India is currently in the midst of its general elections, with Prime Minister Narendra Modi boasting that the country is hosting the largest election in the world while also being the fastest-growing major economy. With a GDP of $3.5 trillion, India now ranks as the fifth-largest economy globally, surpassing that of its former colonial ruler, Britain. The government is heavily investing in various sectors such as roads, railways, ports, energy, and digital infrastructure, attracting the attention of many multinational companies looking to diversify their supply chains by including India in their strategies.
Despite its economic progress, India still faces challenges such as underemployment and low participation of women in the workforce compared to global standards. Private investment in India is also lower than it was before the 2008 global financial crisis, highlighting the need for sustained efforts to maintain economic growth. Projections suggest that India’s GDP could reach $6 trillion in the next five years, solidifying its position as the third-largest economy in the world. However, these projections come with a warning – India has a history of experiencing moments of premature triumphalism followed by setbacks.
Six books offer insights into India’s complex economic landscape and Mr. Modi’s mixed record on economic policies. These books provide a comprehensive analysis of India’s economic journey and offer valuable lessons for policymakers and business leaders alike. By reading these books, one can gain a deeper understanding of India’s unique economic landscape and how it can navigate its future challenges effectively.