From then, most of the things pertinent to India, be it of social, economic, political, or cultural, have undergone profound transformations as India became an emerging superpower with a vibrant market and a growing population. This paper intends to introduce briefly the internal and external realities of contemporary India and its strengths and prospects vis-à-vis the rest of the world. To understand India as an emerging market, the paper would examine a variety of interrelated but distinct factors such as its social and economic indicators, trade and markets, place in the international system, and its unique political and cultural aspects.In the years of the so-called Hindu Growth Rate, India had been seen as a “caged tiger”. As the ruling regime in India introduced market reforms and free-market policies, the global perception of India acquired a new turn from a pessimistic overview to an optimistic but critical appraisal. India has been praised from around the corners for not only being the largest democracy but also the only surviving postcolonial state, which has a history of free elections and democratic rule except the brief period of 1975-77 Emergency.The preamble of the Indian constitution declares India as a sovereign, socialist, secular and democratic republic and importantly promises social, economic, and political justice. Therefore, India is constitutionally a modern social democratic state with a strong emphasis given to the ‘socialistic pattern of development’ (Basu, 1994). The Directive Principles of State Policy delineated in part IV of the Indian constitution upholds the notion of an active welfare state which could intervene in the social, religious, and cultural affairs of the country to ensure progress.Indian federalism is of a mixed type in which states and the center effectively wield power distinct areas.