Within a week, some such big developments took place which are showing the grand picture of New India. Be it IMF or World Bank or UNDP, all have praised the steps of the fastest growing India in the world. According to the International Monetary Fund’s World Economic Outlook Database, India will overtake Germany in 2027 and Japan in 2029 to become the third largest economy in the world. So in such a situation, the question is, what are the factors that have kept India running the chariot of success so fast? In this regard, a statement of Prime Minister Modi is in discussion in which he has said that “India is moving forward on the mantra of Intent, Innovation and Implementation. This mantra has accelerated the pace of India’s development in the last few years so much that now India has become one of the biggest powers not only in South Asia but also in the world.
First of all, International Monetary Fund Managing Director Kristalina Georgieva praised India saying that ‘India is not only a fast growing economy but also in this difficult time when the economy of the world is in trouble, India is progressing rapidly. Is. Most notably, India’s development is based on structural reforms through digitization, focusing on infrastructure. India is moving forward to lead the G-20 countries very strongly. Then came the statement of World Bank President David Malpass in which he said that India took great advantage of digitization for schemes benefiting the poor. There is ample basis for Malpass’s statement because through digitization, not only the money given under the social security program was easily transferred but also there was transparency in them.
The report prepared after the study of 111 developing countries
At the same time, a report of the United Nations Development Program has estimated that between 2005-06 and 2019-20, 415 crore people were lifted out of poverty in our country, of which 140 million people came out after 2015-16. Prepared after the study of 111 developing countries, it can be understood from this report that in the last few years, India’s economic progress has not only been far ahead of countries around the world, but also India’s efforts towards poverty alleviation. The measures have played their part in the decline of the overall poverty percentage around the world.
Intent, Innovation and Implementation has been the mantra behind India’s success. Strong intentions, thinking of doing something new and then implementing the schemes in a phased manner is the biggest success of the Modi government. The government did not lag behind in taking tough but necessary decisions. To bring various schemes from time to time, whose purpose was to increase the speed of business and development, and then to implement those plans in a sequential manner. The most important of these schemes are Digital India and Make in India. The IMF has appreciated the efforts of India’s digital banking infrastructure. Due to illiteracy and population in our country, many opposition leaders and experts had initially raised questions on Digital India and Jan Dhan accounts, but be it small traders or poor laborers, street vendors or farmers, all of them adopted the new digital technology and it Made it a part of his life and business. The benefit of this was also that now government schemes and their benefits are directly reaching the accounts of the beneficiaries. Simultaneously, there was ease of doing business in general. Today you will see the UPI and QR code near the vegetable vendors, small street vendors, everyone with punctures.
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Make in India created a record of success
On the other hand, Make in India is setting new benchmarks of success in its eighth year. FDI inflows into India stood at $45.15 billion in the financial year 2014-15 and since then it has increased steadily in eight years, registering a record FDI inflow of $83.6 billion this year. FDI from 101 countries invested in 31 states and union territories and 57 sectors in India. According to experts, the country is on track to attract $100 billion FDI during the current financial year. The biggest reason for this is that the Government of India has taken several measures to strengthen the Make in India initiative, which has made doing business in India more easy. Amazing results are being seen in the defense sector. Prime Minister Narendra Modi had set a target of exporting $5 billion in defense exports by 2025, but according to BrahMos Aerospace President Atul Dinkar Rane, BrahMos alone will be able to achieve this figure by that time. So far 15 countries including Vietnam, Philippines, Indonesia, South Africa, Chile and Brazil have shown interest in the fully indigenous BrahMos supersonic cruise missile. Today, preparations for the fifth generation indigenous fighter have intensified in India, which will be out of the enemy’s radar due to stealth technology. Till now only America, Russia and China were in this league.
India Growing at the rate of 13.5 percent of the GDP of India, India’s being among the five strongest economies in the world is just a sign of India’s strength. Today there are 70 thousand startups and more than a hundred unicorns in India, due to which the world is not only relying on India’s potential today, but is also looking towards India with hope. According to International Monetary Fund Managing Director Kristalina Georgieva, “India is like a bright spot on the dark horizon at the present time.” Well this is nothing new for India. It has been the nature of India to walk from tamas to light.
(Disclaimer – These are personal views of the author)
Tags: Indian economy, PM Narendra Modi
FIRST PUBLISHED : October 21, 2022, 17:09 IST