Is India the next superpower?

More than one billion people in India belong to the low-income tier or those earning between $2 to $10 per day, according to Pew Research 2020 data. This is a staggering number.

These people are ever vulnerable to falling below the poverty line (less than $2 per day) if another catastrophe, such as a global pandemic, happens.

The peculiar problem with India is its jobless or creamy layer growth.

The rich are becoming more affluent because they have the capital to invest in appreciating assets such as stocks of blue chip companies and real estate.

However, their affluence does not trickle down to people with low incomes.

Foreign investments are increasing in India not so much because India's economy is on the upswing but because China's economy is on the downswing and investor sentiment in China is eroding.

So, I do not buy the hype that India is the next superpower.

However, India can become a formidable power if its growth is more equitable.

This can happen through empowering its workforce, which works in the informal sector, such as house cleaners, weavers, construction workers, plumbers, and agricultural laborers. This workforce accounts for more than 85% of the working people in India.

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Jamie Larson