PM Modi, while addressing world and business leaders during the Vibrant Gujarat Global Summit early this year, said that the world today perceives India as a growth engine in the global economy and a friend who can be trusted, and now with his party widely expected to win the General Elections- 2024, economy watchers are optimistic that India, in the coming years, will be able to replace China as the engine of global growth.

No doubt, the $17.8 trillion Chinese economy is a massive one compared to that of India’s, but when it comes to fuelling global economic growth, experts point out that India is capable of playing a more important role. An increasing number of western countries are now considering India as a better investment destination, and with India’s comprehensive range of economic reforms, it is quite likely that the country will gain a better global stature in the world economy.

It is encouraging to see that foreign investment has been flooding in India in recent years, with the Modi government straining every nerve to attract investors with tax cuts and capital supports, among other measures. Such efforts are gradually bearing fruit, which, for example, is quite evident from the fact that India's mobile phone manufacturing increased from Rs 18,900 crore in 2014-15 to an estimated Rs 4,10,000 crore in FY'24. We expect such transformation to happen in other sectors as well.