Indian Economy / India changed in 3 years, this is how Indian economy became powerful

Indian Economy: India has now become the 5th largest economy in the world., soon it will also become the 3rd largest economy in the world. After Covid-19, India's economy has rapidly changed itself and it is benefiting from it. While many big economies of the world are still trying to recover from the impact of Covid, India's economy has gone far ahead of it. After all, how did all this happen…?

After Covid-19, the world felt the need to establish its supply chain in a country other than China. Then India emerged as the first choice of most of the companies. The biggest example of this is Apple shifting its factory to India. India also made changes in its economy for this.

India tightened the screws on its economy

After Covid, India started tightening the screws of the economy. Finding the 'opportunity in the disaster' of Covid, India took forward its 'Make in India' initiative and made the production linked initiative stronger than before. The advantage of this was that one after the other many electronics companies increased their production in India. Today all the mobile phones sold in India are being manufactured here. Not only this, India has also increased its focus on medical devices, semiconductors, auto mobiles and electric mobility. Due to this, India's economy is continuously strengthening.

These works also improved the economy.

India left no stone unturned in rapidly dealing with the impact of Covid. The government carried out vaccination rapidly across the country, while China struggled for a long time to do the same work. Due to this, the country's economy could quickly get back on track. At the same time, there was another trend of flexibility in the Indian economy. While RBI continuously increased interest rates to control inflation, when there was some stability in it, it stopped changing interest rates. While other countries of the world were seen struggling with inflation, India kept its effects under control.

The economy has become so powerful

If we look at the data of India's economic progress, the country's GDP growth in the first quarter of 2023-24 was around 7.8 percent. This makes India's economy equal to 484.94 billion dollars. Whereas if we look at the exports of the first half only, it has crossed the level of 211.40 billion dollars. India has now overtaken Britain to become the world's 5th largest economy, which can overtake Japan to become the 3rd largest economy by 2027.