Shortly before the start of the national election
Is India capable of becoming an economic superpower?
Wednesday, 17 April 2024 | 13:35
India is about to embark on the world's largest democratic elections. Based on “CNN“ right to vote and Prime Minister Narendra Modi is expected to win a third term.
India wants to be on top
Under Modi's leadership, India seeks to become an economic superpower of the 21st century and can provide a viable alternative for investors and consumer brands to China. Despite its poverty, the country is increasingly developing into a global economic power. According to CNN, the country's gross domestic product rose to $3.7 trillion during Modi's 10 years in office, making India the world's fifth-largest economy.
Despite impressive growth, there are challenges. Critically, India is seen as lagging far behind in terms of GDP per capita, which is considered a measure of living standards, at 147th (as of 2022).
Unemployment remains a challenge
However, the country has taken major steps towards modernization, including through infrastructure expansion and digitalization, which is improving people's living standards.
However, if Modi is re-elected, he faces a huge challenge in creating hundreds of millions of skilled jobs. The unemployment rate among India's college-educated youth stands at more than 29 percent, nearly nine times higher than among those who cannot read or write, according to an International Labor Organization report.
