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India’s Growing Role in the Global Economy: Key Contributions and Future Potential
- India's GDP stands at nearly $3.5 trillion, making it a powerhouse among emerging economies. India could become the world’s third-largest economy by 2030, with GDP expected to surpass $10 trillion by 2035, driven by sectors like technology, manufacturing, and financial services.
- India’s technology industry plays a central role in the global economy, with the country being home to world’s leading tech companies and an expansive talent pool. Cities like Bangalore and Hyderabad have become renowned as tech hubs.
- India is positioning itself as a manufacturing hub under the “Make in India” initiative. India is one of the largest automotive and electronics manufacturers globally, strengthening by Production-Linked Incentive (PLI) schemes.
- India is one of the world’s largest producers of several key crops, including rice, wheat, and cotton, and plays a vital role in global food security. Agri-tech innovations like smart irrigation and AI-driven crop management are gaining traction, making India a forerunner in sustainable agriculture practices.
- India’s services sector is one of the fastest-growing in the world, contributing nearly 60% to the country’s GDP. Indian financial services have evolved considerably and are becoming a critical part of the global financial ecosystem.
- India is embracing renewable energy to address its rising energy demands sustainably. India aims to achieve 50% of its electricity needs from renewable sources by 2030, making significant investments in solar and wind energy.
- India is focusing on digital transformation and AI, education and skill development, and strengthening global trade relations to expand its role in the global economy.
- As India continues to rise, it's expected to play a pivotal role in shaping the global economic landscape. Staying engaged with India's evolving economic story is essential for navigating the future of the global economy.
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