India’s economy is surging thanks to these three revolutions

Visiting India this week, I was struck by how different the mood there is compared with much of the world. While people in the United States and Europe are worried about inflation and a possible recession, Indians are excited about the future. India is now the most populous country on the planet and is projected to be the fastest-growing large economy as well, at 5.9 percent this year. As Prime Minister Narendra Modi said recently, “India’s time has arrived.”

My worry is that I have seen this movie before. I remember going to the World Economic Forum in Davos in 2006 and being bombarded with billboards plastered all over the Swiss town saying “Incredible India!” and proclaiming it to be the “world’s fastest-growing free market democracy.” In fact, in those years, India was growing even faster than it is now, at a rate of more than 9 percent. The Indian trade minister at the time confidently predicted to me that the Indian economy would soon overtake China’s.

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