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Indian Century

From Wikipedia, the free encyclopedia

Idea that the 21st century may be dominated by India
Republic of India

TheIndian Century[1][2] is aneologism suggesting that the 21st century may be dominated byIndia, as the 20th century is often called theAmerican Century,[3] and the 19th centuryBritish Century.[4][5] The phrase is particularly used in the assertion thatIndia's economy could overtake[6][7] theeconomies of the United States andthe economy of China as thelargest national economy in the world,[8] echoing its 23% share of the world economy in the mid-18th century, and up from a 3% share at the end of British rule.[9][10]

Debates and factors

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According to the report named"Indian Century: Defining India's Place in a Rapidly Changing Global Economy" byIBM Institute for Business Value, India is predicted to be among the world's highest-growth nations over the coming years.[11][12][13]

As per a report released byFederation of Indian Chambers of Commerce & Industry (FICCI) andMcKinsey & Company titled"India’s Century – Achieving sustainable, inclusive growth", India has the potential to become an "economic superpower" before its 100th year ofIndependence (2047).[14][15]

India is a member ofBuild Back Better World and has also createdNorth–South Transport Corridor as an alternative to theBelt and Road Initiative policy initiative of China (PRC),[16][17][18] to link in with Iran, Russia, the Caucasus, and Central Asia. In 2017, India and Japan[19][20] joined together to form theAsia-Africa Growth Corridor in order to better integrate the economies of South, Southeast, and East Asia withOceania and Africa.[19][20] India also engages in theQuadrilateral Security Dialogue and inMalabar (naval exercise) as part of aChina containment policy.

Top five countries by military expenditure in 2023[21]

One of the key factors includes its populous democracy.[22][23] According to aUnited Nations report, India overtook China to become the world's most populous nation in 2023.[24] Its size and location in Asia and the Indian Ocean poises it to play a significant role in matters around the world, as demonstrated during its time in the British Empire, though this history is also a factor in China's opposition to India's rise.[25]

Economists and researchers atHarvard University have projected India's 7% projected annual growth rate through 2024 will continue to put it ahead of China, making India the fastest growing major economy in the world.[26][27] In 2017, the Center for International Development at Harvard University published a research study[28] projecting that India has emerged[28] as the economic pole of global growth by surpassing China and is expected to maintain its lead over the coming decade.[28]

India has very recently been considered either a majorgreat power or to be emerging as such (well beyond middle powers) and is generally considered anemerging superpower due to its large and stable population and its rapidly growing economic and military sectors.[29]

Data

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GDP (nominal) past and forecasts

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Main article:List of countries by past and projected GDP (nominal)
The top 15 largest economies in the world (GDP nominal from 1990-2030 in billionsUSD)[30][31]
Country1990Country2000Country2010Country2020Country2030
 United States5,963 United States10,250 United States15,048 United States21,354 United States37,153
 Japan3,185 Japan4,968 China6,138 China15,103 China25,827
 Germany1,604 Germany1,967 Japan5,759 Japan5,054 India6,769
 France1,260 United Kingdom1,668 Germany3,470 Germany3,936 Germany5,575
 United Kingdom1,197 France1,361 France2,648 United Kingdom2,698 Japan4,994
 Italy1,164 China1,220 United Kingdom2,487 India2,674 United Kingdom4,955
 Canada596 Italy1,150 Brazil2,208 France2,645 France3,754
 Iran581 Canada744 Italy2,146 Italy1,905 Canada2,792
 Spain536 Mexico742 India1,675 South Korea1,744 Italy2,779
 Brazil455 Brazil655 South Africa1,633 Canada1,655 Brazil2,679
 China397 Spain598 Canada1,617 South Africa1,488 South Africa2,384
 Australia324 South Korea597 Spain1,429 Brazil1,476 Spain2,201
 Netherlands321 India468 Australia1,254 Australia1,362 Australia2,181
 India320 Netherlands417 South Korea1,192 Spain1,288 Mexico2,151
 Mexico307 Australia400 Mexico1,105 Mexico1,121 South Korea2,149

