India, not only in cricket but is also, hot favorite to take over the developed countries to emerge at the top of the group in the global economic superpower league, says an unprecedented new survey of Indian entrepreneurs and senior managers by the London-based independent think-tank Legatum Institute and the book Think India Think Business published by CCH a leading global tax accounting and corporate law information provider.
India is already moving up economic league tables with the 12th largest economy in the world, according to the World Bank. It also ranked 45th in the internationally respected 2009 Legatum Prosperity Index – which embraces social and political data to provide a wider measure of national success. Total Indian GDP has risen 193% per cent in the past decade, from USD 416 billion in 1998 to USD 1.22 trillion in 2008.
More than half of the respondents (53 per cent) of a survey commissioned by London-based independent think-tank Legatum Institute said India is likely to be the world’s most important economic power by 2030. According to the respondents of the survey, India is racing ahead of developed nations such as — the United States, Japan, Germany and the fast-emerging economic giant China over the next two decades.
A similar sentiment is echoed by Hitender Mehta the author of new CCH publications book Think Business Think India writes Ever since India emerged from the shackles of closed economy in the early 1990s, its economy has steadily grown and today it is one of the fastest-growing economies in the world, with a growth rate higher than in many developed countries. Over the last decade, India has undergone a transformation and climbed to a high-growth path as macroeconomic and structural reforms reduced regulations significantly, improved the business environment, and opened the economy to greater competition. Indias GDP has already crossed the US$1-trillion mark, making the country the twelfth-largest economy in the world and the fourthlargest economy by purchasing power. Despite the global financial meltdown, Indias GDP continues to grow at a rate of 6.7%.
India is fast becoming a leading international business and financial hub. In the era of globalization, India offers a cost-effective environment for establishing and doing business for the burgeoning domestic and export markets.
Foreign investors are looking at India as an attractive investment destination owing to the prospects of high returns. A number of corporate and multinational companies from all over the world have established businesses in India and have expanded over the years.