India's emergence as the world's fifth-largest economy and its projected surpassing of China as the most populous country in 2023 have led to debates about its economic potential. While India's share of global GDP has tripled since 1992, some argue that the country still struggles with basic issues. However, the reality is more nuanced. India's GDP growth has eclipsed China's in recent years and is expected to continue doing so. With demographic trends favoring India, China's decline has accelerated the search for alternatives. The COVID-19 pandemic has further exacerbated China's demographic challenges while leaving India relatively unscathed. Moreover, India's scale, technology capacity, and English-speaking capability make it uniquely positioned to capture global working patterns that have shifted due to the pandemic. The pandemic has also led to geopolitical fault lines, leaving India in a sweet spot, courted by the Quad, China, and others. The country has signed trade agreements with the United Arab Emirates, Australia, and is likely to sign one with the U.K. in 2023. India has also improved its physical infrastructure, with infrastructure spending at an all-time high. While progress is needed on its to-do list, economic development has no standard recipe. The rise of the Asian Tigers and China has been unique, and so too will be India's.

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