India’s projected economic growth of $10 trillion by 2035 is a positive development, but the gap between India and China’s economies will remain significant, according to Pankaj Saran, former deputy national security advisor. China’s economy is projected to reach $50 trillion by 2035, five times India’s projected growth.
Saran attributes this gap to China’s earlier start on economic reforms. China began reforms in 1978, while India’s reforms began in 1991. This 13-year head start has allowed China to build a more robust economy than India.
Despite the gap, Saran believes that India has the potential to play a significant role in Asia’s future. He argues that India needs to focus on developing its artificial intelligence capabilities, improving its fiscal policy, and maintaining political stability. These factors will be crucial for India to achieve its full economic potential.
In addition to these factors, India also needs to address its infrastructure challenges. India’s infrastructure is not keeping up with its economic growth, which is hindering its ability to compete with China. The Indian government needs to invest in infrastructure development to support continued economic growth.
Overall, India’s projected economic growth is a positive sign, but there is still room for improvement. India needs to address its infrastructure challenges, improve its fiscal policy, and maintain political stability to achieve its full economic potential.