Modi, the first PM to attend the annual World Economic Forum in Davos in two decades, highlighted his economic accomplishments, saying that India is “removing the red tape and laying out the red carpet.”
Such a proclamation is more than a catchy soundbite – it’s an accurate assessment of the Prime Minister’s economic policies. Under Modi, India has nixed 1400 archaic laws that hampered economic growth, and dramatically relaxed foreign investment regulations. From retail to real estate, Modi has made it easier for global capital to participate in India’s growth. These changes have had a dramatically positive effect, with India seeing record foreign investment inflows in 2016-17.
As exciting as this is, the best is yet to come. India, currently the world’s fastest growing economy, contributed a stunning 17% of overall global GDP growth in 2017. The South Asian powerhouse is forecast to become the world’s most populous country by 2024, and a recent PwC report predicts the size of India’s economy could even surpass the United States by 2040. Add a dramatic increase in productivity per capita and consistent increases in the ease of doing business, and it’s no wonder Modi is so confident about India’s unparalleled potential.