The biggest impact of being included in the top 5 economies will be that the trust of foreign investors in India will increase further. And by increasing investment, people will get new opportunities and employment opportunities.
India became the fifth largest economy in the world
The Indian economy has dominated social media since Saturday morning. Actually, India has once again taken entry in the top 5 economy of the world. India has overtaken Britain to achieve this position on a quarterly basis. On the other hand, looking at the growth of India, it is certain that even on an annual basis, India will become the 5th largest economy in the world. It is estimated that this time India’s entry in the top 5 is permanent and only improvement will be seen in it. Along with this news, there is a discussion going on in the opposition about the effect of this ranking on the common people on social media. By the way, it is also right to raise the question that how will the improvement in this ranking affect the common people, so let us understand what is the effect of increasing the ranking.
First understand why Britain is behind India
If we look at the reasons aside from the figures, then the reason for coming to the fifth position is that India has faced the challenges better in the midst of economic crises. At the same time, Britain has suffered the loss of its slowness. These figures are given in dollars, and it is worth noting that the Indian rupee has fared much better than the UK pound against the dollar. During the quarter in which the calculation has been done, the pound has also broken significantly against the rupee. That is, the currency of India has proved to be stronger than the pound. On the other hand, the Indian economy is registering a growth of 7 percent, where the growth of the UK economy is less than 1 percent. Due to these reasons India maintained fast growth but UK could not perform like India and lagged behind India.
What will be the effect of ranking on common people
India’s economy is currently battling inflation, rupee depreciation, expensive crude oil, commodity prices. And these challenges are being faced not only by India but the whole world. Of course, there will be no immediate effect of increasing the ranking. Because factors like inflation dominate all the economies and due to this the size of the economies is increasing. However, it is not that this achievement for India is only in name. Being in the top 5 in the medium to long term is not only positive for the economy, but it will also have an impact on the lives of common people.
What will be the effect of improving ranking
Being included in the top 5 economies is first of all a matter of pride for every Indian and this will further strengthen the position of Indians across the world, whether there are export opportunities or the power of passports. Because with a strong economy, everyone wants to keep the relationship strong. At the same time, the biggest effect of this will be that the trust of foreign investors in India will increase further. In fact, it has been indicated to the investors that India has maintained growth even in difficult times, in such a situation, India’s growth will be stronger with the recovery across the world. Which is a very attractive thing in terms of investment. At the same time, while the government is aggressively placing schemes like Make in India and Production Linked Incentive in front of investors, getting into the top 5 will further strengthen the claim of the Indian government that India is the most attractive market for investors where it can grow rapidly. can do. At present, a large number of investors are looking for an alternative to China. The new ranking will also become a big sign for such investors. If foreign investors increase investment in India in large numbers and FDI increases, then this will not only increase employment opportunities in the country but also increase the income of the people and opportunities for those who start their work. That is, it is clear that joining the top 5 of India can bring new opportunities for common Indians.