Significance and Role of India in the Modern Global Economy

Abstract

India as one of the largest emerging economies in the world and the most populated together with China plays a significant role in the global economy. India’s high rates of economic growth were mostly above the global average for several decades. As part of the current stage of economic development, India has begun to focus on closer integration into the global economy and strengthen its export orientation. Given an impressive progress in increasing its share in global GDP and exports by the 2010s, India became a regional center of economic development. Nevertheless, exports and economic growth of India have lost steam amid manifestations of crisis in the global economy in 2022, and, according to the projections, they are not expected to gain it until 2027.