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Concept
Indian Century
Summary
The Indian Century is the idea that the 21st century will be dominated by India, as the 20th century is often called the American Century, and the 19th century as Pax Britannica (British Peace). The phrase is used particularly in the assertion that the economy of India could overtake the economy of the United States and economy of China as the largest national economy in the world, a position it held from 1 to 1500 CE and from 1600 to 1700 CE.
According to the report named "Indian Century: Defining India's Place in a Rapidly Changing Global Economy" by IBM Institute for Business Value, India is predicted to be among the world's highest-growth nations over the coming years.
As per a report released by FICCI and McKinsey & Company titled "India’s Century – Achieving sustainable, inclusive growth", India has the potential to become an "economic superpower" before its 100th year of Independence (2047).
India is a member of Build Back Better World and has also created North–South Transport Corridor as an alternative to the Belt and Road Initiative policy initiative of China (PRC), to link in with Iran, Russia, the Caucasus, and Central Asia. In 2017, India and Japan joined together to form Asia-Africa Growth Corridor, to better integrate the economies of South, Southeast, and East Asia with Oceania and Africa. India also engages in Quadrilateral Security Dialogue and Malabar (naval exercise) for China containment policy.
One of the key factors includes its populous democracy. As per United Nations report, India will overtake China to become the world's most populous nation by 2022.
Economists and researchers at Harvard University have projected India's 7% projected annual growth rate through 2024 will continue to put it ahead of China, making India the fastest growing major economy in the world. In 2017, the Center for International Development at Harvard University published a research study projecting that India has emerged as the economic pole of global growth by surpassing China and is expected to maintain its lead over the coming decade.
Official source
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