India could be the next big trading bloc | Fusion - WeRIndia

India could be the next big trading bloc

India could be the next big trading bloc

India is becoming a new common market. The advantage of India is that it has a bigger economy than all of the sub Saharan Africa and it has more states than the European Union. The population of the country is twice the population of North America which makes it even bigger of an asset.

The 29 states of India have always operated as if they are entire nations ever since the six decades of independence. They have maintained their own taxes, charged import duties on goods from other states, maintained their own politics and even cultures.

PM Narendra Modi is trying to change this situation with the help of his popularity among voters. In order to get support from states, he’s pledged them a record share of federal tax revenue.

Due to the size of India’s states and a predicted growth rate of at least 7.5 percent in the next five years, the potential benefits investors would have are huge. Comparing populations, Uttar Pradesh is equivalent to Brazil, Maharashtra would be Mexico, while Bihar is on par with the Philippines. The states of India can be compared to various major countries around the world. All of this suggests the potential growth India would have in the coming years.

Image by Shivam Kumar from Pixabay (Free for Commercial Use)

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