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Transcript/Script(PLAYBOOK SLUG: INDIA ECONOMIC GROWTH
HEADLINE: Forecasts Show India May Become World’s Third Largest Economy by 2030
TEASER: New opportunities are opening for India as trade and geopolitical tensions between China and the United States deepen
PUBLISHED AT: Wednesday, 12/14/2022 at 8:30AM
BYLINE: Anjana Pasricha
DATELINE: NEW DELHI
VIDEOGRAPHER: Masood Najem
PRODUCER:
SCRIPT EDITORS: wpm, Salem Solomon
VIDEO SOURCE (S): AP, Reuters, VOA
PLATFORMS: WEB __TV X RADIO __
TRT: 3:22
VID APPROVED BY: MAS
TYPE: TVPKG
EDITOR NOTES: For questions and final review, send an email to Anjana Pasricha: apasricha@voanews.com . There is an accompanying web article that goes with this TV piece.))
((INTRO))
[[India’s economy is posting the fastest growth among major economies putting it on track to become the world’s third largest before the end of the decade, financial forecasts predict. As Anjana Pasricha from New Delhi reports, India might be bucking the global trend of slowing growth.]]
((NARRATOR))
Jaideep Manchanda bought a new car amid a wave of optimism among Indian professionals as companies posted strong growth and handed out pay hikes.
((Jaideep Manchanda, Marketing Professional))
“There are good projections for the Indian economy. Plus, even in our friends’ circle, a lot of people are changing jobs, moving to better pastures. For us also, for example my wife, she has switched recently to a new job.”
((NARRATOR))
Consumers like Manchanda and his wife are driving domestic demand in India as it emerges strongly from the COVID-19 pandemic. The automobile industry, for example, recorded its highest-ever sales in November. New investment is flowing in as the country bucks the global trend of slowing growth.
India is expected to grow by nearly 7% this year despite the economic turbulence created by Russia’s war in Ukraine. That momentum is likely to continue, helping it overtake Japan and Germany to become the world’s third-largest economy, according to a recent forecast by New York-based investment firm Morgan Stanley and S&P Global.
((Abhijit Mukhopadhyay, Observer Research Foundation Economist))
“Even if it grows consistently at around five and a half, 6% that kind of a rate, even then it will be remarkable.”
((NARRATOR))
For decades, global investors flocked to China while India’s manufacturing sector lagged. But as tensions between China and the United States deepen, new opportunities could open for India. On a visit to New Delhi last month, United States Treasury Secretary, Janet Yellen, spoke of building closer ties.
((Janet Yellen, U.S. Treasury Secretary))
“The United States is pursuing an approach called friend-shoring to diversify away from countries that present geopolitical and security risks to our supply chain. To do so we are proactively deepening economic integration with trusted trading partners like India.”
((NARRATOR))
The U.S.-based tech company Apple is expected to move some iPhone manufacturing to India. Taiwanese electronic company, Foxconn, and local conglomerate Vedanta have announced setting up a $19.5 billion dollar plant to make semiconductors.
((Abhijit Mukhopadhyay, Observer Research Foundation Economist))
“Now India probably is being seen as the next place where the growth will come. This is the expectation, and the initial signs are there. That is why probably a lot of global investment, direct investment and also a lot of global financial capital, they are now betting on India.”
((NARRATOR))
Indians often looked overseas for career opportunities. Now many feel they are in the right place at the right time.
((Tanya Tandon, Marketing Professional))
“India has great potential across the sectors, across geographies, and across small and bigger cities.”
((NARRATOR))
Economists however warn that inflation that is hurting many economies and fears of a global recession pose risks to India’s growth momentum.
((Anjana Pasricha for VOA News, New Delhi))
NewsML Media TopicsArts, Culture, Entertainment and Media
NetworkVOA
Location (dateline)NEW DELHI
BylineAnjana Pasricha
Brand / Language ServiceVoice of America - English
