India is currently in the midst of its general elections, with Prime Minister Narendra Modi proudly boasting that the country is hosting the largest election in the world while also being the fastest-growing major economy. With a GDP of $3.5 trillion, India now ranks as the fifth largest economy globally, surpassing that of its former colonial ruler, Britain. The government is heavily investing in various sectors such as roads, railways, ports, energy, and digital infrastructure, attracting the attention of many multinational companies looking to diversify their supply chains by including India in their strategies.
Despite its economic progress, India still faces challenges such as underemployment and low participation of women in the workforce compared to global standards. Private investment in India is also lower than it was before the 2008 global financial crisis, highlighting the need for sustained efforts to maintain economic growth. When Mr. Modi assumed office, India’s income per person was only a fifth of China’s gap that remains unchanged today.
Six books offer insights into India’s complex economic landscape and Mr. Modi’s mixed record of economic policies:
1. “The Making of Modern India” by Amartya Sen: This book provides an overview of India’s history and how it has shaped its current economic landscape.
2. “India Unbound” by Rahul Pandit: This book explores how India’s economic policies have impacted various sectors such as agriculture and manufacturing industries.
3. “Economic Growth and Development” by Deepak Pugwase: This book provides an analysis of India’s current economic situation and how it can be improved to sustain long-term growth.
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