India's Economic Leap: Challenges and Opportunities Ahead

India is poised to surpass Japan as the fourth-largest economy globally, according to Claude Smadja, former Managing Director of the World Economic Forum. However, Smadja cautions against complacency, noting that India's GDP per capita remains significantly lower than Japan's, reflecting a crucial gap in living standards.

With a GDP per capita of USD 2,878.4, India's economic growth must translate into higher standards of living for all citizens, not just the middle class. Smadja highlights India's strategic advantage in big data, which if harnessed correctly, could position the country as a global tech leader alongside China, the US, and Europe.

The rapid expansion of internet access, mobile phone proliferation, and Aadhaar systems contribute to India's big data generation. Yet, Smadja warns against vulnerabilities, particularly from tech giants eager to access this valuable resource. Embracing innovation, boosting manufacturing, and enhancing rural productivity are key to India's ambitious goal of becoming a USD 7-trillion economy by 2030.

(With inputs from agencies.)