When the rest of the world is offering insufficient structural modification and low growth, by contrast, India has reformed as an economy showing strong prospects of long-term growth. This is clearly stated in SmartOwner`s recent blog post on India making to the list of the fastest growing economies in 2018. Indeed, India has become the fastest growing economy eclipsing various other countries in the world.
Put together, population growth and rapid economic development have made India one of the largest economies in the world. It has already gained a secure position in terms of purchasing power uniformity terms. City Momentum Index report that comes from JLL, the property behemoth states that this is for the second time in a row that Indian cities have ranked in the list of fastest developing cities in the world. The top positions have been secured by the tech hubs Bangalore and Hyderabad with Kolkata and Pune coming in at the fourth and fifth positions. Other important metropolises of the country made it to the top 30.
Important factors that contribute to large-scale changes in the real estate sector and the economy of a city include the pace of development of commercial property and the changes taking place in the different areas of a city. The report, that tracks these changes subtly, appreciated the country’s large-scale economic and demographic development. Initiatives on the part of the Indian government including the recent reforms like “Make in India” and demonetisation have also been a subject of great appreciation in the report. The government’s plans on increasing the level of international investment, broadening the tax base, improvising the infrastructure of the nation and improving the prospects of long-term growth despite disruptions have been lauded in the report.
So, has India been successful in witnessing large-scale development? Improvement in business climate and the acceleration of investment of transport and energy infrastructure are some steps taken on the part of the Indian government in an effort to reform the economy of the nation. The aggressive approach towards urbanization, innovation, and demographics has yielded king-size results. It is probably because of the ease of investment and doing business that has helped the nation in making its entry to the list of a fastest growing economy in 2018. With a mere age of just 27, this South-Asian powerhouse of resources and investment opportunities is all set to take the world economy by storm. It is also being predicted that India will soon emerge as a growing power eclipsing some industrialised countries like Germany and Japan.
From simply being a call center destination and a place for outsourcing jobs, India has hysterically developed and has touched the sky in terms of economic growth. JLL’s report clearly detailed in the SmartOwner`s recent blog post is not far from saying that India, the powerhouse of growing industries and performance-based labour skills is fast grabbing its hold on being the world fastest growing economy. Stagnancy and high living costs have not been able to scar the nation’s face of growth taking it on a flight to become the most sought after country in the world.