World Economic Growth – India as a Growth Stimulus
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| Title | Details |
|---|---|
| Book Title | World Economic Growth – India as a Growth Stimulus |
| ISBN | 978-93-89947-59-5 |
| Product Form | Paperback / softback |
| Language | English |
| Genre | Economy |
| Name of Publishing Agency/Publisher | Excel India Publishers |
| Name of Author/Editor | Chief Editor: Prof. (Dr.) Amarjeet S. Khalsa |
| Publication Date | 15-06-2024 |
Description
The world economy is a multifaceted and unified system comprising the economic activities of individual countries and their interactions. Global economic growth will pick up the pace very soon as the entire world advances itself towards a prosperous future. Although, developed countries play a significant role in shaping and influencing the global economy due to their advanced infrastructure, technology, and high levels of productivity, synchronously, developing countries too, have a substantial impact on the development of the world economy. Among all the major economies, the designation of India, which is currently the world’s fifth-largest economy, to grow at 6.4%, is standing ahead. The country’s large and diverse population, a burgeoning middle class, and a growing digital economy have positioned it as a key player in the global economic landscape.
India has a younger and often more abundant labour force. This demographic advantage can contribute to increased productivity and economic output. Additionally, as the country improves education and skill altitudes, it is becoming more attractive to international businesses seeking cost-effective labour. India is set to become the third-largest economy by the year 2030, and it is expected to be the fastest growing major economy in the following three years. Especifically, to mention the most highlighted factor is its dynamic economic landscape that is constantly evolving at the fastest pace. India, because of its strong advent as an emerging economy, technological shifts, and geopolitical changes, is influencing the global economic order in a very impactful manner. The Indian diaspora is spread across the world and plays a vital role in various sectors, including technology, healthcare, tourism, academia, and business. For nurturing a more equitable and stable global economic environment, international cooperation, fair trade practices, and inclusive economic policies are some distinctive dynamics of India.