I recently visited Dubai, and I was truly impressed. It’s fascinating to see how this once arid land has turned into a bustling international hub. The population is around 2.55 million, with locals making up less than 12%. This remarkable change is thanks to policies that attract investments and create a safe environment for businesses.
Other Arab nations like Abu Dhabi and Saudi Arabia are also moving quickly to modernize their economies. They’re building educational centers, adopting new technologies, and using their oil and gas wealth to draw in investments. What’s striking about Dubai is that it has thrived without relying on oil.
When you compare this to China, the progress they’ve made over the last few decades is astounding. Back in the 1980s, both India and China struggled economically. Today, China is a global powerhouse. Despite some recent challenges with their real estate market, their focus on technology and innovation positions them well for the future. According to a 2023 report from the International Monetary Fund, China’s investments in technology could make them a leader in various sectors, crucial for a thriving global economy.
China’s wealth in rare earth minerals is also significant. These materials are essential for many industries, giving China a strategic advantage, especially in light of ongoing trade discussions with the U.S. President Trump’s administration pushed for changes in global trade dynamics, and China’s resources will play a pivotal role in those negotiations.
The economic advancements in China can leave you in awe. They are ahead of many countries in various fields.
Reflecting on the progress of the UAE and China makes me think about India’s journey. The BJP has been in power long enough to implement impactful changes since 1998, unlike the Congress-led coalition that governed before. Prime Minister Modi has a strong majority, which could be an advantage for driving significant reforms. However, India still faces challenges.
In an era of rapid change globally, where do we stand? The time for bold actions is now, especially if we aim to become self-reliant or ‘Atmanirbhar.’
For more insights on global economic trends, visit the International Monetary Fund.
