India Poised To Become Third Largest Economy: Consul General In Shanghai
Highlighting the improvement in Indias business environment, Mr Mathur noted that the country has climbed 80 spots in the World Bank's Ease of Doing Business index in recent years.
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India Set to Emerge as Global Economic Giant
India is strategically positioned to become a global economic leader, likely surpassing Germany to claim the position of the world's third-largest economy, according to Pratik Mathur, India's Consul General in Shanghai. During his address at the annual Consul Generals and CEOs Business Forum held in Shanghai on Friday, Mr. Mathur emphasized that India stands ready to capitalize on the upcoming Industrial Revolution and advancements in artificial intelligence technology.
"Being in Asia, particularly India, represents an extraordinary opportunity right now," Mr. Mathur stated to the gathering of business executives and diplomatic representatives. "We represent the world's largest and fastest-growing democratic nation, with a substantial population transitioning from lower to middle class who are well-educated, ambitious, and eager consumers."
#MakeinIndia #IndianCompaniesGoGlobalCG @PratikMathur1 today participated in the annual Consul Generals and CEOs Business Forum in Shanghai and spoke about the innovation and investment opportunities offered by the 🇮🇳 Growth Story.There was large scale interest amongst the… pic.twitter.com/sW4i6rlJ5B
— India In Shanghai (@IndiaInShanghai) June 6, 2025
In remarks subsequently published on the Consulate's official website, Mr. Mathur indicated that India's current economic value of approximately USD 4 trillion is expected to expand nearly eightfold to reach USD 30 trillion by 2047. He highlighted that this growth projection is strengthened by India's demographic advantage, with its substantial youth population forming the foundation of the country's economic potential.
Mr. Mathur credited this rapid economic expansion to a blend of policy initiatives and structural reforms, particularly highlighting the government's 'Make in India' program launched in 2014. This initiative aims to establish India as a global manufacturing center through various incentives, including preferential loans, tax reductions, and the Production Linked Incentive (PLI) scheme.
India is currently working to ensure its manufacturing capabilities can compete internationally, Mr. Mathur explained. He identified mobile phone production, automotive industries, steel manufacturing, pharmaceuticals, and food processing as sectors demonstrating increasing strength. "The positive outcomes are already evident. India has become the world's second-largest mobile phone manufacturer after China, having produced over 2 billion devices between 2014 and 2022, achieving a compound annual growth rate (CAGR) of 23%."
Underscoring improvements in India's business climate, Mr. Mathur noted the country's 80-position advancement in the World Bank's Ease of Doing Business rankings in recent years.
He described recent government measures as truly transformative, promoting domestic production in shipbuilding and encouraging private sector participation in the nuclear power industry, while simultaneously highlighting the government's efforts to stimulate domestic consumption by providing tax benefits to India's expanding middle class — currently estimated at 400 million people and considered one of the largest globally.
Mr. Mathur concluded his presentation on a positive note, stating: "This is not merely India's decade — it is India's century."