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Indian PM Narendra Modi walks after inspecting the honor guard during Independence Day celebrations at the historic Red Fort in Delhi.

REUTERS/Adnan Abidi

Gearing up for a third term, meet Modi 3.0

Narendra Modi, 72, is stronger than ever. Last week, the Indian prime minister claimed the top prize in a three-pronged election by keeping his home state of Gujarat. Nabbing one of India’s richest states a sixth time in a row may propel him into a likely third term.

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Paige Fusco

The Graphic Truth: The age of Modi

India, now the fastest-growing major economy on the planet, is expected to become the world’s third-largest by 2027. But this wasn’t always the case. After independence in 1948, India’s closed markets and notoriously red-taped “License Raj” kept growth and foreign investment at bay until financial reforms were passed in 1991. From thereon, growth has accelerated. Despite a change of hands between the two major parties — the Congress and the BJP — financial and market reforms have continued consistently without any significant rollbacks. Today, PM Narendra Modi continues previously planned policies of privatization and digitization, with an emphasis on export incentives, to keep driving the Indian economy moving forward. The lesson? Consistency is key. We explore the big milestones and hiccups in the last 30 years of Indian economic growth.

India's Prime Minister Narendra Modi attends a bilateral meeting during the G-20 summit in Bali, Indonesia.

REUTERS/Willy Kurniawan

India is rising fast, but Modi must drive with care

India’s decade is here. According to two recent back-to-back reports by Morgan Stanley and S&P, the world’s second-most populous country is set to become the planet’s third-largest economy by as early as 2027.

Already the fastest-growing major economy in the world, India’s GDP is expected to double from its current $3.5 trillion by 2031. That means that all else being equal, India will be economically neck-and-neck with Japan and Germany by the middle of the next US presidential term.

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