The world is at India’s doorsteps. With an economy that is outperforming the rest of the world, a young workforce that outnumbers the rest, and a rapid digital transformation that outshines the rest, India is a ray of light amidst the economic uncertainties elsewhere. The task now is to raise the bar so India can shape the next wave of technological revolution and double our economy from the current $3 trillion-plus by 2030.
Today, era-defining technologies such as artificial intelligence (AI) and Web3 are upon us. Adoption of AI could add $500 billion to national GDP in the next two years, while Web3 could contribute as much as $1 trillion over the next decade, NASSCOM noted. Their impact in our everyday lives and how we conduct businesses will be extensive. While AI is changing how we navigate the internet and access date, among other things, Web3 is poised to transform the underpinnings of the internet—how data is stored and controlled.
India should closely study this impending transformation, and impart its India’s experiences, learnings, and models as possible templates for others, particularly the developing world. As the leaders of the world’s biggest economies gather in New Delhi to discuss matters of urgency—immediate and long-term—at the G20 Summit, my hope is, it is this context that would shape India’s approach.
The upside here is immense. Forethought by our policymakers, the demographic dividend, and the ambition of our startups and private sectors have elevated the median at which India operates. At 7.8% in the first quarter of the financial year 2023, India is the fastest growing major economy in the world. At a global scale, India is to contribute 15% of the global growth in 2023, as per the International Monetary Fund (IMF).
The macroeconomic outlook looks even brighter when accounting for our ever-improving workforce and digital infrastructure—the drivers of future growth. According to the India Skill Report 2023, there’s been over 400 basis point increase in overall employability among India’s youth. India Stack, the foundational public digital infrastructure, has expanded our financial capabilities faster than ever possible. Aadhaar has helped the nation double the bank account ownership in a decade, the World Bank noted. UPI QR codes dot our landscape—from push cart to airport terminals. To borrow the words of Nandan Nilekani, with Aadhaar, India has achieved in 9 years what would have taken us 47 years before.
