Policy expert at European Parliamentary Research Service (EPRS), Angelos Delivorias has highlighted India’s economic momentum and predicted a Gross Domestic Product (GDP) growth rate for the Asian country.
“India has surpassed the growth rate of China, and experts think that it will continue doing so, at least in the short term,” Delivorias stated.
India’s GDP growth exceeded China’s annually for the past few years, with India’s growth averaging over 7.5 per cent in 2023, while China’s is 5.2 per cent.
India’s GDP is also expected to reach 7 per cent by 2026, while China is expected to reach 4.6 per cent.
The IMF projects China’s 2024 growth at 4.6 per cent, declining towards 3.5 per cent in 2028.
Speaking in an interview by EPRS on the rise of “India, why it matters, and what this means for the EU,” Delivorias pointed out the sustained growth of the Indian economy over the past decade.
He said that India’s GDP growth exceeding that of China reflects New Delhi’s emergence as a formidable economic powerhouse in the global arena.
Mentioning India’s ambitious infrastructure projects, Delivorias highlighted the nation’s comprehensive economic strategy.
“Apart from high GDP growth, India has done significant investments in national infrastructure projects to sustain that economic growth,” he noted.
He added, “It takes part in international infrastructure projects and last year we even see that it has a complete space programme. It landed on the moon. So it has a comprehensive economic strategy in that respect.”
He also drew parallels between India and China’s demographic pyramid.
“From the economic perspective, the fact that India is the largest population on the planet, but also its population is younger. If we see the demographic pyramid of India, we see that it’s younger than China’s, implying that it has more people in the labour market and it has less expenditures in the health sectors or for pensions, which means it can keep growing its GDP in the next few years.”
Angelos Delivorias
India’s Increased Diplomatic Importance
He also emphasised India’s strategic significance in the Indo-Pacific region
“India has increased its diplomatic importance as part of its strategy over the last decade,” Delivorias noted, adding, “Its prominence grows in the Indo-Pacific region due to current geopolitical evolutions.”
He also said that against the backdrop of China’s Belt and Road Initiative and increasing assertiveness in global affairs, India’s rise holds profound implications for the European Union and the wider international community.
“What I mean by that is that since the announcement of the Belt and Road Initiative on behalf of China, since its more aggressive stance in the South China Sea, since the Russian invasion of Ukraine, we see that the Indo-Pacific as an area and this Southern Asia as a region grows in importance, both for us, the European Union, both for the West in general, and also for its regional partners.”
Angelos Delivorias
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