By: Shashanka Das
In the grandeur of India’s historic Red Fort, amidst the echoes of patriotism, Prime Minister Narendra Modi stood tall, articulating a vision that transcended mere rhetoric – a vision of India as a developed economy by its centenary in 2047. This audacious pledge, made on the sacred grounds of the nation’s Independence Day, epitomized Modi’s unwavering commitment to harnessing India’s formidable strengths – its demography, democracy, and diversity – towards a future of prosperity and progress.
A Decade of Economic Resurgence:
Reflecting on the past decade, it becomes evident that India’s journey under Modi’s leadership has been nothing short of remarkable. From the precarious position of the “Fragile Five” emerging-market economies in 2013, India has emerged as a beacon of growth and resilience, capturing the attention of global investors and stakeholders. With an average GDP growth rate of 5.6 percent between 2014 and 2022, India has outpaced many of its peers, laying a robust foundation for sustained development.
Noteworthy is the commendable reduction in extreme poverty levels, with World Bank data indicating a significant decline from 18.7 percent in 2015 to 12 percent in 2021. This feat has been facilitated by Modi’s government through targeted social welfare schemes, exemplified by the extension of the monumental initiative providing free food grains to over 813 million people, ensuring the efficient delivery of welfare benefits through technological innovations like the Aadhaar digital ID system.
Empowering the Middle Class and Beyond:
Modi’s tenure has witnessed the meteoric rise of India’s middle class, underscoring the transformative impact of his policies on socio-economic mobility. Data from household surveys conducted by the People Research on India’s Consumer Economy reveals a burgeoning middle class, with the number soaring to 520 million individuals, up from 300 million in 2014. This expansion of the middle class, coupled with investments in infrastructure and digitalization, has propelled India towards inclusive growth and prosperity.
Furthermore, Modi’s emphasis on public health and hygiene, epitomized by the nationwide campaign to construct public toilets, has yielded tangible improvements in sanitation infrastructure and infant mortality rates. The surge in infrastructure spending, particularly on roads and railways, has not only fueled economic growth but also fostered greater connectivity and accessibility across the nation, laying the groundwork for a more inclusive and resilient economy.
A Digital Revolution:
Central to Modi’s transformative agenda has been the digital revolution sweeping across India, democratizing access to information and services and empowering millions. The Aadhaar system of digital IDs, conceptualized under previous administrations but actualized during Modi’s tenure, has evolved into a comprehensive digital ecosystem, facilitating seamless transactions and service delivery. Supported by the proliferation of affordable smartphones, India has witnessed a surge in digital transactions, underscoring the nation’s transition towards a cashless economy.
Foreign Policy: Navigating Global Dynamics:
In the realm of foreign policy, Modi’s leadership has been characterized by astute diplomacy and strategic foresight, positioning India as a global leader on the world stage. His efforts to foster alliances with diverse nations, while maintaining strategic autonomy, have garnered widespread acclaim. India’s adept diplomacy, exemplified by its participation in both the Quad and the Shanghai Cooperation Organization, underscores Modi’s commitment to advancing India’s interests in a multipolar world.
Notably, Modi’s success in eliciting support from the United States while navigating complex geopolitical dynamics stands as a testament to his diplomatic acumen. By deftly balancing relations with major powers and refusing to align with specific geopolitical agendas, India has asserted its sovereignty and emerged as a key player on the global geopolitical chessboard.
A Vision for the Future:
As India stands at the cusp of a new era, with Modi poised to secure another term as prime minister, the nation finds itself at a crossroads of possibilities and opportunities. The value of India’s stock market has surged threefold under Modi’s stewardship, reflecting investor confidence and optimism in India’s economic trajectory.
While acknowledging the economic gains and strides made under Modi’s leadership, it’s imperative to address the persistent challenges of inequality and socio-economic disparities. Modi’s vision of a developed India by 2047 demands concerted efforts towards inclusive growth and equitable development, ensuring that the benefits of progress reach every stratum of society.
In the words of the Prime Minister himself, India’s journey towards development is propelled by the collective aspirations and endeavours of its billion-strong populace. Modi’s leadership, characterized by vision, determination, and inclusive governance, has laid the groundwork for a brighter future for generations to come.
As India embarks on its next chapter of growth and transformation, guided by the principles of democracy, diversity, and development, the legacy of Modi’s leadership will undoubtedly endure as a beacon of hope and inspiration for the nation and the world at large.
