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World watches as India sets the pace

In a nation’s history, there are some periods that stand out from the rest. By most indications, India today appears to be on the cusp of a transformation.

HTLS2015 Updated: Nov 30, 2015 11:40 IST
Sanjoy Narayan
When many parts of the developed world are struggling to not slip back into contraction, India is pulling ahead at about 8% and is set to regain its lost status as an engine of global growth.
When many parts of the developed world are struggling to not slip back into contraction, India is pulling ahead at about 8% and is set to regain its lost status as an engine of global growth.(Reuters)

In a nation’s history, there are some periods that stand out from the rest. By most indications, India today appears to be on the cusp of a transformation.

India’s is the world’s fastest growing major economy outpacing China. When many parts of the developed world are struggling to not slip back into contraction, India is pulling ahead at about 8% and is set to regain its lost status as an engine of global growth.

Over the last several months there has been a flurry of reformist moves and the government has amply demonstrated its intent to walk the talk on turning India into a preferred global investment destination.

The world is peering into India with optimism that it will remain an island of global growth, helping steady the world economy.

Yet, there are challenges.

Creating jobs, for instance, for the millions of young people that join the workforce every year is one of the foremost hurdles that successive governments have struggled to surmount. A productive job is the best form of inclusion.

The rise in organised terror strikes is among the other dynamic variables that could influence the political and economic direction of many nations. In a highly integrated world, India cannot afford to keep its eyes away from the emerging geo-political calculus.

At home, there is a vast unfinished reforms agenda that needs to be accelerated. This will require bi-partisan parliamentary support, something that has been missing, and a benign political environment.

The 13th Hindustan Times Leadership Summit to be held on December 4-5 in New Delhi will bring together a galaxy of leaders and experts from the government and the world of politics, sports, entertainment and strategic affairs to share their insights under the broad theme “Can India be the World’s Bright Spot?”

There could not have been a better time to ask this question.

Sanjoy Narayan is the editor-in-chief of Hindustan Times. He tweets as @sanjoynarayan