During his nine years in office, India's GDP ranking has risen from 10th to 5th, surpassing the UK last year, and now being very close to Japan and Germany.
With India's GDP growth ranking among the highest in the world last year, Modi believes India could soon overtake Germany and Japan to become No. 3.
On the other hand, India is likely to overtake China in 2023 to become the world's most populous country.
In addition, Modi also "snatched" Micron Technology from China, hoping to get a piece of the pie in the high-tech manufacturing industry.
In 2021, India ranked 6th in terms of GDP with a total value of 295 trillion dollars, second only to the UK;And in 2022, India overtook the United Kingdom and won the fifth place in the world.
India's GDP growth rate in 2022 was 67%, ahead of any other country at the top of the GDP rankings, especially since this growth rate is faster than that of Japan and Germany, so India is confident that as long as India continues to grow at 6% GDP, thenIn two years, it may surpass Germany in terms of total GDP and in three years it will surpass Japan.
According to the budget of the Indian finance minister, India's GDP growth can reach 7% by March 2023, and even if the growth rate may decline slightly after that, it can rebound to 6 in 20247% or more.
It seems that all of a sudden, India has become a dark horse in the global economy.
India has learned from China in many ways, especially in the development of manufacturing, and has even snatched a lot Xi of manufacturing orders from China.
One of the most important advantages of developing the manufacturing industry is that India has a large population, so labor costs are lower than China's, which is an important factor in attracting manufacturing orders from Europe and the United States.
Currently, according to population data**,India's population has a tendency to surpass China's, and India is likely to become the world's most populous country this year.
According to the population data, it can be seen that the birth rate of our country is declining, and the total population has also shown negative growth since last year.
India is not only growing in GDP, but also growing rapidly in terms of population size, and the gap between the population size of China and India was not large in 2021, and now it is shrinking.
However, from a per capita perspective, in 2021, India's per capita GDP was only more than $2,000, and it is still a low-income economy, with the highest per capita GDP only reaching 21 by the standard of developed countries.
India is currently working hard to develop high-tech manufacturing.
Previously, India successfully persuaded Apple to expand its production in India. Halfway through this year, Apple's sales in India have increased by $3.6 billion year-on-year. Experts**, Apple's sales in India will continue to climb throughout this year.
Although Apple's sales in India seem optimistic, compared to Apple's global sales, India's share is still very low.
However, Apple is very optimistic about the Indian market, and at the same time, Indian executives are also **, it is likely that Apple will increase investment in India.
On the other hand, Beauty Technology, which just confirmed last week that it will increase its investment in chip factories in India by 82.5 billion US dollars, and the total investment of this one plant will reach 27$500 million.
Although 27Seventy percent of the $500 million came from subsidies from India, but India** claimed to have succeeded in stealing this large investment from China.
In fact, Micron Technology has just been kicked out of the Chinese market because it could not pass China's security review, and India can't wait to pull this notorious chip company over.
In fact, India faces many difficulties in catching up with China.
Although India's population is expanding and has a tendency to surpass China's, India's labor force is still not as large as China's.
So we can't just look at the impact of population growth on economic variables. In contrast, the variable of labor size is more important for the development of the economy.
Even if India's population exceeds that of China,However, the Chinese population has a larger labor force and higher quality talents.
This will widen the gap in the country's economic development.
The gap between the soft power of China and India is also obvious, and the living environment of foreign-funded enterprises in India is still relatively poor.
For example, basic electricity supply in India is not guaranteed to work every day. If there are power outages every now and then, time is money for the business. It's also a loss.
There are obstacles in the transportation and logistics, resource demand and transportation of the enterprise, and these factors have increased the company's expenses a lot.
For all foreign investors, entering India is a realistic version of the survival game.