India aims to close a China-sized gap in global economic growth

India is experiencing a moment as China becomes more and more isolated and the US and its allies look for a developing market champion. And is it prepared? There are favorable winds.

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India's population surpassed the rest of the world earlier this year, and its $3.4 trillion economy is among those with the greatest growth rates worldwide.

Investment in New Infrastructure

In order to make up for poor private investment, Prime Minister Narendra Modi's government has invested heavily in new infrastructure and used a combination of tariffs and incentives to entice foreign businesses, particularly those looking to diversify away from China.

According to the International Monetary Fund (IMF), India will add just over 15% to global growth this year, directly behind China's 35% and greater than the entire Western hemisphere's 14%. It is in a geopolitical advantageous position, with Modi attempting to take leadership of the so-called Global South and US backing to confront Beijing.

Behind the optimistic population rise, however, is a severe young unemployment issue, and for every billionaire, there are still hundreds of thousands of people living in poverty who are unable to participate in the country's emerging consumer market.

Global investors are comforted by India's growth in the face of China's faltering economy. We'll have to wait and see if it can take advantage of that chance.

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