The third, according to the author, is the infrastructure revolution. Last year, it was first, exceeding the consumption of China and the US combined, he noted. In 2015, India was ranked 122nd for per capita mobile data consumption. More than 700 million Indians now use the internet. He mentioned Reliance head Mukesh Ambani's cheap offering of smartphones and tariff plans through his telecom service. The second is the Jio-led internet revolution. The first of the "revolutions" according to him is Aadhaar - which gives every Indian a unique 12-digit ID number verifiable by fingerprints or an iris scan and can be used to verify instantly who they are, and thus set up a bank account in minutes or to transfer government payments to recipients directly without corruption.
In recent years, however, it has been able to accelerate growth because of a series of revolutions," Zakaria wrote. It has been the second-fastest-growing large economy (behind China) for about 20 years. "While that mid-2000s enthusiasm did not fully translate, the country continued to make progress. However, the author said in the piece that yet he came back from the India trip being bullish about the country. The Chinese economy is now about five times the size of India's. He also recalled that the Indian trade minister of that time had predicted that the Indian economy would soon overtake China's but it didn't quite work out that way. In those years, India grew even faster than it is now, at a rate of more than 9 per cent. He recalled going to the World Economic Forum in Davos in 2006 and being bombarded with billboards, saying "Incredible India!" and "world's fastest-growing free market democracy". The opinion piece quoted Prime Minister Narendra Modi in what he said recently, "India's time has arrived."īut the author was also worried at the same time as he said that he had seen this "movie" before. He noted that India is now the most populous country on the planet and is projected to be the fastest-growing large economy as well, at 5.9 per cent this year. In an opinion piece published in The Washington Post, Zakaria wrote he was struck by how different the mood in India is compared to much of the world.
Indians are excited about the future at a time when people in the US and Europe are worried about inflation and a possible recession, feels noted columnist Fareed Zakaria after visiting India this week.
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