India’s economy has come a long way in 75 years, but where next?

India has come a long way since independence to become the world's fifth-largest economy. But early mistakes and now a divisive leader are holding back the economy’s potential.

India's Prime Minister Narendra Modi performing yoga
Modi: a divisive figure who may hamper national renewal
(Image credit: © MANJUNATH KIRAN/AFP via Getty Images)

India has marked 75 years of independence by overtaking the former imperial power, Britain, as the world’s fifth-biggest economy. According to figures published last week by the International Monetary Fund and based on calculations in US dollars, India's economy edged past the UK’s in the final quarter of 2021 and extended its lead in the first quarter of 2022.

With a projected growth rate far higher than Britain’s – including 7.4% growth this year, the highest of any big economy – its GDP is expected to be a fifth larger than ours within five years. It’s also entirely possible that over the next decade India could pass Germany and Japan to become the world’s third-biggest economy (after the US and China).

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Simon Wilson’s first career was in book publishing, as an economics editor at Routledge, and as a publisher of non-fiction at Random House, specialising in popular business and management books. While there, he published Customers.com, a bestselling classic of the early days of e-commerce, and The Money or Your Life: Reuniting Work and Joy, an inspirational book that helped inspire its publisher towards a post-corporate, portfolio life.   

Since 2001, he has been a writer for MoneyWeek, a financial copywriter, and a long-time contributing editor at The Week. Simon also works as an actor and corporate trainer; current and past clients include investment banks, the Bank of England, the UK government, several Magic Circle law firms and all of the Big Four accountancy firms. He has a degree in languages (German and Spanish) and social and political sciences from the University of Cambridge.