Now, as most people probably know, India's economy has been doing well over the years.
But to be honest, I was still shocked when I saw the data:
Now, it is almost certain that India is the fastest growing major economy in the world in 2023.
Why?
Let's start with India. According to official data from India, the growth rate of GDP in October 2023 reached 84%, compared to 8.5 in the previous two quarters2% and 81%。
Many professional financial professionals in the world generally comment: India's economic growth rate far exceeds expectations.
Although India has not yet released the GDP growth rate for the whole of 2023, because the calculation interval of India's annual GDP data is from April of the first year to March of the second year.
But for now, most of the data is good.
IMF ** is 67%, India's own estimate is 76%。
Even if it's 67%, which is also quite fast.
Related** reports.
Let's look at other countries.
In the United States, the GDP growth rate of the United States in 2023 is 25%, as the world's largest economy, although the growth rate is not high, but the increase is huge.
China, the National Bureau of Statistics announced two days ago that the GDP in 2023 will exceed 126 trillion yuan, an increase of 52%, the speed is fantastic.
Japan, a year-on-year increase of 19%。It is also quite difficult for Japan, which has been stagnant for decades.
Germany, with overall GDP shrinking by 03%, which is the worst growth rate among the world's major economies.
This is the case in Germany, not to mention the European Union, which is expected to grow by 05%。
In other emerging economies, Brazil is expected to grow by around 3% and Mexico at 32%, South Africa is expected to be 06%, Russia is 36%。
There is also the familiar South Korea, with a growth rate of 14% and Singapore is 11%, Vietnam is 505%。
Even the chief executive of the International Monetary Fund (IMF) has commented that India is easily the ...... of the fastest-growing economy
Why is India's economy so strong?
There are a lot of factors that can be said about this.
In terms of the overall environment, the international environment that India is facing is really good.
Due to geopolitics, India is regarded by the West as an important counterweight to China, so Western countries are even a little inferior to India.
The Russian-Ukrainian war has been fought for two years, and India has treated Western sanctions as a piece of waste paper, and has been frantically importing oil from Russia for two years, and European and American countries can only swallow their anger.
Friends who have read my previous article may also know that India directly sent people to Canada to kill the ** elements in India on the street.
In response to such a thing, Canada said that it would like to ask the United States to uphold justice, but the United States is just making peace with the mud.
Economically, a large amount of international capital began to rush to India, such as Apple, Foxconn and so on.
Japan's Suzuki Motor plans to double its annual production capacity of four-wheelers in India to 4 million units.
Of course, there are many other factors to be found, such as the economic reforms that Modi has continued for many years in power.
Of course, there are also concerns behind India's economic boom.
When Modi came to power in 2014, for example, he raised the slogan "Make in India" and ambitiously announced that he would increase the share of manufacturing in GDP to 25% by 2022.
However, the reality is harsh.
The data shows that the manufacturing sector accounts for only 13 percent of India's GDP3, lower than China (27.).7%), even less than Vietnam (24.).8%）。
Of course, there are also doubts about the authenticity of India's economic data.
Because this is an election year in India, the possibility of Modi brushing the data cannot be ruled out.
India is becoming more and more modern.
What do we think about this?
Objectively speaking, everyone's feelings about India are a bit mixed.
But in any case, it is better to have one more rich neighbor than many poor, troubled neighbors.
While maintaining vigilance, doing a good job in our own economy, and always overpowering India, we must also find ways to find opportunities in India's development.
After all, no one wants to live with money.