India Poised to Become a Global Economic Power, New Book Claims

A new book argues that global economic shifts triggered by the COVID-19 pandemic and the Russia-Ukraine conflict have created a favourable environment for India to assert itself as a world economic power. Authored by B.A. Prakash, former chairperson of the Kerala State Finance Commission, the book titled Indian Economy: COVID-19 Pandemic, Ukraine War and Changing Global Economy highlights India’s strengths and opportunities amidst changing global dynamics.

India’s Unique Advantages in a Transforming Global Economy

The book identifies several factors contributing to India’s potential rise. India has emerged as the world’s most populous country, the largest recipient of remittances, and the fastest-growing economy among the globe’s top 10 nations in the post-pandemic era. Additionally, India has developed world-class digital infrastructure, which positions it favourably in an increasingly digital global economy.

Prakash highlights global trends such as deglobalisation, fragmented international trade markets, and the shift to mixed economies as conditions that align with India’s economic strengths. India’s stable democracy, democratic institutions, and widespread use of English in higher education further bolster its ability to navigate these changes effectively.

Historical Reforms Provide Strong Foundation

The book credits India’s structural adjustment reforms introduced in 1991 and subsequent economic reforms post-2014 for laying a solid foundation for economic growth. These measures, coupled with assessments by the World Bank indicating strong post-pandemic performance, underscore India’s readiness for a significant development push.

Challenges Hindering Progress

Despite the optimism, Prakash acknowledges hurdles that India must overcome to fully realise its economic potential. He calls for structural changes to make the economy more market-friendly and robust, with a focus on promoting foreign trade and shifting from GDP-centric growth to strategies aligned with Sustainable Development Goals (SDGs).

India’s dual economy—marked by a backward rural sector and a developing urban sector—continues to face challenges such as rural poverty, poor living conditions, and regional disparities. Addressing unemployment, farmer distress, climate change, and biodiversity conservation will be critical for sustainable growth, the book argues.

Release Details

Published by Pearson, the book will be officially launched at the YMCA on Tuesday, August 18, 2026, at 3 p.m. It provides a comprehensive analysis of India’s economic trajectory and the global shifts that could shape its future.

Source: The Hindu