Can Modi’s India Become the Global Economy’s Next Engine of Growth?

Can Modi’s India Become the Global Economy’s Next Engine of Growth?
Indian Prime Minister Narendra Modi during the U.S.-India Business Council 41st Annual Leadership Summit, Washington, June 7, 2016 (AP photo by Alex Brandon).

Indian Prime Minister Narendra Modi arrived in Washington during what seems like exuberant times for the Indian economy. Just days before Modi landed, New Delhi unveiled dazzling new economic figures: The headlines boasted that India now has the fastest economic growth of any of the world’s major economies. And the timing could not be better. Not only do the stellar numbers easily surpass those of perennial rival China, they also come at a time when other large economies are having trouble revving up growth.

The global economy has always relied on at least one major engine pushing forward with enough might to pull the rest of the world with it. Right now, the U.S., China and Europe are not up to the task. Is India ready to save the world?

The answer, unfortunately, remains an emphatic “maybe.”

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