Project SyndicateProject Syndicate

India’s boom is a dangerous myth

By Ashoka Mody

29 Mar 2023 · 4 min read

In this PS piece, Ashoka Mody probes India's much-lauded economic boom, spotlighting the nation's struggles with unemployment and a stagnant manufacturing sector, casting shadows on future growth.

Curated by informed

Indian elites, official forecasters, and international media have piled into the narrative that India’s economy is booming and positioning the country to become the great success story of the twenty-first century. But looking past the illusion created by headline GDP numbers, nothing could be further from the truth.

PRINCETON – Indian elites are giddy about their country’s economic prospects, and that optimism is mirrored abroad. The International Monetary Fund forecasts that India’s GDP will increase by 6.1% this year and 6.8% next year, making it one of the world’s fastest-growing economies. Other international commentators have offered even more effusive forecasts, declaring the arrival of an Indian decade or even an Indian century.

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