The Indian economy has become the fastest growing economy in the world. Finance Minister Nirmala Sitharaman, while addressing the Indo-Pacific regional dialogue, stressed the country’s commitment towards sustainable development. Underscoring the resilience of the Indian economy amid global uncertainties, he predicted that by 2027, India will become the world’s third largest economy, surpassing Japan and Germany. Prime Minister Narendra Modi’s call of Walk for Local is becoming the basis of economic development in India. The mantra of self-respect and Swadeshi has given wings to economic development due to which the economic vehicle has started running at a faster speed. India’s economic progress has started to astonish the world, because India’s domestic market is so huge that India does not have to depend too much on foreign trade. The economic development of many countries has been happening through the Indian market, now with Swadesh Jagran, the meaning of the country has started staying within the country.
China’s economy had grown at the fastest pace and foreign trade had the maximum contribution in China’s economic development, but today domestic factors and the economic policies of the Modi government are the major contributors to India’s economic progress. Despite global headwinds, India’s economic growth is estimated to be just under 7 percent, the highest among major economies. GDP will cross USD 5 trillion. India’s ‘blue economy’ contributes about 4 per cent to the GDP, representing an ocean of opportunities. With nine states and four union territories along the coast, 12 major and over 200 non-major ports and an extensive network of navigable waterways, India stands as a major player in ocean-based trade.
The Prime Minister’s new economic schemes, connecting with one’s roots and soil, inspiration to adopt Swadeshi and foreign trips also contribute to India’s economic development.
India-Middle East-Europe Connectivity Corridor (IMEC) is one of the most promising connectivity projects. Signed at the 18th G-20 summit, IMEC is a multimodal economic corridor that includes shipping, railways, roadways, power cables, high-speed data cables and a hydrogen pipeline. The corridor aims to contribute to a cleaner, safer world by increasing transportation efficiency, reducing logistics costs, promoting economic integration, generating employment, and reducing greenhouse gas emissions. India has overtaken China to become the most populous country in the world. The government’s wisdom and plans are proving effective in making the large population a means of economic development. There are many disadvantages of large population, hence the consumption of products in India is increasing rapidly. In this way, 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, self-confidence and Swadeshi philosophy are the main reasons behind Indian economy becoming a global super power. It is also necessary to develop a sense of patriotism and self-culture among the general public 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 increase in the economic development of the country is visible. 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.
Certainly India’s economic progress is a good sign, soon India will move out of the category of developing countries and become a developed country. In a decade, India progressed from being the tenth largest economy to becoming the fifth economic superpower in the world. It is estimated that within two years we will become the third economic power. Undoubtedly, at present India’s economic growth rate index is the highest in the world. Which is indicating India becoming an economic superpower. It is expected to give a positive shape to India becoming an economic superpower, in which it is necessary to eradicate the stigma of poverty and hunger. The aim of the economic journey till the Amrit Mahotsav of Independence should now be to achieve democratic socialism and egalitarian social structure, the country will have to focus on human values, peace and non-violent principles and economic equality. India has shown the way to the entire world in this regard. This 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, 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 the poor class in the country has benefited a lot and the poor Due to being a country, they have started recovering from the bite faster. 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. In India, millions of citizens living below the extreme poverty line coming above the poverty line in such a short time is a lesson and inspiration for other countries of the world. The change in poverty in India is visible on the ground. This has changed the image of India in the entire world. India’s economic thinking, policies and plans are now becoming exemplary for the world. The world has started looking towards India with possibilities and hopes, this big and positive change is indicating not only an economic superpower but its capabilities to lead the world, which is pleasant.
(The author is a senior journalist and columnist)