India has emerged as one of the fastest growing major economies in the world and is expected to be in the top three economic powers of the world by 2030.
There is a New India emerging based on the dynamism of the young generation, benefits of globalisation and economic power devolving to all sections of the society. The indicators of a new and global India is evident on many fronts. Consider:
India has retained its position as the third largest start-up base in the world with over 4,750 technology start-ups. India's labour force is expected to touch 160-170 million by 2020, based on rate of population growth, increased labour force participation, and higher education enrolment. India's foreign exchange reserves were US$ 405.64 billion in the week up to March 15, 2019, according to data from the RBI. The M&A activity in India reached record US$ 129.4 billion in 2018 while private equity (PE) and venture capital (VC) investments reached US$ 20.5 billion.
During 2018-19 (up to February 2019), merchandise exports from India have increased 8.85 per cent year-on-year to US$ 298.47 billion, while services exports have grown 8.54 per cent year-on-year to US$ 185.51 billion. India's Foreign Direct Investment (FDI) equity inflows reached US$ 409.15 billion between April 2000 and December 2018.
All of the above shows that despite global economic sentiments being muted, the country is raring to become one of the global economic superpowers.