Global economic situation favourable for India to emerge as an economic power, says new book

A new book titled Emerging Indian Economy: COVID-19 Pandemic, Ukraine War and Changing Global Economy, authored by B.A. Prakash, argues that the current global economic landscape presents opportunities for India to rise as a major economic power. Published by Pearson, the book highlights how disruptions caused by the pandemic and ongoing geopolitical tensions have reshaped the global economy, creating conditions conducive to India's growth. Prakash, who previously served as the chairperson of the Kerala State Finance Commission and the State Expenditure Review Committee, outlines several factors contributing to India's potential ascent. He notes that India has become the world’s most populous nation, the leading destination for international migrants, and the top recipient of remittances globally. Additionally, the country has demonstrated rapid economic expansion, emerging as the fastest-growing economy among the top ten nations. The book credits India’s development of advanced digital infrastructure as a key strength in navigating these global shifts. The text also emphasizes the impact of broader economic trends, including deglobalization and the transition toward mixed economies and fragmented international trade systems. These developments, according to Prakash, have positioned India more advantageously within the global economic order. The book further highlights the role of English as a medium of higher education and India’s status as a stable democracy with well-established institutional frameworks. A World Bank evaluation of India’s post-pandemic economic performance supports the notion of improved outcomes. The author draws attention to historical economic reforms, particularly those initiated in 1991 and subsequent adjustments after 2014, which laid a foundational framework for sustained development. These policy shifts, Prakash contends, have enabled India to pursue ambitious growth strategies aligned with sustainable development goals. However, he also underscores the need for additional structural modifications to enhance the country’s competitiveness. Among the challenges identified, Prakash points to the persistent underdevelopment of rural regions, characterized by inadequate living standards and widespread poverty. He stresses the importance of implementing effective policies to tackle regional inequalities, high unemployment rates, and difficulties faced by farmers. Climate change and the conservation of biodiversity are also highlighted as critical concerns requiring urgent attention. Furthermore, the book advocates for measures that support international migration while ensuring the protection of ecological resources. The book is set to be launched at the YMCA in the city on Tuesday, August 18, 2026, at 3 p.m. It offers a comprehensive analysis of India’s evolving economic position against the backdrop of recent global upheavals. Through its detailed examination of both achievements and remaining obstacles, the publication provides insights into the trajectory of India’s economic future.