The past few years have been extremely kind to the Indian Economy. In 2015, they eclipsed China as the fastest growing economy in the world, with a growth rate of 7.6%. IMF’s World Economic Outlook Database from April 2017 identified them as the sixth largest economy in the world, and predicted that they would move up to fourth in the next few years. In terms of Purchasing Power Parity, their GDP ranks third in the world, at $9.49 trillion and they now have the fifth highest military expenditure in the world, estimated to be at $56 billion in 2016. All signs point to a bright and prosperous future.
Recently however, cracks are starting to appear and even senior members of the Bharatiya Janata Party (BJP) have voiced their concerns to Prime Minister Modi. The demonetization move from last year was a mess and the government’s attempts at implementing a new GST is not faring any better. Having promised to deliver over ten million jobs each year, Mr. Modi finds himself in a precarious position, with many of his supporters losing their patience. With growing pressure on him to deliver, it is to Iran that Modi has turned to, due to their geopolitical advantage in South East Asia, as well as the wealth of economic opportunities they offer.
Read Complete Article: India and Iran: In the name of Friendship…and Opportunity
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