As India Eyes Economic Supremacy, Can Modi’s Vision Materialize?

India is gearing up for the world’s largest democratic election, with a staggering 960 million of its 1.4 billion citizens eligible to vote. The election, which commences this Friday, will unfold over a month, with Prime Minister Narendra Modi expected to secure a third term. Under his tenure, India is on the brink of an economic transformation, aspiring to challenge China’s dominance as a global economic hub.

This shift comes as Western relationships with Beijing strain, positioning India as an appealing alternative for global investors and companies diversifying their manufacturing bases. But does this promise hold water in a country still grappling with widespread poverty?

CNN delves into this question, using robust data from reputable sources to craft five key charts. These visualizations not only reflect India’s achievements since Modi’s 2014 ascendancy but also the hurdles facing whoever takes the reins next, in steering the world’s fastest-growing major economy.

Economic Landscape: Promise Versus Reality

In 2023, India’s economy boasted a GDP of $3.7 trillion, ranking it fifth globally—a significant leap from its position a decade ago. Analysts project a steady growth rate of 6% annually, though an 8% growth is deemed necessary for India to ascend to true economic superpower status.

Experts predict India could become the world’s third-largest economy by 2027, trailing only the US and China. However, its GDP per capita—a critical indicator of living standards—remained low, ranking 147th globally in 2022 according to the World Bank.

Guido Cozzi, a macroeconomics professor, suggests that while the economy may grow, trickle-down effects are not always equitable, and deliberate policies to foster inclusive growth are essential.

Modernizing Infrastructure: A Path to Growth

Mirroring China’s earlier strategies, India has embarked on extensive infrastructure upgrades, channelizing billions into enhancing roads, ports, airports, and railways. Simultaneously, private investments are funneling into creating the world’s largest green energy plant, signaling a robust move towards sustainable development.

As India casts its vote, the global community watches closely. Will India’s grand economic visions materialize, or do substantial challenges loom on the horizon? The answers may shape not just India’s future but also the global economic landscape.