Ancient India had a significant and prosperous economy before the Industrial Revolution. India was famous for its contributions to mathematics, science, philosophy, and art. However, colonisation and the Industrial Revolution changed the global order, and India lost its preeminent position to the West.
Since the start of the new millennium, India has been slowly but steadily rediscovering its old mojo. A resurgent India is making headlines around the world, shedding its ‘developing country’ tag and morphing into a global power. From its consistent average pace of economic growth to now becoming a global force in manufacturing and advancing in science and technology.
We are today the world’s fifth-largest economy, having surpassed former colonial power Great Britain and also France, and we are on course to overtake Germany and Japan by 2030. Only China and the US will be ahead of us.
In this backdrop, India’s steady rise in the global order gains significance. Our leadership displayed on the global stage in recent months also reflects this.
In recent times, India has had a stable political situation at the centre. We have a robust working-class population and a large consumer base. The manufacturing sector has been further bolstered by the rise of the services sector. Over the past two decades, a large number of reforms have paved the way for India’s rise. The future looks very bright.
For example, our manufacturing sector is only just hitting its stride, establishing us as a hub for everything from phones and pharmaceuticals to automotive and aerospace components. Our spirit of entrepreneurship has been vibrant, with access to technology spawning a thriving start-up ecosystem spanning the remotest corners of the country.
At the same time, we are building infrastructure like roads, railways, airports, and ports on an unprecedented scale. The automotive sector is usually a good indicator of the health of an economy, and in November, car sales hit a new record. What’s more, customers are foregoing previously popular entry-level models for pricier SUVs. We have set realistic and achievable sustainability targets. We have indeed come far.
Turning to the future, what’s encouraging is that we have barely scratched the surface of our potential. India is blessed with a demographic dividend. We often speak negatively about the size of our population. But when you consider that more than half of our citizens are aged below 25 and nearly two-thirds are of working age, it becomes our biggest asset. We are set to become the world’s third-largest consumer market by 2027, per estimates.
For us to truly claim the position of a developed nation, it is important that our per capita income levels are globally competitive. It is also important that we do much better on the Human Development Index, particularly in healthcare, education, and sanitation. Besides, we must not forget that we live in a competitive world, and many are vying for the same opportunities. India, five years ahead, has the potential to look very different. But we must continue to address the challenges and plug the gaps if we are to truly emerge as a global superpower.
Here are a few points that should be part of our five-year agenda:
Prime Minister Narendra Modi has fostered a sense of national pride amongst Indians. There is a growing sense of confidence that he will help reclaim India’s destiny as a leader of the world and make it regain its glory as a culturally rich, economically prosperous, and socially vibrant country that not only leads but nurtures the world. 
The author is Chairman of RPG Group. Views are personal