India's Journey towards Superpower Status : Challenges and Opportunities

India is projected to become a superpower by 2047, despite challenges such as a global economic slowdown. To emulate China's growth, India must accelerate its GDP growth per capita. Leveraging political standing, ties with the West, and a thriving diaspora, India aims to rise as a global power. With a vision to transform into an advanced economy, India's population is set to surpass China's, and its GDP could match the US. However, challenges like protectionism and geopolitical conflicts exist. Export growth and strategic positioning are crucial for India's success.

India, poised for remarkable growth and influence, is projected to become a superpower by 2047, according to Martin Wolf, chief economics commentator at the Financial Times. Overcoming obstacles such as a global economic slowdown and a volatile international landscape, India aims to accelerate its GDP growth per capita from 4.8% to 7.5% annually, emulating China's economic success. Leveraging its political standing, strong ties with the West, and a thriving diaspora, India is confident in its rise as a global superpower by the mid-century.

The Indian government, ahead of the recent Lok Sabha elections, has emphasized its vision of transforming India into an advanced economy by 2047. NITI Aayog, the central think-tank, is actively formulating a vision document to identify sectoral gaps and areas for improvement over the next two decades.

By 2050, according to UN forecasts, India's population is expected to reach 1.67 billion, surpassing China's 1.32 billion and dwarfing the US's 380 million. With such a massive population, it becomes plausible for India to match the economic output of the US. Even with a modest annual GDP growth rate of 5% until 2047, India could achieve parity with the US economy at purchasing power parity (PPP).

While India may not rival China's manufacturing prowess due to a smaller and declining industrial sector, its sheer size and economic scale will solidify its status as a great power, independent of full parity with China or the US.

However, challenges loom on the path to superpower status. Global economic headwinds, protectionism, and potential geopolitical conflicts pose risks to India's trajectory. The climate crisis and uncertainties regarding the impact of artificial intelligence on productivity further complicate the outlook. Nonetheless, India's abundant resources and strategic positioning make it a key player in the "China plus one" strategy, attracting substantial Foreign Direct Investment (FDI).

Exports remain vital for India's growth, despite the belief that its large domestic market diminishes the need for international trade. Exports are essential for financing imports, fostering competition, and accessing global knowledge. Currently, India's share in world merchandise exports stands at just 2.2%, in stark contrast to China's 17.6%, indicating significant untapped potential for growth.

As India navigates these challenges and harnesses its opportunities, the nation's aspirations to attain superpower status by 2047 reflect its determination to shape the world stage and contribute to global progress.