In what could add cheer to the INDIAN DIASPORA, India has been topped the list as one of the fastest growing economies in the world. For the coming decade, this has been the current focus, and the economy is projected to grow at the rate of 7.9 percent annually.
A Harvard University report has recently pointed out that.
The many factors which are contributing to this are, chemicals, vehicles, and some electronics. The study has further stated that India has a lot of contributions and the capabilities far exceed the expectations.
A new report has also stated that it ranks the best in the Complexity Opportunity Index and it also shows how easy it is to display the new complex products. India’s existing capabilities shows that it has a range of a lot of diversified products and depending on them diversification can be made easy.
China is expected to grow annually at a rate of 4.9 percent
US is expected to grow annually at a rate of 3 percent
France at a rate of 3.5 percent.
There is immense scope for India to grow and look after the untapped potentialities. The high value sectors are going to grow immensely and will give a lot of scope for further potentialities.
The main reason is that India’s complexity has not changed over the years and the effective growth can be highly be capitalized to make an effective growth option.
The long-term growth will depend on the diversification of the related products and how much it can be sustainable in the long run.
Next to India, Uganda comes second in the top list of countries who will be the fastest growing economies to around 2026.
They are based on an economic complexity and a single measure of the country’s economy which captures the diversity of the country.
Other countries are Turkey, Bangladesh, Philippines which will drive the growth in the coming decade.