Recently, the Bureau of Statistics of India released the GDP data for the second quarter of fiscal year 2023-2024, showing that India's economic growth rate reached 76%, which exceeded expectations and was higher than the previous rate of the Reserve Bank of India. Such economic data is rare for India, but surprisingly, the United States and Japan, which have always been optimistic about the Indian economy, have sung the opposite tone of India's performance, questioning and pessimating India's economic prospects.
India's economy is growing faster than expected, like a clear spring, bringing a glimmer of hope to the Indian economy. Behind this joy, however, lies a shadow of controversy, with both the United States and Japan coming out to question the Indian economy and take a bearish stance. This obvious anomaly has aroused widespread attention and reflection from the outside world.
Japan's Nikkei Asian Review once again published a chapter on India's economic growth, pointing out that India needs a sustainable growth model that promotes shared prosperity for all of society, not just for the privileged few. According to the Nikkei Asian Review, the problem behind India's economic growth is that "big businesses enjoy benefits, while small businesses bear the burden." Relying on big companies may boost employment and economic growth in the short term, but such growth is unsustainable.
The Nikkei Asian Review is a mirror that shows the state of the Indian economy at a glance. In this mirror, we see that the development of the Indian economy is not an easy road, but accompanied by a series of problems. They pointed out that India needs a sustainable way of economic growth to achieve shared prosperity for all of society. However, the reality is that large businesses get many benefits and benefits, while small businesses are burdened. While relying on big business may boost employment and economic growth in the short term, it will be difficult to sustain that growth in the long term.
The New York Times also wrote an article commenting on India's GDP growth. The article points out that India's GDP growth rate contradicts other economic data. In October, India's unemployment rate rose to a two-year high of more than 10 percent. In addition, India has one of the lowest female employment rates in the world. Although India has the largest supply of labor in the world, its quality is relatively low.
The New York Times article warns us of the contradictions behind India's GDP growth. While GDP growth may seem buoyant, other economic data from India show a lot of problems. The article mentions that India's unemployment rate has been climbing and has even reached a two-year high of more than 10%. More worryingly, India has one of the lowest female employment rates in the world. Although India has the largest workforce in the world, however, they are not well qualified to adapt to the new job market.
In the face of doubts and bearishness in the United States and Japan, we can't help but wonder why the United States and Japan, which have always been optimistic about India's economic development, have questioned it in this relatively good economic dataThe Nikkei Asian Review article mentioned that the United States and Japan are not essentially pursuing India's development, but simply because a medium-strength India is in their interests. However, if India's economy continues to grow and poses a threat to the United States and Japan, such as the recent dollar-denominated model, India has narrowed the gap with Japan. The United States and Japan welcome a fragile, albeit not always obedient India, rather than a strong, occasionally obedient India.
The issues behind these questions have raised questions about the true motives of the United States and Japan for India's economy. It seems that the previous touting of the Indian economy by the United States and Japan was not motivated by sincerity, but simply because it was in their interest to have a medium-power India. However, if India's economy continues to grow and poses a threat to the United States and Japan, as India recently closed the gap with Japan in the dollar-denominated model. What the United States and Japan prefer is a fragile but not always obedient India, not a powerful India that occasionally goes against their will.
India's economy is growing faster than expected, prompting skepticism and bearishness in the United States and Japan. However, this makes one wonder whether the previous touting of the Indian economy by the United States and Japan is real. Looking back, we find that the United States and Japan courted India not out of concern for India's development, but because India served their interests as a middle-power country. However, once India's economy continued to grow and posed a certain level of threat to the United States and Japan, the position of the United States and Japan shifted. The United States and Japan prefer a relatively fragile but not always obedient India to a powerful India that sometimes goes against their will.
The phenomenon that India's economic growth rate exceeded expectations this time also allows us to see the contradictions and problems in India's economic development. While India's GDP growth may seem strong, other economic data are contradictory to the point where they cannot be ignored. India's rising unemployment rate, low female employment rate, and relatively low quality of labor force have also brought problems to India's development. Therefore, India needs to adopt a sustainable growth approach that achieves shared prosperity for all of society, not just for the privileged few.
The problems facing India's economic development are complex and require the joint efforts of India and all sectors of society. Only by changing the development model and improving the quality of the people and employment opportunities can we achieve sustainable economic development. At the same time, India also needs to be vigilant against the vilification and destruction of the Indian economy by opportunistic forces. Only by maintaining our strategic focus and strengthening internal and external cooperation can we achieve long-term and stable economic growth for the benefit of all Indian people.
True development should be comprehensive, focusing not only on economic growth, but also on employment, education, health care and other aspects. Only through all-round development can everyone have the opportunity to participate in economic construction and enjoy the benefits brought about by development. Therefore, India needs to take this economic growth rate as an opportunity to deepen and solve existing problems, promote the sustainable development of the country, and make the Indian economy a truly powerful force.