In his 10th Independence Day address on 15 August, India’s Prime Minister Narendra Modi delivered a 90 min speech where he emphasised his government's accomplishments, as well as the diverse challenges and opportunities facing the nation. On the occasion of the 77th anniversary of India’s Independence Day, he called upon his fellow citizens not to overlook the chance to unlock the nation's potential, asserting that the decisions and sacrifices made now will have ramifications for the next millennium. Mr Modi underscored that India is standing at a pivotal juncture and possesses the capability to shape the emerging new global order post the Covid pandemic. He also offered assurance to the citizens of a "New India" that holds a promising future in the upcoming five years, asserting the nation's resilience and determination. While India looks forward to receiving the UK Prime Minister Rishi Sunak (the first British Prime Minister of Indian origin to visit India while serving his tenure) for the G20 summit, India’s geopolitical and economic position leaves room for contemplation about its potential in the world economy and the consequences of its political choices. We asked experts from the world of business, academics, economics and politics to comment on India’s future as a potential game changer in the global economy. It is imperative to note that should India’s FTA with UK be concluded this year, a visit from Prime Minister Modi would be highly likely.
Excited about the prospect of a UK-India FTA
Anuj J Chande OBE, Corporate Finance Partner & Head South Asia Business Group, Grant Thornton UK LLP told Asian Voice, “India is now well placed on the world centre stage. Already the 5th largest economy and poised to become the 3rd largest by 2030 or sooner it has benefited in recent times from geopolitical factors which we believe are likely to continue. The UK has a huge amount to gain from this positioning. As someone and a firm that has been working in the UK-India corridor for over 32 years, we are excited about the prospect of a UK-India FTA in the near future which will further strengthen the strong bond and relations that exist between the two nations. There is a lot to gain for both at all levels and the Indian diaspora in this country have a key role to play going forward .”
India’s entrepreneurial spirit has been unleashed
Lord Karan Bilimoria CBE DL told the newsweekly, “India has an ancient history yet is a young country just over three-quarters of a century old. Over the past three decades, since India’s economic liberalisation, India has grown to being today the fifth-largest economy in the world. India’s entrepreneurial spirit has been unleashed and it is a country and economy that leading economies in the world now want to partner with, invest in and do business with. We in the UK are on the cusp of agreeing to a comprehensive free trade agreement, hopefully later this year and even before the signing of the Free Trade Agreement (FTA), trade in goods and services between our countries has increased to over £34 billion. The 30 million-strong Indian diaspora around the world has been reaching the very top in virtually every field including Prime Ministers of Indian origin in Ireland, Portugal and the UK. Many of the largest companies in the world are headed by Indian CEOs including Microsoft and Google. Furthermore, the President of the World Bank is Indian. The Indian diaspora in the UK is the largest and most successful ethnic monitory community in the country which contributes many times its percentage of the population to the economy and culture of the UK. I personally have been proud to have created the most famous Indian household brand in the UK, Cobra Beer, as well as being the first Indian-born Chancellor of a Russell Group University in Great Britain as the Chancellor of the University of Birmingham, and being the first ethnic minority President of the Confederation of British Industry (CBI) from June 2020 to June 2022. The Indian Express has left the station and I predict that by 2060 India will be the largest economy in the world.”
The country should focus on upholding the democratic values
Honourable Harprit Pitu Suri, Advisory Board Member, Bridge India told the newsweekly, “India’s economy is one of the global bright spots today. With companies such as Apple looking at India as a counterweight to manufacturing in China, the establishment of a world-leading digital India Stack including the UPI, and the advent of a contemporary, principle-based framework to govern personal data, prospects for India are looking up. India’s standing on a geopolitical stage has certainly increased in recent years. For this to continue in its current trajectory, the country should focus on upholding the democratic values and build its institutions for the coming decades.”
India is without doubt a success story
India-born British economist and former Labour politician, Lord Meghnad Desai told us, “In its seventy-sixth year of since Independence, India is without doubt a success story, unlike many other ex-colonies in its neighbourhood. It remains a vibrant, and, of course, an argumentative democracy, the most populous one in the world. Its economy is growing and promises to catch up with the other countries in terms of total GNP but we still await a catch-up in per capita income. In the Delivery of benefits to those entitled, to public infrastructure and the digital and financial technology sectors, India has achieved an outstanding record. The future is bright.”
India will overcome challenges to become a global superpower
Internationally recognised economist, Prof Siddhartha Bandyopadhyay said, “India has been emerging as a country with a young population, with particular strengths in the IT and pharmaceutical sector and a skilled workforce. Notwithstanding concerns around the erosion of democratic institutions, it compares favourably with most countries in the region. Its non-aligned status has allowed it to build strategic alliances with countries that are otherwise adversaries and the West has been actively courting India which indicates its emergence as a superpower and a key partner for regional stability. While unemployment and health status and gender inequality continue to be a problem, there is reason to hope that India will overcome these challenges to become a global superpower.”
