In last eight years Prime Minister Modi ji has ensured that there is corruption free delivery mechanism for social welfare schemes, through technology integration like Direct Benefit Transfer (DBT), Jan Dhan Accounts, Aadhar Card and Mobile Payment (JAM) etc.
Gopal Krishna Agarwal
The pandemic and war in Europe have pushed the economic issue to the centre stage globally. Many countries are facing economic challenges – some are on the verge of sovereign default and some have already defaulted. On the other hand, India is the brightest spot in the global economy and the fastest growing economy in the World. India is now the 5th largest economy in terms of GDP and is poised to be the third largest economy in near future.
There are several positive indicators for Indian economy, being recognised at global level:
• Purchase Manager Index (PMI) – services and manufacturing are in expansion mode. In September, service sector (PMI) is 54.3 and manufacturing sector (PMI) is 55.1.
• Bank credit is steadily growing – In August; year on year growth figure is 15.5%. It is the highest in last 9 years.
• Central Government expenditure in infrastructure is on the rise. The capital expenditure (Capex) by public sector undertakings (PSU) is on the rise.
• Corporate sector earning is also growing across all sectors.
• Direct tax collection for the year has increased by 24% and indirect tax collection (GST) for September has crossed Rs 1.47 lakh crore and is above Rs 1.40 lakh crores per month consistently.
Most of the economic activity recovery trackers are showing positive sign:
• Air Traffic is rising
• Retail and Recreation visits are on the rise
• India’s export have hit record high and are increasing further
• Defence export is a success story e.g. domestically developed and manufactured Tejas airplanes are being sold to other countries
• City traffic is back on road
• There is huge market activity in the festival season.
Prospects of economic growth cannot be analysed through challenges alone but depend on the strength of the institutions to manage them. We have challenges but our strength is based on the Institutions like Reserve bank of India (RBI), Public Sector Banks (PSB), Insolvency and Bankruptcy Board of India (IBBI) etc. whose resilience has been built over last couple of years through government actions in right directions.
The key is the decisive government with strong leadership, prioritizing National interest e.g. crude oil purchase policy in National interest despite of global pressure, establishing bilateral trade in rupee terms with more and more countries. Working towards strong and well capitalized PSB banks, creating ecosystem for resolution of non-performing assets (NPA) and recovery through insolvency and bankruptcy code (IBC) and National Company Law Tribunals (NCLT).
It is not only that the economic ecosystem is strengthened but in last eight years Prime Minister Modi ji has ensured that there is corruption free delivery mechanism for social welfare schemes, through technology integration like Direct Benefit Transfer (DBT), Jan Dhan Accounts, Aadhar Card and Mobile Payment (JAM) etc. The government has also ensured that there is leakage proof collection of direct and indirect taxes, which is showing that both direct and indirect tax collections have increased even after reduction of rates.
Strong policy reforms such as New Logistic policy, nation-wide connectivity of rail ways, National highways and rural roads, waterways like Sagarmala and new airports, airways, initiatives under Digital India like digitisation of land records, data transparency etc., building Digital economy; we have highest number of real-time digital transactions in the World at present. 678 crore transactions have occurred in September’ 22 alone, with gross value of approximately Rs.11.84 lakh crore. Target is for internet penetration to nearly 6,25,000 villages at panchayat level across India, launching of 5G services etc.
With the above strengths, India is in better position to meet all challenges being faced by the country. Though Inflation is a big challenge, but It is in control. At around 7%, is much lower than even in developed countries like the US and European Nations and RBI is working to bring it further to its targeted level of 6%. To meet the challenge of inflation which effects the poor sections of the society much more, Hon’ble PM Shri Narendra Modiji’s social welfare schemes are targeted to the
We have highest number of real-time digital transactions in the World at present. 678 crore transactions have occurred in September’ 22 alone, with gross value of approximately Rs.11.84 lakh crore Earlier under Shri Atal ji and now the visionary leadership of Shri Narendra Modi ji, taking India on the roadmap of corruption free, transparent and free market economy
poor and vulnerable sections of society. Schemes like; PM Kisan Samman Nidhi, Ayushman Bharat, PM Aawas Yojana, 200 day’s pay under MNREGA, free vaccination to more than 200 crore people, free ration to approximately 80 crore people on regular basis etc. has helped this segment. Post pandemic, the PM’s social welfare outreach has been appreciated across globe.
The biggest challenge of providing employment to large working population of the country are being tackled at war footing, through governments support to entrepreneurship and self- employment. Production linked Incentive (PLI) scheme is proving support of Rs 4 lakh crore to many manufacturing sectors. Government has targeted 65% of its defence procurement from domestic manufacturers. Government tenders below Rs.200 crore are reserved for domestic companies only. Providing credit support to MSMEs of easy terms. Mudra loans to more than 45 crores small entrepreneurs. 10 lakh government jobs are being filled in a mission mode. India in last few year alone has seen the growth of 100 unicorns with robust start-up ecosystem in place.
Post-Independence, India has witnessed three phases of economic models, the first was the failed socialism of Congress government from 1947, where private entrepreneurship was disdained and everything was nationalised, from banking to airlines, refineries, insurance etc. which brought the country to the brink of sovereign default in 1991. The second was the Crony Socialism of the UPA government during 2004 to 2014, where large scale corruption and leakages in every sphere of government dealing was the order of the day. And all this was being done in the name of social welfare. The third is the reform oriented NDA government, earlier under Shri Atal ji and now the visionary leadership of Shri Narendra Modi ji, taking India on the roadmap of corruption free, transparent and free market economy.
Recently the country has witnessed the crony socialist attitude of Rahul Gandhi; publicly abusing Industrialists and hobnobbing with them behind the curtain, and Arvind Kejriwal’s corruption to the core; like electricity subsidy scam, Delhi Jal Board scam, corruption in liquor excise policy and purchasing of Electric buses etc.
We have a strong and decisive leadership of Hon’ble Prime Minister Shri Narendra Modi ji who has ensured a growing and resilient economy with the welfare of all sections of society (Antyodaya).
(The writer is BJP National Spokesperson)