While major economies around the world are bearing the brunt of the COVID-19 pandemic and the ongoing Russian-Ukraine conflict, India remains a bright spot in the world. India, as a bright spot, is supposed to contribute 15% of the global growth in 2023, as per the International Monetary Fund’s (IMF) estimates. Not only this, as the world economy is slated to slow, the Indian economy is projected to register more than 6% growth. India’s success in handling the COVID-19 pandemic and leading the world on various fronts by helping other nations during the pandemic has been acknowledged across the world. The call of Prime Minister Shri Narendra Modi to convert every challenge into an opportunity found itself translated into a national resolve. It was under his visionary and charismatic leadership that many reforms were initiated, the poorest of the poor were taken care of by schemes like ‘Pradhanmantri Garib Kalyan Anna Yojana’ and a huge ‘Aatmnirbhar Bharat’ package was announced to support MSMEs and other vulnerable sectors of the economy. Apart from producing ‘Made in India’ vaccines and giving more than 220 crore free vaccine doses, the massive digitalization of the economy now sees India recording more than 40% of the global transactions alone. Today, when India emerges as the growth engine of the world and gets acknowledged by international agencies like the IMF, World Bank, and Asian Development Bank, the nation has become a beacon of hope and expectations.
Today, when India emerges as the growth engine of the world and gets acknowledged by international agencies like the IMF, World Bank, and Asian Development Bank, the nation has become a beacon of hope and expectations
As India raises expectations across the world, it may prove to be a growth engine of the global economy, as can be seen in a recent purchase order of 470 aircraft by Air India from France and US companies. While welcoming the purchase order, US President in one of his tweets has hoped that it may create one million jobs in 44 states across America. India, as the fifth largest economy, up from the tenth position it held during the Congress led UPA regime, has also seen the doubling of its per capita income, record forex reserves, record exports, and record capex. Today, India leads the world with strong economic fundamentals and the highest rate of growth among major economies, thanks to the Modi government’s visionary policies and timely actions. The Budget 2023–24 can be seen in the context of transformative policies that have been revolutionising investments across various sectors. While the total outlay on budget has more than doubled in the last nine years, the allocations to various ministries are witnessing a manifold increase in this period. Even amid the high global inflation, the Modi government reined in inflation to an average of 4.93% in the last nine years, compared to the Congress-led UPA regime’s average of 8.45%. While the Congress-led UPA regime saw a peak of 11.99% inflation, the BJP led NDA has seen the highest inflation of 7.8%, mainly in the aftermath of the COVID-19 pandemic. As a result of the tireless efforts, unyielding spirit, various reform initiatives, and national resolve during the COVID-19 pandemic, today the Indian economy is more formalised and inclusive, empowering the poor, marginalized, SC, ST, OBCs, women, and youth the most.
The mantra of ‘Vasudhaiv Kutumbakam’ which remains the guiding principle for India in its efforts to serve humanity across the globe, found its echo in “Operation Dost.” In the quake-hit countries of Turkey and Syria, the Indian rescue team served humanity under the operation and rescued the earthquake victims, sending a message of service and friendship to other countries in distress. It may be noted that the role played by India during the COVID-19 pandemic, various natural calamities, the Russia-Ukraine war, the financial crisis in Sri Lanka, and in global peacekeeping has been applauded across the world. As India has donned the mantle of G-20 presidency under the charismatic and dynamic leadership of Prime Minister Shri Narendra Modi, it has emerged as a reliable friend of many countries across the world.