India is a huge country with a unique civilization, way of life, and religious traditions dating back several millennia. In this, it is like neighboring China and competes with the latter for the title not only of the most populous country in the world but also the fastest-growing economy.

The government has set a target of 8-10% per year for economic growth over the next few years to implement ambitious plans to make India one of the world’s leading powers and significantly improve the well-being of its citizens.

Low levels of urbanization and very cheap labor with targeted policies to attract investment and open the economy, with a fast-growing middle class and government efforts to dismantle domestic barriers will help India, in fact, make the same journey as China has gone a decade earlier, and its successes. Now low cost of energy is added to these positive factors.

English remains one of the state languages of India, which is convenient for foreign investors and corporations in the localization of production and in export-import operations.

Modi is a huge factor in the rejuvenation of the Indian Economy

The rise to power in 2014 of the right-wing conservative and Nationalist Indian People’s Party, led by Narendra Modi, kicked off strategic development programs. The party’s slogan is “Nationalism is our inspiration”.

The paradox of India is that the conservative party seeks to unite society divided by caste prejudices, to overcome regionalism and passive religiosity, and to involve the historically discriminated sections of society in public life. In fact, the goal is to break down the barriers of the caste system and the interests of individual clans and families that breed corruption, hinder the modernization of the economy, and solve the accumulated social problems.

Prime Minister Modi’s plans are ambitious: India must become a leader in the global economy and become a great power, and to do so it must defeat corruption and inefficiency, reduce budget deficits and inflation, build modern infrastructure, and improve the business climate.

The gambling industry can make a difference

The gambling industry is something that accumulates a lot of money not only in India but also in the rest of the world. In India, there are some laws and regulations regarding gambling, but there are also grey areas that are currently being exploited by the industry to its benefit and in some ways – mainly through advertising – the Indian Economy. It is a market whose revenue exceeds billions. India resembles in many ways Norway, where gambling is neither legal nor illegal, but still, there are many websites, where people play. For many countries, the gambling industry is a driver of the economy, and India could choose the same approach.

Business features in India

Indian society is based on millennial traditions and, despite all the transformations of the 20th century, decades of parliamentary democracy, affirmative action called reservation in education and jobs for the historically discriminated, and formal equality of citizens, the caste divisions and prejudices have not really gone away. More than 200 million people, in general, fall into the category that were historically discriminated against, and who need to be lifted by means of affirmative economic and social action.

From the western point of view, this may seem like a discriminatory social system, but it came into being for specific reasons dictated by society and guidance of the seers of yore. The higher castes in the socio-economic system have always had advantages over the others when it came to education and career. And the affirmative action system that the constitution of India introduced when India became a republic, has sought to bring equity to the system, but it has not entirely succeeded.

All this has a direct bearing on the current state of the economy and its strategy for development. After all, family and caste values are the cornerstone of Indian business. Most large financial and industrial groups are built on the family or clan principle, and castes are primarily traditional professional communities of people, reminiscent of the shop unions of artisans and merchants in medieval Europe.

Each caste has dharma, a set of laws and rules that define the life, behavior, and responsibilities of all members of the community. The presence of dharma in ancient times was dictated by the need for skills transfer, competition, and the interests of production and land use, but in the 21st century, it became a real anachronism, hindering the modernization of Indian industry and necessary reforms in the economy and politics.

Make in India

Make in India is the name of the new industrialization program, with which the industry’s share of GDP will increase from the current 15% to 25%. With Make in India, the Indian government appeals to both global corporations and local businessmen. According to official data, more than 10,000 companies have already responded, including Apple, Vodafone, and General Electric. Aviation giant Boeing and its fellow MIC Lockheed Martin have thought about the localization of individual production facilities in India. And even China, a natural competitor and rival in the region is expanding economic cooperation with India.

Of course, administrative, and social barriers do not disappear quickly, and investors face some difficulties. But India’s enormous potential, the advantage of cheap labor and the government’s willingness to fight corruption, the remnants of feudalism, and the inefficiency of the bureaucracy will help attract investment and make the country a new world factory.

The main thing is that the authorities, despite the religious nationalism criticized by many, have an understanding that a great India can overcome internal divisions and antagonism and use millennial religious traditions to build an exceptionally strong economy.

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