result of demonetization of old currency notes by Prime Minister Narendra Modi.
Post the demonetization step taken on November 8, 2016, economic surveys reveal better results than ever. A huge amount of tax is being collected; countries export has risen tremendously in December 2016. The industrial population has been increased to 5.7 %. As per IMF, India has become the 6th largest Manufacturing hub.
IMF provides India as a fastest growing economy in the fiscal year 2018 and 2019. IMF also predicts global economic rise for FY 17 and FY 18 especially in developing and emerging markets like India.
India’s growth story has just started and it is most likely to emerge as a superpower in coming years. In terms of construction business also India is about to become the largest construction market.
Prime Minister Narendra Modi has recently inaugurated Vibrant Gujarat Global Summit. This is a business meet to lure many investors for countries growth. Modi has invited foreign delegates like Deputy prime minister of Russia – Dmitry Olegovich Rogozin, Prime minister of Portugal Antonio Costa and Kenyan president Uhuru Kenyatta. All these reflect our economic rise across the globe.
India is today one of the most open economies. India has a strong military force and is highly involved in outer space exploration. India is also a member of many international conferences and organization. In a way, it’s still a supreme power and world’s largest democracy.
There are few problems like corruption, poverty, caste system etc. which needs immediate and serious actions to be taken. Otherwise, India has the manpower, size, and population to emerge out as the Global leader and a supreme power.