![]() ![]() Some are new, and the older ones are reaching critical mass and they can finally reinforce each other to create a growth flywheel. ![]() ![]() There are several positive trends converging, from different sides of the Indian business ecosystem: demand, supply, and the system-wide facilitating factors in combination, they can transcend economic cycles, macro shocks, and policy reversals. From bold predictions that it would overtake China (an economy still five times larger than India’s), to McKinsey’s 2007 “bird of gold” promise of the Indian consumer that never quite panned out, to deregulation followed by policy reversals and crises of confidence in doing business with India, to devastating periods through the pandemic, the country’s promised inevitable rise has remained elusive. But the on-the-ground reality has continued to frustrate even the most ardent of India’s champions. We have been through similar surges of Indo-optimism before. In 2002, India’s government launched a ubiquitous international tourism campaign known as “Incredible India.” Were it to launch a similar campaign today, it might as well be called “Inevitable India.” Not just enthusiasts within the country, but a chorus of global analysts, have declared India as the next great economic power: Goldman Sachs has predicted it will become the world’s second-largest economy by 2075, and the FT’s Martin Wolf suggests that by 2050, its purchasing power will be 30% larger than that of the U.S. ![]()
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