India: The World’s Fastest Growing Large Economy?

Popular Narrative
India has been the world’s favorite country for the last three years. It is believed to have superseded China as the world’s fastest growing large economy. India is expected to grow at 7.5%. Compare that to the mere 6.3% growth that China has ‘fallen’ to.
The IMF, the World Bank, and the international media have celebrated this event. Declining commodity prices and other problems in Russia, Brazil and South Africa have damaged the prospects of the BRICs (ex-India) and other emerging markets.
Commodity and currency markets have been very turbulent, and the Arab Spring has not only failed to keep up its pace, it has half-destroyed the Middle East, with fires raging in Syria, Turkey, Libya, etc. Migrant problems in Europe and the uncertain future of the US – as per the current narrative – leave India as the prime candidate to prop up global economic growth.
It seems to be deeply emotionally satisfying to finally see the world’s largest democracy supersede the ‘communist dictatorship’ of China. India’s GDP has also just surpassed that of the UK, its former colonial master. The world is looking toward India as a beacon for the future of humanity. Again, that seems to be the narrative.

This post was published at Acting-Man on February 2, 2017.