India’s Elevation as a Global Economic Power and the Integration of Its Knowledge System for Development

Munim Kumar Barai

Professor, Ritsumeikan Asia Pacific University, Oita, Japan

Abstract:

The Ukraine War is causing a tectonic shift in the global order, whereby new great powers are showing a different kind of control over world events. Along with the existing great powers, the USA, China, and Russia, India is rising fast as an economic power of reckoning. By Purchasing Power Parity (PPP) term, it is already the 3rd largest economy in the world. India is also projected to surpass Germany's economic size and become the 3rd largest economy in nominal value by 2027. Its dependence on domestic consumption for economic growth, increasing manufacturing base, young population, diaspora, remittance income, etc., are offering some advantages that many other economies do not enjoy. Side by side, India has a very rich traditional knowledge base, developed from the very dawn of human civilization in the Indian subcontinent. The Indian Knowledge System (IKS) has not lost its relevance and utility with the advance of modern civilization. This paper discusses the elevation of India as a great global power and how the old Indian Knowledge can be used to solve some pressing issues for further development.    

Full Text:

India’s Elevation as a Global Economic Power and the Integration of Its Knowledge System for Development 

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