Updated: Sep 7
Entrepreneur, Political Analyst
In yet another crowning achievement for India, the nation has surpassed the United Kingdom to become the world's fifth biggest economy. As per a Bloomberg report, the size of the Indian economy with regards to ‘nominal’ cash was $854.7 billion during the quarter through March. On the contrary, the same for the UK was $814 billion. Once who ruled India are now behind us on the economic front. This is a great achievement and deserves celebration.
Over the last eight years, with PM Narendra Modi's mantra of reform, perform, and transform, India is marching ahead rapidly to the top. New India is unstoppable. Growth and development have been the priority of the Modi Government from day 1. Several reforms and measures like demonetization, implementation of goods and services tax (GST), Ujjwala Yojana, Jan Dhan Yojana, and many more followed suit during the first term of the Modi Government.
Insolvency and Bankruptcy Code was yet another welcome move by the Centre in 2016. It allowed speedy resolution of disputes by corporates and provided a one-stop mechanism for distressed businesses to resolve insolvency in an orderly, efficiently, and time-bound manner. The Real Estate Regulation Authority (RERA) Act in March 2016 was another major reform for the Centre to ensure transparency in the real estate sector. The ambitious Jan Dhan-Aadhaar-Mobile (JAM) trinity has been a game-changer in providing last-mile financial inclusion even to the most backward sections of society. It has greatly helped in realizing the vision of Antyoday. The JAM has further strengthened the system by directly transferring subsidies to users and eliminating intermediaries and leakages from the system. The GeM portal has been a huge blessing and boon for the MSME sector. It has increased the contribution of our vibrant MSME sector to the Indian economy.
PM Narendra Modi's various policies to strengthen logistics infrastructure, incentives to boost industrial production, increased financial and technical support to states, production-linked incentive scheme, startup India, Make in India initiative, Digital India, Aatmanirbhar Bharat packages, and measures to improve farmers’ income have significantly accelerated the country's economic progress. All this was followed by a mixed bag of legislative and policy changes. The Government also increased the limits of FDI in Railways, Insurance, and Defence but also encouraged the privatization of loss-making public sector companies. Making the private sector an equal partner in the growth of the nation has been one of the Modi Government's best things. The Centre has been promoting the private sector as a partner in the country's progress.
No one converted the COVID-19 crisis into an opportunity better than India. The nation faced the COVID-19 crisis with the spirit of self-reliance. India emerged as the key investment destination during the COVID-19 period thanks to various reform measures initiated by the incumbent Government. This helped in the resilient performance of India's external sector. PM Modi has been pushing to make India the center of the global supply chain, encouraging foreign companies to set up production facilities in the country by further enhancing the ease of doing business, creating an enabling environment, offering incentives various, and introducing more industry-friendly reforms. During COVID-19 to revive the economy, the Centre adopted a ‘people-first’ approach, under which the sought to protect vulnerable individuals as well as businesses. Now, the world can see the difference between the recovery in India and that in other countries. Throughout the unprecedented COVID-19 pandemic crisis, Modi Government has been pro-poor, pro-farmers as well as industry-friendly.
No Prime Minister has done as much for India’s development as PM Narendra Modi in his 8 years. It is under his leadership, that India achieved its export target of USD 400 billion during April-March 22, 2021-22 against USD 292 billion in 2020-21. It shows that the demand for Indian products is increasing all over the world. India's position would continue to improve in the years to come as a result strong foundation of economic growth laid by PM Modi in the last years. The UK's economy is shrinking, and India's is booming at great speed and scale. While the world is on the brink of a recession, India is marching rapidly on the path of progress and prosperity.