See also

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References

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  1. ^Nayan Chanda; Clyde Prestowitz (3 December 2012).A World Connected. Yale University Press.ISBN 978-0977992201.
  2. ^Martin Halliwell; Catherine Morley (2008).American Thought and Culture in the 21st Century. Oxford University Press. p. 10.ISBN 9780748626021.
  3. ^"21st century is going to be Indian century: Alagappan".OneIndia(UNI). 1 December 2007. Archived fromthe original on 14 July 2014. Retrieved5 July 2021.
  4. ^Halliwell, Martin; Catherine Morley (2008).American Thought and Culture in the 21st Century. Edinburgh University Press. pp. 9–10.ISBN 978-0748626021.
  5. ^admin (4 June 2014)."Empires and Colonialism in the 19th Century".American Numismatic Society.Archived from the original on 22 October 2024. Retrieved22 October 2024.Alt URL
  6. ^"The West and the Rest in the International Economic Order".Organisation for Economic Co-operation and Development. Retrieved2 July 2017.
  7. ^"China, India to Overtake U.S. Economy by 2050".U.S. News & World Report. Retrieved2 July 2017.
  8. ^"Of Oxford, economics, empire, and freedom".The Hindu. Chennai. 2 October 2005. Archived fromthe original on 27 October 2005. Retrieved6 December 2010.
  9. ^An Era of Darkness: The British Empire in India. Aleph Book Company. 2016.ISBN 978-9383064656.
  10. ^Schmidt, Karl J. (20 May 2015).An Atlas and Survey of South Asian History. Routledge.ISBN 978-1-317-47681-8. Retrieved21 October 2024.
  11. ^Banda, Madhuri; Patrao, Clifford; Marshall, Anthony."Indian Century - Defining India's place in a rapidly changing global economy".Institute for Business Value. Retrieved29 August 2020.
  12. ^Team, BS Web (10 December 2015)."India to be world's highest growth nation in 21st century: IBM study".Business Standard. Retrieved11 February 2016.
  13. ^"21st century is India's century: IBM chief Virginia Rometty".Moneycontrol.com. 14 July 2015. Retrieved11 February 2016.
  14. ^Anand, Saurav (16 December 2022)."FICCI, McKinsey lays down roadmap to achieve ₹10 L per capita income by 2047".mint. Retrieved26 May 2023.
  15. ^"India's Century – Achieving sustainable, inclusive growth"(PDF).www.india-century.com.FICCI;McKinsey & Company. December 2022. Retrieved26 May 2023.
  16. ^"India ratifies TIR Convention to access transnational multi-modal connectivity".Mint. 19 June 2017. Retrieved30 June 2017.
  17. ^"Watch Out, China: India Is Building A 'New Silk Road' Of Its Own".Forbes. Retrieved30 June 2017.
  18. ^"PM Modi in Russia: How fastracking North-South corridor will help India counter Chinese OBOR".The Financial Express (India). June 2017. Retrieved30 June 2017.
  19. ^ab"India And Japan Join Forces To Counter China And Build Their Own New Silk Road".Forbes. Retrieved1 August 2017.
  20. ^ab"Ignoring OBOR, India and Japan forge ahead with joint connectivity project".The Economic Times. Archived fromthe original on 12 January 2018. Retrieved1 August 2017.
  21. ^"Trends in World Military Expenditure, 2023"(PDF).Stockholm International Peace Research Institute. April 2024.Archived(PDF) from the original on 21 October 2024. Retrieved21 October 2024.
  22. ^"'India’s decade could pave way for an Indian century'."Archived 2013-05-08 at theWayback MachineHindustan Times.
  23. ^"Next century will be India's, says WSJ".Oman Tribune. Archived fromthe original on 19 January 2015.
  24. ^"UN DESA Policy Brief No. 153: India overtakes China as the world's most populous country".un.org. Retrieved18 October 2024.
  25. ^"GMF – The New Great Game: Why the Bush administration has embraced India". 16 December 2008. Archived fromthe original on 16 December 2008. Retrieved18 February 2025.
  26. ^"New Growth Projections Predict the Rise of India, East Africa and Fall of Oil Economies". 7 May 2015. Archived fromthe original on 4 July 2017. Retrieved12 April 2016.
  27. ^"India Will Be Fastest-Growing Economy for Coming Decade, Harvard Researchers Predict".The Wall Street Journal. 1 January 2016. Retrieved12 April 2016.
  28. ^abc"New 2025 Global Growth Projections Predict China's Further Slowdown and the Continued Rise of India".Harvard University. Retrieved10 July 2017.
  29. ^Lydon, Christopher (6 August 2010)."Real India: A Historian's Cautions on "The Indian Century" (AUDIO)".Huffington Post.
  30. ^"World Economic Outlook Database April 2025".www.imf.org. Retrieved24 April 2025.
  31. ^"UN data 'Downloads'". Retrieved29 April 2020.

Further reading

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External links

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