PRODUCTION & OPERATIONS
Is India the next world superpower ?
It ’ s a belief with plenty of backing . A host of economists , experts and industry leaders have been saying as much since the early 2010s .
Partly driving this transition is the power of manufacturing , with initiatives like ‘ Make In India ’ attracting global manufacturing operations to the country .
Martin Harry Wolf CBE , Chief Economics commentator at the Financial Times , has himself written for CNA about India ’ s potential to become a superpower , but doubts it will match the prowess of China or the US based on GDP .
“ If India ’ s GDP were to grow at only 5 % a year by 2047 and US GDP were to grow at 2.3 %, India ’ s economy ( at PPP ) would equal that of the US ,” Martin explains . “ The US would still be more technologically advanced and have far higher productivity .
“ India ’ s manufacturing prowess is also unlikely ever to match that of China . The share of its industrial sector in GDP is not only far smaller than China ’ s , but is already in decline .”
To defy these expectations , India will need rapid investment in two things : factories and technology . And statistically , it ’ s making inroads in both areas .
The nation ’ s biggest manufacturing verticals are pharmaceuticals , automotive , textiles , chemicals and electronics .
Martin Harry Wolf , Financial Times
86 January 2025