India is poised to become the world's second largest economy by 2075 and according to FTs Martin Wolf, by 2050, India’s purchasing power will be 30% higher than the USA.
According to a report from the World Economic Forum, India will be the world's third-largest economy by 2030. In 2023, India contributed 16% to global growth and, at a 7.2% growth rate, is one of the fastest-growing economies in the world.
Currently, Mauritius, the UAE, and Australia all have comprehensive economic treaties with India, while the UK, Canada, and Israel are currently in talks with India to finalize FTAs— all attempts to forge closer economic ties with a potential growth engine of the world.
Sri Lanka was the first country to sign a Free Trade Agreement with India (1998), and as a civilizational twin and close neighbor, it is uniquely poised to benefit from India’s growth. As a country recovering from an economic crisis but now stabilizing and looking for growth, a closer India-Sri Lanka economic partnership could be a win-win proposition for both countries.
The Lanka India Business association has been created to develop such a win win proposition by engagement with all segments of the business community in Sri Lanka and India.
