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In April 2022, Sri Lanka faced protests over scarcity of essentials, chaotic resignations, a first-ever sovereign debt default and began bailout talks with the IMF. Though improvements have been seen, such as a GDP growth rate of 4.5 per cent in the last quarter of 2023, poverty has doubled, many have lost their jobs and household incomes have declined, prompting presidential candidates for 2024 elections to prioritise easing economic hardships.
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India is predicted to become the world's third largest economy over the next ten to twenty years, with Prime Minister Narendra Modi's economic reforms and international engagement aiding this growth. Still, the nation faces significant hurdles such as domestic agricultural and manufacturing problems, international trade, the need for deep domestic economic reforms and the preservation of social stability in the face of internal divisions, which if unaddressed, could hinder India's journey towards true global power.