India surpasses Japan to become the world's 4th largest economy

IOL News

2 days ago

This pivotal moment led by India Prime Minister Narendra Modi underscores India's commitment to amplifying the voice of the Global South and fostering deeper ties with Africa.
Image: EPA-EFE/HEIN HTET
IN a defining moment within our Epoch, India has officially overtaken Japan to become the fourth-largest economy in the world.
As confirmed by leading assessments from the International Monetary Fund (IMF), World Bank, and other key institutions. This milestone is not just a reflection of economic growth; it is a powerful statement about the rising potential of the Global South, particularly for countries within the BRICS+ nations.
Projections also indicate that India is on course to overtake Germany by 2027, further cementing its position on the global stage.
For our Centre, focused on exploring alternative pathways for the Global South and the BRICS+ framework. India's rise provides profound insights and tangible lessons as we collectively navigate the challenges of colonial legacies, pervasive poverty, and stark inequality.
India's journey also aligns with our research focus on the developments centred around the African Union (AU), with particular interest in its recent role as chair of the 2023 G20, during which the AU was granted permanent membership after India's proposal for the AU's full membership into the G20.
This pivotal moment, led by Indian Prime Minister Narendra Modi, underscores India's commitment to amplifying the voice of the Global South and fostering deeper ties with Africa.
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For many pundits, India's rise to this unprecedented economic status was not a product of chance. This pivotal development signifies India's commitment to elevating the voice of the Global South and fostering deeper economic ties with Africa.
For our Centre, focused on exploring alternative pathways for the Global South, India's journey serves as both a profound inspiration and a valuable guide as we collectively address the enduring challenges of colonial legacies, pervasive poverty, and stark inequality.
While we recognise ongoing challenges such as equitable growth and job creation, key catalytic projects under Modi's leadership have catapulted India to the table of nations. This can largely be attributed to the decisive leadership of Modi.
Under his stewardship since 2014, India has ascended to become a formidable IT resource hub, with talented Indians now at the helm of some of the largest fintech companies globally. This remarkable transformation exemplifies Modi's vision for an economically vibrant and technologically advanced nation.
Our continent stands at a crucial turning point in its journey. Our collective histories speak of tales of colonial exploitation, and our current realities contend with poverty, inequality, and enduring unemployment.
Africa and India are still behind the Global North and Advanced Asia, but India is quickly catching up, having embraced its colonial past not as an impediment but a lesson of courage and resilience.
India's remarkable rise to become the world's fourth-largest economy demonstrates that with visionary leadership and political will, we, too, can transition from the peripheries of the global economy. It is possible, and India is paving the way for a new path to prosperity for its population of more than 1.2 billion people.
The Global South is rising. India's position should serve as a realignment of the global economic order, emphasising the power of South-to-South cooperation.
India's achievement in becoming the world's fourth-largest economy within our lifetime is not merely an Indian milestone; it is a beacon of hope for Africa and a testimony to what is attainable.
'The last shall be first and the first shall be the last.'
India's achievement is not only a milestone for India, it serves as a beacon for Africa and reaffirms that countries of the Global South can transform their economic futures and their fate.
We truly draw inspiration from these moments.
* Phapano Phasha is the chairperson of The Centre for Alternative Political and Economic Thought.
** The views expressed here do not reflect those of the Sunday Independent, IOL, or Independent Media.