People who question the growth rate of Indian economy should consider these facts.

In the last decade, India has seen incredible improvement, especially in the economic sector, and the Indian economy has today become the fifth largest economy in the world as well as the fastest growing economy among the world’s largest economies. . Many financial and economic institutions of the world are estimating that the Indian economy will become the third largest economy in the world in the next five years. Today, many countries of the world, disappointed with the capitalist model, have started talking about adopting the Indian economic model because the Indian economic model based on Sanatan culture is considered better than the Western economic model. But, unfortunately, some political parties in India are seen competing with each other, undermining the recent economic progress in India and questioning the pace of change taking place in the Indian economy.

India today is reaching new heights every day in various economic fields. In the first week of December 2023, India had achieved fifth position in the world in terms of stock market capitalization, leaving behind France and Britain. Only America, China, Japan and Hong Kong were ahead of India. But now, in less than two months, India has overtaken Hong Kong and achieved fourth position in the world in terms of stock market capitalization. Now it seems that India is regaining its lost prestige at the global level in the field of economics. From 1st AD to 1750 AD, India dominated the entire world economically. During this period, India’s share in the total foreign trade of the world was more than 32 percent because at that time trade was done in India following Sanatan culture. In India, the practice of performing Karma and Artha works while following Dharma is described in ancient scriptures. Since today once again in India, work is being completed in various fields by following the Sanatan culture, the trust of the entire world in India is increasing. Along with foreign investment, today about 50 countries want to make bilateral trade agreements with India because India is developing as a very big market for various products globally.

It is said that an investor invests his savings in the stock market very thoughtfully and when investors start to realize that the future of a particular company is very bright and the return on the investment made by the investor is likely to be maximum, Only then investors invest their savings in that particular company in the stock market. Thus, when investors’ confidence in the economy of any country appears to be increasing, then especially foreign investors and foreign institutional investors increase their investments in the shares of various companies in that country. Since foreign institutions have full confidence in the Indian economy and the growth journey of Indian companies in the times to come, investment in the Indian stock market is also gaining momentum.

The policies made by the government have a special impact on the economic progress of any country. In the last 10 years, India has become strong not only in the economic field but also in the cultural, social and political fields and India has established its influence in the entire world. Today about 3.20 crore people of Indian origin are living in other countries of the world. These citizens of Indian origin have influenced the local citizens of these countries by following the Indian Sanatan culture, due to which foreign citizens have also started getting attracted towards the Sanatan culture. Especially in developed countries, the social fabric has become so disintegrated that now these countries are looking towards India with hopeful eyes for the solution of economic, social and cultural problems.

Today India has emerged as a global power in the field of space. Today, India is not only sending satellites into space for itself but has also been able to establish satellites in space for many other countries of the world. India has been the world leader in the field of yoga and spirituality since time immemorial, but in recent times, India is once again moving towards guiding the world in the field of yoga and spirituality. To teach Yoga, the United Nations has decided to celebrate International Yoga Day on 21st June every year and it is celebrated with great enthusiasm by almost all the countries all over the world. Similarly, in the field of science, India has made its own place in the entire world.

Economic progress for any country should be considered successful only when the citizen standing in the last line of that country is also seen getting the benefits of that country’s economic progress. From this point of view, India has achieved special success especially in reducing poverty and income inequality. Which has also been highly appreciated by the International Monetary Fund and the World Bank. In India, in the year 1947, 70 percent of the people were living below the poverty line and now in the year 2020, about 10 percent of the total population of the country is living below the poverty line.

Today India is going through a revolutionary transformation through Digital India. During the last 10 years, India has made incomparable progress in the field of digitalization and today there are more than 120 crore internet, more than 114 crore mobile and more than 65 crore smartphone users in India. Thus India has entered a new digital era. Digital India has done wonders in the field of education and health services also. Availability of health services has been increased in rural areas. Now new digital platforms are being used for drones also and work is also being done on how agriculture can be supported through drones. Works like spraying seeds etc. have started being done through drones.

Along with agriculture sector, defense products, pharma, renewable energy, digital system, India is also rapidly positioning itself in areas like technology, information technology, automobile, mobile production, development of basic sectors, startups, drones, green energy and space. It has moved towards establishing itself as a leader at the global level. Thus, on the strength of economic progress, India is once again going to establish itself as a world leader. India is emerging as an engine of development in the world. The International Monetary Fund has said that India’s contribution to global GDP growth in the year 2024 is going to be more than 16 percent. When the growth rates of other countries are slowing down, the economic growth rates in India are increasing. This is possible only because of the economic policies being implemented by the Central Government and the growing base of temple economy and religious tourism in the country.

-Prahlad Sabnani

Retired Deputy General Manager

state Bank of India