- India’s economy is expected to expand by 6.5% this year, according to IMF forecasts.
- The world’s most populous nation was keen to talk up its prospects at the World Economic Forum in Davos.
- Whether India’s potential is as great as its ambitions remains to be seen.
This is the best summary I could come up with:
“India has seized the moment,” proclaimed housing minister Hardeep Singh Puri with confidence during a panel at the World Economic Forum in Davos last month.
“There isn’t a segment of economic and social engagement that India has not delivered with,” Smriti Irani, the minister for minority affairs and women, told Business Insider.
The high probability of Modi’s party winning the forthcoming national elections adds an attractive assurance of stability, compared to the destabilizing political polarization of some Western markets.
“You have people going for jobs in faster-growing regions of the country,” he told Business Insider at Davos, adding that financial support is being sent to the “more backward areas” where incomes are lower.
(Defying Western sanctions, the country has amped up purchases of Russian oil since Vladimir Putin invaded Ukraine almost two years ago, and is now its second-largest customer after China.)
And while social problems are overlooked by many business leaders, the BJP’s divisive Hindu nationalist policies and persecution of Muslims threaten to destabilize progress and detract from job creation.
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