Our report highlights that India is a country with tremendous potential. Since its independence, it has been the world’s largest democracy, and developed a set of robust, and improving, institutions along the way. Since liberalising its economy in the early 1990s, per capita income has grown at an average of 4% every year, which has lifted millions of people out of poverty. Since then, the Indian economy has become increasingly dynamic and diverse, and by 2050 it could be the world’s largest.
However, challenges remain. There are recent signs that the economy is slowing, and this report highlights a number of areas where there are still significant constraints on growth.
Reforms to address these challenges are not straightforward or politically easy. Nonetheless, India has shown throughout its history that, with political will, it can rise to confront massive challenges. India has a remarkable track record of using reforms to transform the economy and improve the lives of its people.