Role of India in the global economy

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global economy

India is classified as one of the fastest developing countries in the world. These developing countries are the critical assets in the global economy where not only for their monetary contribution but their relations with other countries are also taken into consideration.

India in the global economy

It is remarkable how India is climbing the World Economic Forum’s Global Competitiveness Report. This is due to the certain initiatives which are taken by the government, such as promoting the startups, which creates innovation and vision in the Indian market and therefore attracts foreign direct investment in Indian companies.

But due to the COVID-19 pandemic, many great economies are on the brink of collapsing. India has managed to sustain its economic position but has hit a backtrack on some aspects, such as poverty and unemployment. After the nationwide lockdown in India, the economy took a step back, and the GDP contracted.

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Though the response of the government on the economic situation was quick and efficient, as Prime minister Narendra Modi announced various schemes like “Atmanirbhar Bharat” to boost entrepreneurship in India, in the past few years, he has also introduced schemes like “Make in India” and MSME Credit line loans which encourage the business sector of India and have rightly gained success in such initiatives.

Not only by the business sector but India is also favored by many International companies in Western Europe and the US for back end office staff as due to currency difference, it becomes cheap for the company to outsource the work but now due to COVID there is a rise of unemployment due to which the Indian economy can create drag for the global economy as per the words of the “US Chamber of Commerce.”

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On the other hand, mutual funds are inherently financial products that cater to the investment needs of different types of investors. An asset management company (AMC) pools in money from different investors, which fund managers then invest into different asset classes such as stocks, bonds, real estate, annuities, etc. Mutual funds are a good option if you have an investment horizon of five to seven years or more. For risk-averse people, they should invest in equity-oriented hybrid schemes or balanced schemes.

Conclusion

In all, the Indian economy impacts the world economy in various sectors.

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