Lets get to know What Will India In 2040 Look Like For Entrepreneurs?
To make a great future, India, the whole secret lies in organization, accumulation of power, co-ordination of wills.
-Swami Vivekananda
India is basically a traditional society where most of the population is still rural based and values its old heritage, culture and traditions. India is on its way to becoming a developed country. However, the recent Covid-19 pandemic led India to a state of economy where traditional forms of business failed and online modes of business reigned supreme. Every year, thousands of businesses are initiated, but 8 out of 10 businesses get shut off due to several reasons.
In a 2011 report, Citigroup predicted India would be the world’s biggest economy before 2050. “We expect India’s real per capita GDP to grow at 6.4% pa over the 40-year period between 2010 and 2050. As a result, we expect India to become the largest economy in the world by 2050, overtaking China and the US in the process." This will sound like music to the ears of entrepreneurs who have been trying to flourish in India since the past 10 years. Let’s envision what India would look like for entrepreneurs in 2040.
By 2040, Indian GDP will have tripled from its current level and the country will be the world’s third largest economy by a sizeable margin and securely ensconced as a middle-income country in terms of GDP/Capita. The transformative impact on India of this development will be substantial – with GDP/Capita being closely linked with other indicators that measure the social, economic and environmental well-being of the country and its people. Over half of India’s population will still be rural, but the fate of its 650 million urban residents will depend on India’s ability to deploy smart infrastructure solutions. India needs to combine high density cities with technology to enable sustainability and efficiency. An entrepreneur who can make a good city plan can definitely succeed in his goals during this period. India by 2040 has the potential to be a global trading powerhouse, with a 6% share in global trade. These are important indicators for our entrepreneurs to grow over time. These factors will be determined by key government policies shaping the nature of India’s industrial development and investment over the next 20-25 years. India in 2040 has the potential to be an investing powerhouse, both as destination for international capital and as a source of it, reaching the absolute level of foreign capital stock that China enjoys today. In terms of outbound FDI, India in 2040 could match Japan in terms of annual flows, providing it with significant global economic and political influence.
Dr. Manmohan Singh once said, “India's future lies in being an open society, an open polity, a functioning democracy respecting all fundamental human freedoms, accepting the rule of law and, at the same time, to emerge as a successful, internationally competitive market economy.”
It is only true that such a learned economist of our country would know the importance of entrepreneurs in the growth of India. We could see entrepreneurs play a key role in the development of India in the next 20 years.
Fantastic