NEW DELHI: India is well-positioned to continue its economic expansion and move towards upper-middle-income status, supported by poverty reduction, infrastructure development and growth on multiple fronts including manufacturing, finance and IT, American economist Noah Smith said in a new blog post.
Smith noted that India has made significant progress in reducing extreme poverty over the past two decades, while also lowering inequality. Citing the World Bank, Smith attributed the improvement to strong consumption growth, rising employment, especially among women, and expanded social transfers, including food subsidies.
India reached a stage of economic development comparable to where China stood in the late 2000s, both in terms of gross domestic product and the Human Development Index.
The blogpost noted that India's development challenge is less demanding than China's, as it had to escape poverty and improve living standards rather than establish global dominance in artificial intelligence or surpass the combined economies of the US and its allies.
Highway spending has increased fivefold over the past decade, while central government railway spending has risen eightfold. (IANS)
Also Read: BPCL clarifies E20 petrol testing procedure, assures quality