‘Dead economy’? Why that claim on India is not just wrong, but also outdated

A big part of India’s growth story, according to Pittie, lies in its people

Calling India’s economy 'dead' might make for a dramatic headline, but it doesn’t survive even a basic fact-check. Growth is strong. Inflation is low. Investments are pouring in. From space missions to startup booms, India’s development story is firing on all cylinders, and the world is taking notice.

In an opinion column published on News18.com, Aditya Pittie dissects the gloom-and-doom narrative often floated by critics and argues that it's not just wrong, but actively misleading.

Fastest-growing major economy, and it’s not even close

India’s economic performance in FY24 wasn’t just good, it was world-leading:

• GDP growth: 8.2 percent (vs China at 5.2 percent, US at 2.7 percent, EU at 0.7 percent)
• Nominal GDP: Doubled since 2014, now at $4.3 trillion
• PPP terms: $16 trillion, 9 percent of global GDP, contributing 16.1 percent of global growth over a decade

Reform-driven resilience

Pittie attributes India’s rise to major policy moves:

• GST collections in FY24: Rs 20.18 lakh crore
• PLI Scheme impact: Rs 12.5 lakh crore in production, over 8 lakh new jobs
• Apple’s iPhone production in India now signals India’s growing pull as a global manufacturing hub

Global rankings that don’t lie

The opinion piece on News18 highlights rankings that bolster the case for India’s momentum:

• 4th in forex reserves
• 7th in gold reserves
• 3rd in startup ecosystem
• 2nd in mobile phone manufacturing
• Debt-to-GDP ratio at 82 percent, compared to over 100 percent in many advanced economies The demographic edge

“With over 65 percent of the population under age 35, India is sitting on a once-in-a-generation demographic dividend,” he writes in News18.

This youth power is driving consumption, entrepreneurship, and digital transformation at scale.

From poverty alleviation to moon landings

Pittie also makes a case for India’s multi-dimensional progress:

• 250 million people lifted out of extreme poverty since 2014
• Ayushman Bharat providing healthcare access to 500 million people
• Landmark space achievements like Chandrayaan-3 and Gaganyaan

Looking ahead: The $30 trillion vision

The News18 column ends on a future-focused note. Pittie predicts:

India will become the world’s third-largest economy by 2027, overtaking Germany. The Viksit Bharat 2047 roadmap envisions a $30+ trillion economy with a per capita income above $18,000

Pittie argues that the 'dead economy' trope is either deliberate misrepresentation or deep ignorance.

“India’s story is one of resilience, speed, and scale,” he writes in News18.
“This is India’s moment, and the world should pay attention.”

He ends with a quote from PM Modi: “यही समय है, सही समय है, भारत का अनमोल समय है.” (“This is the time, the right time. India’s precious time.”)

Note: The author is an angel investor and startup mentor for the Atal Innovation Mission, Government of India, and the Atal Incubation Centre-Rambhau Mhalgi Prabhodhini. He is presently the Convenor (Western Maharashtra) of the BJP Intellectual Cell and has recently co-edited the book Modi’s North East Story.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of Moneycontrol.