NEW DELHI—For what seems like forever, India was a story of unfulfilled potential: abundant labor and entrepreneurial energy hobbled by lousy infrastructure, a meddlesome state, stifling regulation and a deep ambivalence about engagement with the broader world.
It might be time to retire that story. Indeed, 2023 could be the year India finally emerges as a global economic heavyweight. For that, thank the cumulative effect of solid economic growth, microeconomic reform and a changed geopolitical environment that has the West more eager than ever to draw India into its orbit. Just this week, nine Democratic senators and Treasury Secretary Janet Yellen came through India, the latter for a summit of the Group of 20 economies, which India is hosting this year. Commerce Secretary Gina Raimondo and Secretary of State Antony Blinken are close behind.