Before 2014, helmets and bullet proof jackets for soldiers in India were also imported. Today they manufacture Vimana Vikrant and deploy it locally. It really makes one wonder why a leader of a country whose politics is centered on ‘anti-India’ would take the risk of praising India?
India’s economy in the eyes of global agencies
In fact, India’s rapid economic growth is becoming an example not only for Pakistan but for countries all over the world. As a result of the steps taken by the Indian government to make the country’s economy self-reliant, not only the International Monetary Fund (IMF) but also renowned foreign rating agencies are agreeing that the coming year will be good for the Indian economy. The IMF is considering keeping India’s GDP growth rate at 6.3 percent for 2024.
At the same time, according to him, China’s GDP growth rate is 4.2 percent, America’s 1.5 percent, France’s 1.3 percent, Japan’s 1 percent and Germany’s only 0.9 percent. American rating agency Moody’s has predicted this growth rate to be between 6.1 to 6.5 for 2024. Another US rating agency Fitch has also projected India’s GDP growth rate to reach 6.2 percent. It may be pertinent to mention here that during Rahul Gandhi’s ‘Bharat Jodo Yatra’, former RBI Governor in Rajasthan Raghuram Rajan claimed that the coming times will be very difficult for our economy. It will be very difficult for India to achieve an economic growth rate of 5 percent in 2022-23. But statistics show that Raghuram Rajan’s prediction has been completely wrong.
Five Trillion Dollar Economy: Reality or Dream?
Economist Arvind Panagariya, former vice-chairman of NITI Aayog, estimated that India would increase its GDP by $1 to $1.5 trillion in one and a half to two years. With this it will become a five trillion dollar economy by 2026. The government’s Self-reliant India policy played an effective role at the root of this economic growth. In fact, free food grains to 80 crore population, health insurance of Rs 5 lakh to 10 crore poor families, gas cylinder facility to 11 crore families, paved houses to 3 crore poor families, annual assistance of Rs 6,000 to around 8 crore farmers and electricity, roads and internet in every village only when Can be given when the country has sufficient funds for this. This becomes possible only when the Gross Domestic Product of the country increases. Due to the changes made to increase the GDP, it has become the country with the best economy in the world despite the terrible times of Corona.
Not only this, the United Nations report released this year revealed that India has seen a significant reduction in poverty. In the 15-year period between 2005-06 and 2019-21, 41.5 crore people have been lifted out of poverty. According to a report released by NITI Aayog this year, between 2015-16 and 2019-21, 13.5 crore people in India moved out of multidimensional poverty.
Here it is also interesting to know that the credit of bringing economic freedom in India goes to Prime Minister Narasimha Rao and his Finance Minister Dr. Given to Manmohan Singh. In the budget presented on 24 July 1991, Dr. Manmohan Singh laid the foundation of a new open economy in the country. Then, for the economic progress of the country, freedom of private companies in an open economy, promotion of private enterprises,
Decisions were made to reduce government investment and promote open markets. But later, when Dr. While Manmohan had the opportunity to lead the country for ten years, the results of his work seemed to testify to something else. The way economic decisions were made in the country, it was only able to achieve a gross domestic product of 2 trillion dollars. But today India proudly ranks among the five largest economies in the world.
RBI figures are pointing to a healthy economy
Reserve Bank of India figures also clearly indicate the country’s ever-strengthening economy. According to RBI data, foreign exchange reserves increased by $9.11 billion to $615.97 billion in the week ended December 15 due to a surge in foreign investment. You will be surprised to know that in September 2016 it was just $371.99 billion. According to RBI, foreign currency assets increased during this period and increased by $8.34 billion to $545.04 billion. RBI’s gold reserves have also increased. RBI’s gold reserves increased by $446 million to $47.57 billion. SDR increased by $135 million to $18.32 billion and reserves deposited in the International Monetary Fund increased by $181 million to $5.02 billion.
These statistics of the prosperity of the Indian economy are being seen even when efforts are being made to derail the Indian economy from abroad. The turmoil in the stock market over the report released by the external forces was nothing short of a nightmare for the year 2023. But soon this report was exposed. First the public and then the market rejected it. Today the market is making new records every day. For the first time in history, Sensex touched the all-time high of 71,000 and Nifty touched 21450.
Oil prices rose in the world, fell in India
In fact, despite all adverse circumstances, the Government of India kept the national interest paramount with all its might. Even when the whole world was embroiled in the Russia-Ukraine war, the import of crude oil from Russia continued unabated, acting on the India First policy. This is the reason why while oil prices have increased in many countries of the world, oil prices in India have fallen comparatively. If we look at the figures, between October 2021-2023, oil prices increased by 118 per cent in Sri Lanka, 73 per cent in Pakistan, 39 per cent in the US and 24 per cent in France, while prices in India fell by one per cent.
Filling the reserves of the country is increasing the confidence of the people.
Along with providing relief to the people of the country, increasing the total income will also increase the confidence of the country. You may remember how much the Congress and opposition parties opposed the GST law when it was implemented in the country in 2017. But now the reserves of the country are being filled due to this same GST law. This has led the country to earn more than Rs 30 lakh crore in total revenue in 2022-23 alone, while the tax web under the UPA government generated only Rs 11 lakh crore in 2012-13. It is certain that economic policies and thinking can bring development in a country and progress in the lives of common people only when it not only increases the productive capacity of the people but also creates a sense of self-confidence and stability in them. With this basic spirit, the work that the Modi government’s policies are doing to transform people’s lives is a living example not only for the country but for the entire world.