ABSTRACT
India is considered to be on track to become an economic superpower by 2047, and some say
it’s already become a prominent player in the global economy. Here are some reasons why;
Indian’s population is expected to reach 1.67 billion by 2050, which is larger than China’s
and the US’s combined. India has the world’s second largest labour force with 476 million
workers. India’s economy is growing quickly and is more than twice as fast as most emerging
market economics. In 2024, Forbes India ranked India fifth in the world for GDP, and it’s
expected to be the third largest economy by 2027. India’s economy is fuelled by many
sectors, Including information technology, services, agriculture and manufacturing. India
offers lower tariffs and labour costs, as well as government incentives, which attract
investors, policyholders and businesses. However, India still faces challenges, such as a
global economic slowdown and income inequality.
Keywords: Global Economy, Tariffs, GDP, Economic Slowdown and Income Inequality