How strong is India’s economy under Narendra Modi?
It has neither boomed nor slumped. But growth may be taking off
In the second week of 2024 business leaders descended on Gujarat, the home state of Narendra Modi, India’s prime minister. The occasion was the Vibrant Gujarat Global Summit, one of many gabfests at which India has courted global investors. “At a time when the world is surrounded by many uncertainties, India has emerged as a new ray of hope,” boasted Mr Modi.
He is right. Though global growth is expected to slow from 2.6% last year to 2.4% in 2024, India is booming. Its economy grew by 7.6% in the 12 months to the third quarter of 2023, beating nearly every forecast. Most economists expect annual growth of 6% or more for the rest of this decade. Investors are seized by optimism.
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This article appeared in the Finance & economics section of the print edition under the headline "Of money and Modi"
Finance & economics January 20th 2024
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From the January 20th 2024 edition
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