India’s economic rise, especially over the past decade, is both envied and admired. At a time when global growth has slowed down, the world’s fastest-growing large economy is moving towards the five-trillion dollar mark and third spot in the pecking order before the end of the decade. A combination of a large domestic market, sustained reforms, and favourable demographics is the foundation on which a remarkable transformation is taking place with a clear aim to become a developed nation by 2047.
There is, however, more than just an economic angle to India’s transformation. Given its rich history and diverse culture, not to mention new-found confidence, the nation’s “soft power” is taking rapid strides, too. This is visible across domains.
While a successful G20 Presidency set high standards and delivered a joint declaration in a complex geopolitical environment, India’s recent performance in various sporting events has also been a source of pride. Even as leading nations of the world look to engage with us through FTAs, our movies — not just from Bollywood — are capturing people’s imagination. Similarly, the Quad and Indo-Pacific Economic Forum (IPEF) serve to further our national security and economic interests while the celebration of World Yoga Day is an ode to our traditions which are relevant even today.
Sports in our country used to largely mean cricket: Today, it is not just the Indian Premier League (IPL) which grabs eyeballs but also the Indian Super League (football), Pro Kabaddi League, Premier Badminton League, and Hockey India League, among others, which see large footfalls and have substantial budgets. The Centre and state governments have invested heavily in sports infrastructure as well as supporting and incentivising sportspeople to pursue medals on the global stage. The country’s first gold medal in athletics at an Olympic Games — Neeraj Chopra’s stupendous performance in javelin throw — was unthinkable just a few years ago. India is now seriously considering a bid to host the world’s foremost sporting competition to showcase its rise.
India’s film industry is among the oldest and produces the largest number of films, many of which are world-class. Cultural exports such as ‘Naatu Naatu’ from RRR (2022) — the first Indian movie song to win an Oscar — have taken our stories into homes around the world and will serve as a bridge to connect different perspectives across societies.
Early in his first term, Prime Minister Narendra Modi pitched the celebration of International Yoga Day to the UN General Assembly. He said, “Yoga is an invaluable gift of India’s ancient tradition. It is not about exercise but to discover the sense of oneness with yourself, the world, and nature”. The proposal was approved by 193 nations, and on June 21 every year, yoga takes centre stage. PM Modi then introduced the concept of ‘Lifestyle for the Environment’ (LiFE) at COP26 in Glasgow, calling upon the global community to start an international mass movement to protect and preserve the environment. By following through on various commitments related to addressing climate change, India has acquired immense credibility as we step up to a leadership role on the global stage.
Active participation in global discussions and strong advocacy for equitable solutions has seen India emerge as the voice of the Global South. Our experience in addressing developmental challenges through technological advancements, such as digital public infrastructure, offers valuable insights to other nations. Today, India is seen as a voice of reason even as we firmly protect our national interest while helping shape the international agenda on issues like sustainability, energy security, and resilient supply chains.
The responsibility to build and capitalise on this influence cannot be that of the government alone. It requires collective effort from all sections of society such as business leaders, artists, sportspersons, and academicians. The diaspora, too, plays a vital role in promoting our culture and values. India’s economic rise offers hope to not just our own citizens but the rest of the world; it also contributes to our rising influence on the global stage. As we step into the spotlight, capitalising on “soft power” will enable India to be a force for positive change.
The writer is President, FICCI and Managing Director, Indian Metals & Ferro Alloys
