Liu Jianwei liujianwei755@163.com FOR Apple fans in India, some of them may be getting their iPhone 14 devices assembled locally in Chennai. Although India has been making iPhones since 2017, those were usually older models and this is the first time India is manufacturing the latest model of iPhone. According to a JPMorgan analysis, Apple will move 5% of its global production for the iPhone 14 to India by late 2022, and Apple could also make 25% of all iPhones in India by 2025. This diversification of manufacturing locations is partly a move for Apple to potentially avoid disruptions in its supply chain due to a heavy reliance on its main assembling bases in China. The upgrading of electronics manufacturing capabilities is just one facet of the Indian economy that is rapidly catching up with other major economies in the world. Pharmaceutical manufacturing has always been very strong, and India is the world’s largest vaccine maker, playing a critical role in global vaccination efforts against COVID. Indian coal and energy tycoon Gautam Adani has surpassed Amazon founder Jeff Bezos as the world’s second-richest man. According to GDP figures from the International Monetary Fund, India has overtaken the United Kingdom, its former colonial ruler, as the world’s fifth largest economy. The Indian GDP growth rate in 2022 will be 7.5%, estimates the World Bank, which would make India the fastest-growing major economy in 2022. Given the recent economic turmoil in the U.K. and its nonsensical tax cut initiatives in a high inflation environment by its new administration, the Indian lead over the U.K. will be solidified in the years to come. S&P Global Ratings, in its report published on Sept. 27, predicted that the U.K. is already in the throes of a “moderate four-quarter recession that started in the second quarter.” Strong economic fundamentals in India lead some analysts to compare current India to China in its fast-growing 1990s and early 2000s. India has gradually been casting off protectionism in its economic policies and becomes more liberal in some areas. India has been focusing on key sectors including new energy and the upgrading of its infrastructure. Given the size of its population, its domestic consumption is an area nobody can ignore. The Indian government has been adopting pragmatic diplomatic measures after the war in Ukraine broke out. Not only has India been gobbling up cheap coal and oil from Russia, it has continued its purchasing of missiles and other military equipment from Russia. Despite its economic success, India still has many issues in its course of development. With a death toll of more than half a million, India’s handling of the COVID pandemic is far from satisfactory, given its status as the world’s largest vaccine maker. The influence of its caste system, though outlawed for more than half a century, still shows itself in society. Indian racial policies against minorities have drawn worldwide criticism. Its gender discrimination against women is a social evil that still breathes in all corners of life. As a dim beacon of hope, the burgeoning middle class and improving education have brought about some improvement in this field. With a birth rate higher than that in China, India is on its way to become the world’s most populous country. Experts believe that India will surpass China in terms of population in the late 2020s. The rapid growth in India and its economic and geopolitical roles in the worldwide landscape deserve close observation. Strengthening collaboration within the BRICKS framework has been one of the diplomatic priories for China. (The author is an independent financial investor.) | 