November. dollars, ranking India among the stock market superpowers and its stock exchanges among the largest in the world along with those of China, the USA and Japan.

A few months ago, the news that the population of India had surpassed that of China, led some economists and businessmen to talk about the “Indian century”, as they considered the development to be a reversal of major geopolitical significance. Its growth rates are already leaving behind the economic giant of Asia and the second economy in the world, China, which is slowing down this year, defying expectations for rapid growth in 2023.

MAGNET FOR GIANT COMPANIES AND FOREIGN FUNDS

India manages to attract giant businesses like Apple, which at the beginning of December announced that in the next 2-3 years it will produce at least 50 million iPhones per year in

India, then India will soon represent 25% of the world’s iPhone production. At the same time, Foxconn, Apple’s supplier, announced the construction of more of its units in India, which, as financial analysts point out, implies that it is assigning it a role that until now was exclusively occupied by China.

In the past two months, international funds have bought $2 billion worth of Indian stocks, while foreign investors are discounting a big rise in Indian stocks after the prime minister’s election victories. Recently they have started to support Indian companies that boost its exports, in part

because of the insecurity that caused worldwide the heart attack of China’s supply chain due to the pandemic and the lockdowns.

LAUNCHING THE DEMAND FOR ENERGY

It is the third largest energy consumer in the world, but still covers most of its needs with fossil fuels. Inaugurating the climate summit in Dubai last month, Prime Minister Narendra Modi emphasized that all developing countries deserve “a fair share of the global carbon budget”. With his position, the Indian Prime Minister essentially claimed the right of the country to consume even higher levels of fossil fuels in order to maintain the acquired speed of its economy and to continue its upward trajectory and its upgrading on the world stage.