Opinion: The magical decade that was

Vineeta Hariharan, award-winning Public Policy Expert, explores the nation's remarkable journey from struggle to prosperity. From its robust economic growth and infrastructure development to social welfare initiatives and global leadership, India is poised for a transformative future.

Team Newsable

Published: Aug 30, 2023, 3:16 PM IST

On the 77th year of India’s independence and on the auspicious journey into Amrit Kaal, as we reflect on the progress in retrospect, India has indeed traversed a journey from struggle, strife, and conflicts to victory, strength and stability. From welfare to market, from protected to liberalised economies and from poverty to prosperity, the transformation has indeed been remarkable. Today we have been declared as the fastest growing major economy of the world and the bright spot in an otherwise gloomy global economic canvas.

The Indian economy is now the fifth largest in the world measured by nominal GDP and the third largest by purchasing power parity (PPP). Moving from $30.6 billion in 1950 to $3.75 trillion India’s GDP contributes to 8.7% of the World’s GDP coming a long way from accounting for just 3% of the world’s GDP at the time of independence. The robustness of this growth is also reflected by the fact that it is driven predominantly by internal resources and is coupled with an equivalent growth in domestic savings rate from 8% of GDP to 31% now and continues to be on an upward trend despite recent setbacks.

Today we occupy a prime position in the economic landscape with the World Bank projecting India's growth at 6.3% in FY24, 6.4% in FY25 and 6.5% in FY26 and we are projected to be a prime mover in the South Asian region itself.

The tipping point has indeed been the change in governance in 2014 which has brought in an exponential rise in growth on all fronts. Guided by a vision of inclusive development, the present government's initiatives have aimed at uplifting the underprivileged, accelerating economic growth, and ensuring India's prominence on the global stage. The transformation has been holistic across sectors through a slew of reform agendas in the socio-economic space along with rapid infrastructure development.

Although our journey towards progress was initiated in 1991 when we opened our doors to reforms, in the last decade, we have witnessed a run rate acceleration, as per the latest report by Morgan Stanley. India is today a part of the top 100 clubs on Ease of Doing Business (EoDB). Total FDI inflows in the country in the last 23 years (April 2000 - March 2023) stood at $ 919 billion while the total FDI inflows received in the last 9 years (April 2014- March 2023) was $ 595.25 billion which amounts to nearly 65% of total FDI inflow in last 23 years.

One of the game-changing economic initiatives has been the implementation of the Goods and Services Tax (GST), which has simplified taxation, boosted ease of doing business and has had a ripple effect across the enterprise value chain. This has multiplied the foreign investment, strengthened the manufacturing sector, and facilitated the exponential GDP growth. The GST collections have multiplied more than two and half times from Rs 7.19 lakh crore in FY 2018 to Rs 18.1 lakh crore in FY 23.

India's infrastructure too as is evident has witnessed rapid growth in the last decade. Between FY 15-23, 53700 km of National Highways was constructed, 28800 km of railway routes were electrified vis-à-vis 25700km of NH and electrification of 4100 km of railways routes during FY 06-14.

The "Pradhan Mantri Gram Sadak Yojana" (PMGSY) program has revolutionized rural connectivity, constructing thousands of kilometres of roads and bringing remote villages closer to economic centres. The "Sagarmala" project has revitalized ports, promoting maritime trade. The efficient implementation of the "Swachh Bharat Abhiyan" has seen the universalisation of sanitation facilities, thus enhancing people's quality of life.

The Indian government has prioritized social welfare programs, particularly aimed at empowering marginalized communities and women. The "Pradhan Mantri Jan-Dhan Yojana" has fostered financial inclusion, providing millions of people, especially women, in rural and underprivileged areas access to banking services. The "Pradhan Mantri Ujjwala Yojana" has transformed the lives of millions of rural women by providing them with clean cooking fuel. Furthermore, the "Pradhan Mantri Awas Yojana" has made significant strides in ensuring affordable housing for all, bridging the housing gap and improving the living conditions of millions.

The government's focus on digital technology has accelerated India's digital revolution. The "Digital India" campaign has aimed to bridge the digital divide, connecting remote areas to the internet and providing digital services to citizens. Digital transactions as a percentage of GDP have risen exponentially from just 4.4% in 2016 to 76.1 % in 2023. Initiatives such as the Unified Payments Interface (UPI) and the Direct Benefit Transfer ( DBT), have revolutionized digital payments and streamlined government services. Cash benefits via DBT have increased from Rs 7368 crore in FY 13 to Rs 2.63 lakh crore in FY 23.

Along with bringing in the much-needed domestic reforms, the present government's proactive foreign policy and diplomatic engagement have solidified India's position as a global player. Initiatives like "Vaccine Maitri" have solidified India's position as the world's pharmacy, contributing to global health amidst the COVID-19 pandemic. The "Act East Policy" has deepened ties with Southeast Asian countries and improved economic and strategic cooperation. The proactive engagement in multilateral forums such as BRICS, G20, and the International Solar Alliance has showcased India's leadership on global issues. Today, we have created history by taking over the G20 presidency and with the theme of “Vasudhaiva Kutumbakam” or “One Earth, One Family” we are torchbearers of global unity.

With this resurgent path towards development, and towards becoming a resilient and prosperous nation, India at 100, the Bharat of our dreams will be a developed nation with zero poverty, zero hunger, and zero corruption.

India at 100, will have a roof over all its citizens, water in every household, robust roads connecting to the remotest habitation, optical fibre connectivity in every household, and zero waste cities and villages.

India at 100, every citizen in India will have access to health, finance, education, and livelihoods.

India at 100 will be the most resounding economy and the focal point of growth in the region and the world. We will be leading exports and will be a hub of enterprise and industry, while we will also set an example of green growth and fully source our energies from renewables. We will lead by example in being a sustainable, healthy, prosperous, inclusive, safe and equitable country. This is not the Bharat of our dreams, but a definitive outcome of our continuing efforts; this will most certainly be India at 100, a 'Buland' (robust) Bharat.

The author is also Vice President of the BJP Mahila Morcha, Keralta and a media panellist at the State and Centre. Views expressed are personal

For more reliable and latest news

subscribe to Asianet Newsable WhatsApp channel by clicking here.