Since Modi came to power, there have been some dramatic changes in India's economic policy. For example, he launched the "Make in India" initiative to vigorously develop local manufacturing; Another example is the relaxation of restrictions on foreign investment and the encouragement of foreign investment into the Indian market.
On the one hand, these measures demonstrate India's ambition to get rid of foreign dependence and achieve independent development, but on the other hand, they have also aroused speculation and concerns about the direction of India's economy.
After all, in the tide of globalization, the adjustment of the economic policy of any major country may cause a domino effect and affect the layout of the global industrial chain.
So, what is India's economic strength, can it support Modi's ambitions, and how will the relations between China, India, and the United States evolve?
1. The Modi government has introduced a series of policies that are "contrary" to Western values
Since Modi came to power, India's economic policy and diplomatic style have changed significantly. Some Western media outlets have even used the term "increasingly authoritarian" to describe Modi's governing style.
The Modi government has restricted the activities of foreign NGOs in India on the grounds of "threats to national security"; In the name of "maintaining public order", several international media offices in India were closed.
On the economic front, Modi has also shown a tough "India First" stance. India has officially withdrawn from the China-led Regional Comprehensive Economic Partnership (RCEP) negotiations.
Modi said India could not accept an unequal deal that would weaken its own industry.
On the one hand, Modi's actions reflect his ambition to break free from Western influence and achieve India's independent rise, and on the other hand, they also raise concerns about India's economic prospects and investment environment.
After all, in the era of globalization, the adjustment of the opening up policy of any major country may affect the investment decisions of multinational enterprises. So, is Modi's "India First" approach really conducive to the long-term development of the Indian economy?
Judging from the data, after Modi took office, India's economic growth rate did fluctuate to a certain extent.
Of course, short-term data doesn't tell the whole story. In the medium to long term, it remains to be seen whether Modi's "Make in India" industrial policy can successfully promote the upgrading of the manufacturing industry, and whether foreign investment restrictions can force local innovation.
But what is certain is that in the face of the tide of globalization, no major country can be immune. India needs to prudently balance its own development and opening up to the outside world in order to move forward steadily in the midst of a hundred battles.
Second, how can India's economic strength support its confidence in confronting the United States?
The contest of comprehensive national strength has never been a simple numbers game, and economic strength is not the only determining factor. However, in today's world, economic hard power is undoubtedly an important manifestation of national competitiveness.
So, can the Indian economy support Modi's ambitions and toughness on the international stage?
Let's take a look at India's size advantage first. As the second most populous country in the world, India has a population of 1.4 billion, more than half of whom are young people under the age of 35.
Such a large population base means a huge human resource advantage and a potential consumer market. McKinsey predicts that India is on track to become the world's third-largest consumer market by 2030.
With the rapid popularization of the Internet and smartphones in India, the digital economy also provides India with an opportunity to overtake in corners.
Let's take a look at India's industrial potential. In recent years, India's service industry has developed rapidly, especially the modern service industry represented by software and finance, which has become an important engine of India's economic growth.
With its demographic dividend and relatively low labor costs, India has a unique advantage in attracting outsourcing business.
With the advancement of Modi's "Make in India" plan, India is also stepping up the layout of advanced manufacturing and striving to create new growth points.
Of course, the potential of India's economy cannot be ignored, but the shortcomings and concerns it faces cannot be avoided either. Poor infrastructure, disparity between the rich and poor, and incoherent policies have all constrained India's economy from taking off further.
Taking electricity supply as an example, according to the World Bank, India's per capita electricity consumption is only 1,122 kWh per year, less than one-quarter of China's. India's Gini coefficient is as high as 35.7, and income inequality is also very prominent.
In addition, India's complex interstate checks and balances have led to inefficient economic policy formulation and implementation.
It can be seen that despite the huge potential of India's economy, there is still a lot of homework to be done to truly translate it into international competitiveness.
For Modi, how to maintain national self-esteem while maintaining economic resilience and openness is undoubtedly a balancing act that requires wisdom.
After all, in the era of globalization, confrontation and struggle should not be the main tone of relations between major powers. Inclusiveness, cooperation, mutual benefit and win-win results are the right path in the world.
epilogue
Since Modi came to power, India has shown unprecedented assertiveness and toughness. This self-confidence stems not only from the rise and great potential of India's economy, but also from the awakening of India's national self-esteem.
However, national self-esteem should not be based on confrontation and hostility. In the era of globalization, no country can stand alone, and inclusiveness and cooperation are the demeanor and bearing that a major country should have.
For India, while firmly safeguarding its own interests, it is more necessary to prudently balance domestic and foreign policies, seek development through opening-up, and seek win-win results through cooperation.
Only in this way can we move forward with determination in the midst of a hundred battles, realize our own development dreams, and contribute India's strength to the building of a community with a shared future for mankind.