{"id":224066,"date":"2023-01-28T20:37:13","date_gmt":"2023-01-28T15:07:13","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=224066"},"modified":"2023-02-20T15:02:21","modified_gmt":"2023-02-20T09:32:21","slug":"becoming-the-global-factory-how-to-nail-it-this-time","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/becoming-the-global-factory-how-to-nail-it-this-time\/","title":{"rendered":"Becoming The Global Factory: How To Nail It This Time"},"content":{"rendered":"\n

Source<\/span><\/b>: The post is based on an article\u202f<\/span>\u201c<\/span>Becoming The Global Factory: How To Nail It This Time<\/span><\/b>\u201d published in <\/span>The Times of India<\/span><\/b> on\u202f<\/span>28<\/span><\/b>th<\/span><\/b> January 2023<\/span><\/b>.<\/span>\u00a0<\/span><\/p>\n

Syllabus: GS 3 \u2013 Indian Economy<\/span><\/b>\u00a0<\/span><\/p>\n

Relevance: <\/span><\/b>About the factors leading the improvement in the Indian economy<\/span>\u00a0<\/span><\/p>\n

News<\/span><\/b>:<\/span> India has seen economic growth in recent years and received $84 billion in foreign direct investment despite declining global demands, pandemic and war.<\/span>\u00a0<\/span><\/p>\n

This shows that India has huge potential to attract additional FDI in the real sectors.<\/span>\u00a0<\/span><\/p>\n

How is India in a better economic position?<\/span><\/b>\u00a0<\/span><\/h2>\n

Implemented systematic changes<\/strong>: India is in a better position now because of numerous <\/span>systematic changes<\/span><\/b> made by India in <\/span>telecommunications, power, infrastructure and talent<\/span><\/b>. India also has a <\/span>huge educated population<\/span><\/b> with most of them being youth.<\/span>\u00a0<\/span><\/p>\n

Increasing Per Capita Income<\/strong>: According to <\/span>a report by Morgan Stanley<\/span><\/b>, the number of households earning over $35,000\/year will increase fivefold in the next decade, reaching over 25 million.<\/span>\u00a0<\/span><\/p>\n

This will <\/span>increase the GDP<\/span><\/b> to more than $7. 5 trillion by 2031 and an 11% annual compounding of market capitalisation to $10 trillion over the next decade.<\/span>\u00a0<\/span><\/p>\n

Increase in manufacturing<\/strong>: India is <\/span>transitioning from being a global office to a global factory in the manufacturing sector.<\/span><\/b> The combination of data and technology will help India in leading the world.<\/span>\u00a0<\/span><\/p>\n

India is <\/span>currently the fifth largest economy in the world<\/span><\/b> and is on track to surpass Japan in the next five years and be on a par with Germany.<\/span>\u00a0<\/span><\/p>\n

Growth of the banking sector<\/strong>: The <\/span>improvement in the banking network in the country has improved the flow of funds and given a boost to the number of bank accounts.\u202f\u00a0The bank account has increased from 43 per 1,000 people in 1972 to about 1,600 per 1,000 now.<\/span>\u00a0<\/span><\/p>\n

Other Initiatives:<\/strong> Such as <\/span>Production-Linked Incentives, the China Plus One strategy and plans like Gati Shakti <\/span><\/b>have given a boost to the overall economy of the nation and have ensured ease of doing business in India.\u202f<\/span>\u00a0<\/span><\/p>\n

Increase in FIIs<\/strong>: India has also been the destination for large Foreign Institutional Investors <\/span>(FIIs) <\/strong>and it is witnessing a rise in sales of homes, automobiles and credit card spending across the country.<\/span>\u00a0<\/span><\/p>\n

However, challenges such as geopolitical disruptions and rising energy and commodity costs exist in India, but these can be mitigated by bringing up policies and eliminating obsolete laws and regulations.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on an article\u202f\u201cBecoming The Global Factory: How To Nail It This Time\u201d published in The Times of India on\u202f28th January 2023.\u00a0 Syllabus: GS 3 \u2013 Indian Economy\u00a0 Relevance: About the factors leading the improvement in the Indian economy\u00a0 News: India has seen economic growth in recent years and received $84… Continue reading Becoming The Global Factory: How To Nail It This Time<\/span><\/a><\/p>\n","protected":false},"author":10311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10496],"class_list":["post-224066","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-times-of-india","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704928723},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/224066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=224066"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/224066\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=224066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=224066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=224066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}