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The world is watching India, and for good reason. With a fast-growing economy and a growing young population, the country is emerging as a new global giant. Does India have what it takes to replace China as the world’s leading economic power?
Over the past few decades, China has consolidated its position as the world's great factory, responsible for almost 30% of the global value of manufacturing.
However, recent challenges faced by Beijing and the India's robust growth have raised a question that echoes in economic circles: could India be the next China?
India's economic potential
India's economy is on the rise, and many analysts believe the country has the potential to become a new global growth hub.
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According to UBS Global Research, while the China's economic recovery After the pandemic has been weak, India has shown an impressive upward trajectory. This scenario has been driven by a young and growing workforce, as well as a favorable external environment.
The challenges faced by India
However, India still faces significant challenges. Although India's workforce is young and plentiful, the country's economy still relies heavily on non-manufacturing sectors.
India’s manufacturing sector accounts for only about 13 percent of the country’s GDP, compared with China’s 32 percent in the early 2000s. So even with its rapid growth, it seems unlikely that India will replace China as the world’s factory any time soon.
The advantages of India
But that doesn't mean India doesn't have its own advantages. India's domestic market, for example, offers significant opportunities for growth.
Domestic consumption in the country has doubled in the last decade, and analysts at UBS project that by 2026, India will overtake Japan to become the world's third-largest consumer market.
This represents a unique opportunity for India to expand its manufacturing output and create quality jobs, which are essential to sustaining this growth.
The country's role in the global energy and commodities scenario
India also has unique potential in the global energy and commodities scenario. Unlike China, whose economic growth has been driven by a capital- and energy-intensive industrial model, India tends to focus less on industrial growth.
This means that although India is a major importer of oil and coal, its growth should be less energy intensive than China's.
Furthermore, demand for base metals like iron ore may not be as high as Chinese demand, indicating that India may take a different path in the global commodities market.
India's Future as a Global Superpower
India's future as a global superpower is still uncertain, but one thing is clear: the country is on track to become an increasingly important player in the global economy.
If India can overcome its internal challenges and continue on its growth trajectory, it could indeed become the next China.
And you, do you think India will be able to take China's place on the global stage? Leave your comment and join the debate!
China in Decline? Who wrote this on foot? 🤣
Remembering that India is a democracy, an open system and this increases its credibility.
Can democracy with the hungry be considered democracy? Is the Western perspective in political, economic and ethical decline qualified to speak, without contradiction, of democracy referring to a culture of 5 thousand years? Does the **** shake the ****?
Haha ...
Decline? Decline is this right-wing/left-wing president system that is no longer convincing
China in decline 😂😂😂😂😂 this page is the biggest vassal of the United States lol United States in decline Dominant China accepts that it hurts less. Long live the BRICs