The Bureau of Statistics India (BSI) released GDP data for the second quarter (July-September) of the 2023-2024 fiscal year, which showed that the economy grew at 76%, far exceeding the expectations of the outside world. This figure also surpassed the previous RBI of 65%。However, the United States and Japan, which are usually optimistic about India's economic growth, have skeptical and pessimistic about India's economic growth.
A Nikkei Asian Review chapter argues that India's economy is not performing well and that a sustainable approach to growth is needed to achieve shared prosperity across all sectors of the economy, rather than benefiting only a privileged few. The ** believes that behind India's economic growth is the characteristic of "large enterprises benefit, and small enterprises increase their burden". Relying on large companies may boost employment and economic growth in the short term, but it is unlikely to be sustainable in the long term. A commentary in the New York Times also noted that India's GDP growth rate is at odds with rising unemployment. India's unemployment rate reached a nearly two-year high in October, exceeding 10 percent. In addition, India has one of the lowest female employment rates in the world. Although India has the world's largest labor force, the employment rate is still problematic due to the low quality.
It is not unreasonable for the United States and Japan to question and look at India's economy, because these problems have always existed in India, and they have a past and a future. The reason for the sudden mention at this time is probably because the United States and Japan did not pay attention to these issues when they touted the Indian economy before, and the existence of these problems has already had a negative impact on India's economic development. As a matter of fact, the United States and Japan are not courting India out of sincere concern for India's development, but only out of consideration from the perspective that it is in their interests to have a moderate peace and strength in India. However, if India's economy continues to grow, it could pose a threat to the United States and Japan, such as the recent narrowing of the gap between India and Japan in dollar terms. A powerful and sometimes independent India, then, is not what the United States and Japan want. The United States and Japan welcome a weaker, if not always obedient India, but they will never welcome a stronger, occasionally obedient India.
In the July-September quarter of this year, India's economic growth rate reached 76%, exceeding expectations from all walks of life. This means that India remains one of the fastest-growing major economies in the world, instilling confidence and hope in the global economy.
As a developing country, India has always faced many challenges and difficulties, including high unemployment, low-quality labor force and poverty. However, India has a huge labor pool and a market with huge potential, and has achieved remarkable economic achievements through a series of reform measures and economic policies.
India's GDP growth exceeded expectations, showing that the country has made positive progress in economic development. This is not only positive for India's internal economic development, employment opportunities and poverty reduction, but also for global economic growth.
India has competitive advantages in areas such as information technology, e-commerce, and manufacturing, attracting significant domestic and foreign investment. At the same time, India** has also increased investment in infrastructure construction, education and medical care, providing solid support for economic development.
Although India's economy is growing faster than expected, it still faces some challenges and risks. For example, social inequality still exists, most of the economic dividends do not benefit the masses of the people, and there are also problems such as corruption and opaque institutions. Therefore, India also needs to continue its efforts to promote reform and development to achieve more comprehensive and sustainable economic growth.
After India's better-than-expected economic growth, the United States and Japan have questioned and pessimized India's economic performance. This has aroused people's concern and reflection on why the United States and Japan suddenly changed their stance at this time and were pessimistic about India's economic performance
It is not unreasonable for the United States and Japan to question India's economy, because India faces many internal structural problems and reform challenges. For example, India's unemployment rate continues to rise, especially the low employment rate of women, which is an important constraint on economic development and social stability. In addition, India's labor force is not only large in number, but also generally low in quality, which poses a challenge to technological innovation and industrial upgrading.
However, there may be deeper considerations and motives behind the skepticism and bearishness of the United States and Japan. The United States and Japan have been trying to co-opt India and strike a balance against the backdrop of China's rise by building a cooperative relationship with the country. However, once India's power continues to grow and poses a potential threat to the United States and Japan, then the strategy of the United States and Japan will face adjustments and challenges.
The United States and Japan welcome a weaker, if not entirely submissive, India because it would maintain their control and influence over India. However, once India's power grows, and it may even surpass the influence of the United States and Japan in the region, the United States and Japan will express concern and dissatisfaction with India's rise. As a result, they will seek ways to suppress India's development, including questioning its economic growth rate and blaming its internal problems.
India's economic growth has exceeded expectations, showing that the country has made some achievements in economic development. However, India still faces many challenges and issues that need to be addressed and addressed.
First, India needs to move forward with reforms to address its internal structural problems. This includes improving education systems, improving the quality and skills of the workforce, enhancing job creation, and achieving more inclusive and sustainable economic growth.
Second, India needs to continue to increase investment in infrastructure construction, promote urban-rural integration, and solve the problem of unbalanced regional development. At the same time, we should strengthen environmental protection and sustainable development, promote the rise of the green economy, and promote the coordinated development of the economy and ecology.
In addition, India also needs to further strengthen governance and anti-corruption efforts, improve administrative efficiency, improve the investment environment, attract more foreign investment and technology introduction, and promote industrial upgrading and the development of innovation and entrepreneurship.
Overall, India's economic growth performance is encouraging, but at the same time, it needs to be soberly aware of the problems and challenges. It is only through sustained efforts and reforms that India can achieve sustainable economic development, benefit more people, and make greater contributions to the prosperity of the global economy.
After India's economic growth exceeded expectations, the United States and Japan questioned and pebbled India's economic performance. This phenomenon has led me to reflect on and take a personal look at the Indian economy.
First of all, India is a developing country and its economic development is facing many internal and external challenges. Although India has a competitive advantage in some areas, there are still social problems such as employment problems, insufficient education and medical resources. Therefore, India needs to continue its efforts to reform and improve the quality and efficiency of economic development.
Second, the United States and Japan have questioned the complex interests and strategic connotations behind India's economic growth. As major powers in the international political arena, the United States and Japan have a flexible and changeable attitude toward India, and they choose whether or not to support and be optimistic about India's economic development according to their own interests. Therefore, we should not blindly accept their doubts and criticisms, but should objectively assess India's economic development and challenges.
Finally, India's economic growth, while exceeding expectations, still faces many problems and dilemmas. Sustained reform and development are key to solving these problems. India should further increase investment in education, infrastructure and energy, improve the quality and skills of its workforce, improve the investment environment, attract more foreign investment and technology imports, and achieve sustainable economic development. At the same time, India also needs to strengthen socialism and environmental protection, promote equitable development and green economic development, and promote coordinated economic and social development.
Overall, India's better-than-expected economic growth is a positive sign that the country has made some progress in terms of economic development. However, we need to be soberly aware of the problems and challenges involved, and continue to work to address them in order to achieve more comprehensive and sustainable economic growth.