India Prepares for World‘s Largest Democratic Elections
With just a few days left until the start of India’s general elections, the country is gearing up for what is set to be the world‘s largest democratic exercise. An estimated 960 million people out of India’s 1.4 billion population are eligible to cast their votes in an election that will span over a month.
Current Prime Minister Narendra Modi, who is seeking a third consecutive term, is expected by many to secure another five-year mandate. Under his leadership, India has seen significant economic growth and is positioning itself as a strong alternative to China for investors and businesses looking for growth opportunities.
While India continues to face challenges in poverty alleviation and income inequality, the country’s economy has made strides under Modi’s tenure. India has climbed to become the world‘s fifth-largest economy, with a GDP worth $3.7 trillion in 2023. Growth projections suggest that India could potentially become the third-largest economy by 2027, behind only the United States and China.
The Modi government has also focused on infrastructure development, with significant investments in building roads, ports, airports, and railways. The country has seen a major transformation in digital infrastructure as well, with initiatives such as the Aadhaar program and the Unified Payments Interface driving financial inclusion and digital transactions.
India’s stock market has been on a bullish trend, reaching record highs and surpassing $4 trillion in market capitalization. The government’s efforts to attract foreign investments and boost manufacturing through production-linked incentive programs have seen global giants such as Apple and Tesla showing interest in expanding their operations in India.
However, challenges remain, particularly in addressing unemployment and creating job opportunities for the country’s young population. The International Labor Organization’s recent report highlighted the mismatch between the aspirations of educated youth and the available job opportunities, leading to high levels of unemployment among the youth.
As India prepares for the upcoming elections, the focus will be on addressing these economic challenges and ensuring inclusive growth for all segments of the population. The world will be watching as India embarks on this monumental democratic exercise, setting the stage for the country’s economic future.