India’s GDP is growing for several reasons, including:
- Economic Reforms: Since the early 1990s, India has implemented a series of economic reforms that have liberalized the economy, reduced administrative power, and opened up the country to foreign investment. These reforms have helped to create a more favorable business environment, attract foreign investment, and spur economic growth.
- Demographics: India has a large and growing population, with a significant portion of the population under the age of 35. This demographic advantage provides a large pool of labor and a growing consumer market, which can fuel economic growth.
- Technology: India has become a hub for technology innovation and outsourcing, with a large number of skilled workers in the IT sector. This has helped to attract foreign investment and spur growth in the services sector.
- Infrastructure Development: India has invested heavily in infrastructure development, including roads, railways, airports, and ports. This has improved connectivity within the country and with other countries and helped to conduct trade and commerce.
- Government Initiatives: The Indian government has launched several initiatives to promote entrepreneurship, innovation, and economic growth, such as the Make in India, Digital India, and Start-Up India programs.
So, India’s growing GDP is a result of a combination of factors including economic reforms, demographics, technology, infrastructure development, and government initiatives.