India and the Global Economy

India, the world’s largest democracy, has yet to realize its full potential as a leading global economy. Today, it is more integrated and dependent on the global economy than ever before. Given the criticality of these external engagements, India needs to renew its commitment to reforms and better exploit the benefits of global integration. A number of sectors, including healthcare, energy, and investment in manufacturing, are still governed by rules and norms of the past that need to be liberalized, rationalized and strengthened to allow for resilient and sustainable growth. India can achieve rapid economic growth by opening up its economy to foreign technologies, which will require strengthening intellectual property rights regulations and greater cooperation with the US. Finally, India must bridge the skills gap in its population and impart training to boost the capabilities of citizens entering the workforce in the coming years.

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