BBC NewsBorrowing was £17.4bn last month, the second highest October figure since monthly records began in 1993.
Dinesh Dhamija
We’re almost a quarter through the 21st century and the predictions of Jeff Bezos and others that this would be “India’s Century” are well on their way to fruition.
What should we be looking out for in 2024, as the country exerts its ever more powerful economic and political muscles? Here are my top seven predictions:
Major announcements from global corporates
We’ve seen global manufacturers like Apple increase their operations in India over recent years. I predict there will be an acceleration of these deals: Apple itself wants to make 25 per cent of its iPhones in India by 2025, so watch out for multi-billion-dollar investments.
India takes diplomatic centre stage
Russia’s invasion of Ukraine, the stand-off between China and the United States, conflict in the Middle East… these are all disputes between polarised adversaries which a calm, neutral moderator can help to resolve. India is increasingly seen as a trusted mediator in global affairs and will accentuate this role in 2024 I believe.
New Indian sporting heroes
As the Indian population gains more leisure time, we’ll see more examples of world-class sporting performance. For example, 17-year-old Dommaraju Gukesh from Chennai became the second-youngest chess Grandmaster when he was 12 years old and has already defeated world number one Magnus Carlson. I predict that India will win more medals at the Paris Olympics this summer than ever before.
India will host the 2036 Olympics
There have been years of behind-the-scenes lobbying for India to host the 2036 Olympics, probably in Delhi. I predict that there will be an announcement in 2024 as Narendra Modi brings the greatest festival of international sport to the country for the first time, just as China won the 2008 games in recognition of its rising global status.
UPI will gain international acceptance
The Unified Payments Interface (UPI) which has helped to transform the Indian economy, reducing payment costs and corruption, will reach broad international acceptance in 2024, helping to bring ever more populations out of poverty and strengthen global cooperation. It is another great example of Indian leadership in technology and development.
Political continuity
As far as there is a sure thing in politics, Narendra Modi is sure to regain the Prime Ministership in this year’s Indian General Election, reassuring the markets and investors that they can plan for the future with confidence. I expect to see an upsurge in economic activity following the election as people make their bets on the next five years.
India’s GDP could overtake Germany’s
On current projections, India’s GDP will reach $4 trillion sometime in 2024 and could pass that of Germany (currently $4.4 trillion) and Japan ($4.2 trillion) by the end of the year to attain third spot globally. This would have profound implications for the world economy and encourage yet more investment into the country.
Happy New Year!
Dinesh Dhamija founded, built and sold online travel agency ebookers, before serving as a Member of the European Parliament. His latest book, The Indian Century, will be out soon.
