Now the contribution of domestic factors is more visible in the progress of Indian economy.

The Indian economy today has not only become the fastest growing economy in the world but has also become the fifth largest economy in the world. Due to the economic reforms implemented by China in the year 1980, China’s economy also grew at the fastest pace and external factors (foreign trade) had more contribution in China’s economic growth, but today domestic factors are the major contributors to India’s economic progress. Is. India’s domestic market is so huge that India does not have to depend too much on foreign trade. Anyway, at the global level, the economic condition of various countries, including developed countries, is not good today and the growth rate of GDP of these countries along with their foreign trade is also decreasing.

Domestic factors related to accelerating the growth rate of India’s economic development also include the adoption of the idea of ​​Swadeshi by the citizens of India. Today, the sense of self is clearly visible among Indian citizens. Recently, Morgan Stanley, a reputed American investment advisory institute, has stated in one of its research reports that the next decade is going to be India’s in terms of economic development at the global level. By now China had become a manufacturing center for the entire world. But, the situation is going to change during the next 10 years. India has overtaken China to become the most populous country in the world, due to which the consumption of products in India is increasing rapidly. Therefore, India is not only becoming a major center of consumption of products but is also emerging as a manufacturing center for the world. India has already developed into the largest center globally in the field of information technology. The size of the Indian economy will increase from the current level of US$ 3.50 trillion to US$ 7.5 trillion by the year 2031 and thus the Indian economy will become the third largest economy in the world after America and China. India is going to lead the entire world in the economic field during the coming 10 years. India’s huge internal market is being said to be the main reason behind the Indian economy becoming a super power at the global level.

In the year 2014, the Central Government had started Jan Dhan Yojana to connect the poor class of citizens in India with banks. It was this sense of self among the Indian citizens, due to which, in a very short time, about 50 crore savings accounts have been opened in various banks under this scheme and today, by adding up the small savings, the amount is more than Rs 2 lakh crore. Deposits have been made in these accounts. India has shown the way to the entire world in this regard. This savings will make the citizens living below the poverty line the middle class of tomorrow, this will increase the consumption of various products in the country and will also speed up the pace of economic progress of the country. This has become possible only due to Indian Sanatan Sanskars. In India, families consider it necessary to balance their expenses and save for the future, this also shows a sense of ownership.

Our Indian Sanatan culture teaches us that we should exploit nature, not exploit it. Take only what you need from nature. Besides, we are also taught to use indigenous products to achieve self-reliance. Import of various products can be reduced by adopting Swadeshi. For this, a qualitative change is visible in the thinking of Indian citizens and now they have started using low quality cheap foreign products less. The use of products manufactured in India, even if they are a little expensive, is increasing. For this reason, the import of many cheap products from China has decreased in recent times. Only as much product is required as is being purchased and efforts are being made to not promote the principles of global marketization in India. All this change is possible only because of the feeling of ownership among the citizens. Our Indian Sanatan culture has been great and will remain so in future also. According to our culture, work related to religion, karma and money is done with the aim of attaining salvation. Therefore, efforts are being made to follow religion even in the economic field.

In India, in the decades of 60, 70 and 80, almost all of us citizens have been hearing since our childhood that India is a poor country and Indian citizens are very poor. Although the ancient times of India have been very bright, but during their rule, the invaders and Britain looted India and made it a poor country. Now the wheel of time has turned completely and has come to today’s juncture and India is seen providing its leadership to the entire world in many matters. Also, in India, especially during and after the Corona epidemic, the results of various programs run by the Central Government for the benefit of the poor class following the Indian Sanatan Sanskar are now beginning to emerge. Especially under the Pradhan Mantri Garib Anna Kalyan Yojana, the facility of free food grains has been provided to 80 crore citizens of the country and it has been continued even after the Corona epidemic, as a result of which the poor class in the country has benefited a lot. According to a report released by the World Bank in the year 2022, in the year 2011, 22.5 percent of the citizens in India were forced to live below the poverty line, but in the year 2019 this percentage has come down to 10.2. More than 40 crore citizens in India have moved above the poverty line during the last two decades. In fact, during the last 9 years, many major changes have been seen in the social, economic and cultural environment of India. Due to which poverty in India has reduced rapidly and India has achieved great success in poverty alleviation. The rise of crores of citizens living below the extreme poverty line in India above the poverty line in such a short time is a lesson for other countries of the world. Nowhere in any country have such a large number of people been able to improve their economic condition in such a short period of time. The change in poverty in India is visible on the ground. This has changed the image of India in the entire world.

Another area in which Indian economic philosophy has shown the way to the entire world is in controlling inflation. In fact, the continuous increase in interest rates by developed countries to control inflation seems to be adversely affecting other sectors of the economy, while it does not seem to be controlling inflation. In capitalist economies the old principles are now proving ineffective. And then, continuously increasing the interest rates just for the purpose of controlling inflation so that the demand for goods in the market is reduced is a negative decision. This has an adverse effect on the country’s economy. Due to reduced demand for products, production of companies reduces, possibility of recession in the country increases, due to this there is a danger of increase in unemployment, EMI of common citizens starts increasing, etc. Many companies in America had announced layoffs of more than 2 lakh employees to maintain their profitability in this environment. Making a citizen unemployed would be considered an inhuman act. And then, in America itself, amidst this environment, three big banks have spread. If this type of situation spreads to other countries also, then recession may prevail in the entire world. In sharp contrast to the above mentioned system of the West, Indian economic thinking has thought about the economy of abundance, i.e. produce more and more – “Shatahasta Samahar, Sahastrahasta Sankir” (Collect from a hundred hands and distribute it to a thousand hands) – this It has also been mentioned in our scriptures. In an economy of abundance, more and more citizens get access to consumer goods easily at reasonable prices, due to which the market prices of products keep decreasing instead of increasing. In the Indian Vedic economy, there is a system of continuously decreasing market prices of products and there is probably no mention of inflation anywhere in the Indian scriptures. Indian economic thinking gives preference to an economy based on the welfare of humanity instead of an economy focused on personal gain.

It is also necessary to develop the feeling of patriotism among the citizens by awakening their sense of self. This awakens the will among the citizens to carry out economic activities in the interest of the country and a strong acceleration in the development of the country is visible. This type of work has been successfully completed by Japan, Britain, Israel and Germany after the Second World War (1945). Rashtriya Swayamsevak Sangh, since its establishment in the year 1925, has also been continuously trying to awaken the sense of self among the Indian citizens. Sir Sanghchalak of the Sangh, Honorable Dr. Mohan Bhagwat ji has said in one of his speeches that for many reasons the world is today looking towards India with great hope for the solution of the problems coming in various fields. All this is becoming possible due to the awakening of the sense of self among the Indian citizens and now the time has come that the sense of self should be strengthened on a large scale among the citizens of India because our very existence is due to the self of Indianness.

-Prahlad Sabnani

Retired Deputy General Manager

state Bank of India