India aims to close a China-sized gap in global economic growth.

This year, India will likely contribute significantly to global growth, contributing for just over 15%, closely trailing China at 35%.

In NEW DELHI: India is experiencing a moment as China becomes more and more isolated and the US and its allies look for a developing-market champion. And is it prepared?

There are favorable winds. India’s population surpassed the rest of the world earlier this year, and its $3.4 trillion economy is among those with the greatest growth rates worldwide.

In order to make up for poor private investment, Prime Minister Narendra Modi’s administration has invested heavily in new infrastructure and used a combination of tariffs and incentives to entice foreign businesses, particularly those looking to diversify away from China.

According to the International Monetary Fund, India will contribute just over 15% to global growth this year, directly behind China’s 35% and more than the entire Western hemisphere’s 14%. It is in a geopolitical advantageous position, with Modi attempting to take leadership of the so-called Global South and US backing to confront Beijing.

However, there is a severe young unemployment issue hidden behind the optimistic population growth, and for every billionaire, there are still hundreds of thousands of people living in poverty who are unable to access the developing consumer market that is luring multifaceted enterprises to the nation.

In the midst of a slowing China, booming India is a slave for global investors. We will have to wait and see if it can take advantage of that chance.