Wolf stated that India should have a positive impact on global discussions (Image: X @Martin Wolf)
Martin Wolf, Chief Economics Commentator at the Financial Times, said that the vision of Prime Minister Narendra Modi of transforming India into a high-income country by 2047 is far away from achieving as India has to be an upper middle-income country that should be emerged as a superpower by the middle of the century. There are several obstacles and conflicts to be solved which lie in the institutions, government policies and politics, he added.
In his 2023 Independence Day speech, PM Modi stated that India will become a developed country by 2047 when it celebrates its 100 years of independence. He emphasised that the current slow-growing, shock-prone, and fragile world will make this ascent challenging. India will need to exert significant effort to shape the world in a favourable direction and adapt to seize the opportunities that will arise.
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Wolf also noted that India has the potential to take advantage of global opportunities and cultivate beneficial economic partnerships with various countries. He suggested that India could, with effort, partially fill the void left by China as a competitive global supplier and attract foreign direct investment, all while contributing positively to global concerns.
Wolf stated that India should have a positive impact on global discussions. He stated that India has significant potential to shape the world in its favour. He pointed out that the country is a strong alternative in a world where many countries consider China as much as dominating and powerful.
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He also raised concerns that Indian citizens are too obsessed with self-sufficiency and industrial policies, but their thoughts have to be shifted to service as it carries abundant opportunities and helps in progress. He affirmed that India is capable of shaping the world as it holds a strong comparative advantage and contributes to ameliorating the domestic economy in the country.
(With inputs from The Indian Express)
