Mark Mobius: India Could Potentially Eclipse China's Economy Under PM Modi's Leadership
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New Delhi, Nov 3 (NationPress) A substantial consumer demographic coupled with an immense production capability will enable India to assert itself on the global front under the stewardship of Prime Minister Narendra Modi, potentially leading the nation to match or even outpace the Chinese economy in the foreseeable future, stated global investor Mark Mobius on Tuesday.
India is projected to ascend to the position of the third-largest economy globally, achieving a GDP of $5 trillion in the next few years. A decade ago, India ranked as the 10th largest economy with a GDP of $1.9 trillion (at current market prices).
Mobius emphasized that a significant influx of investments is being directed towards India, with an increasing number of large corporations adopting the "China+1" strategy.
"India is destined to become a preferred hub for establishing global supply chains, producing components, materials, and equipment, which will gradually come at the cost of China," he remarked.
The latest research conducted by Oxford University’s Said Business School (SAS) and the Gates Foundation revealed that India’s PRAGATI platform, spearheaded by PM Modi, has significantly diminished delays in 340 major infrastructure projects, shortening timelines from years to just months, thus accelerating the completion of long-overdue projects valued at an astonishing $205 billion.
According to Mobius, the most crucial achievement by PM Modi is the digitization of the Indian economy.
"This transformation has fostered great efficiencies and has extended to the growth of infrastructure. It’s essential to recognize that the internet is a critical element of any nation’s infrastructure, and PM Modi has made substantial improvements through various initiatives like Digital India, Make in India, Skill India, IndiaAI Mission, and others," the global investor conveyed to IANS.
Moreover, "as one travels across India, it’s evident that there is a remarkable surge in infrastructure development activities, including new roads and bridges. This momentum will likely accelerate as expenditures rise with increasing incomes," he noted.
Mobius also pointed out that some nations, especially China, have benefited from the World Trade Organisation (WTO) regulations, and a reset is imminent, indicating that the future looks extremely promising for India.
