Ranbir Singh Pathania
“Today every person, every institution, and every organization seem enthused to move forward with the pledge to build and transform India into a developed nation by 2047. The focus of our goals and resolutions should be only on developed India,” is the clarion call of Narendra Modi during official launch of ‘Viksit Bharat Sankalp Yatra’ campaign.
What makes him a phenomenal and most happening Prime Minister of India? Firstly, he is able to think out of the box and ahead of times. Secondly, he has the courage to move against the tide to take hard decisions. And, thirdly, his prodigious approach transforms public welfare programmes into virtual mass movements.
Swacchh Bharat, Digital India, Start Up India, Beti Bachao Beti Padao, AtmaNirbhar Bharat, Skill India, Make in India, PM Ujjwala Yojana, Jal Jeevan Mission, PMAY, and Jan Dhan Yojana are a few instances.
India has come a long way leaving behind baggage of corruption, dynasty and caste-based politics. Specters of low growth, skyrocketing inflation, shrinking productions, policy paralysis, no more haunt us. Rather we have swash-buckled our way into a new realm of optimism, constructiveness, resurgence. The recent decade saw path-breaking policy initiatives and reforms leading to holistic transformation of the country.
Despite recession ruling the roost across the globe, Indian GDP touches 7.6 % in Q2 of FY 2023. Forex reserves pop up from 478 billion US dollars in 2019-20 to 563 billion US dollars in 2022-23.
Today India has become third largest ecosystem for startups globally having 112718 registered startups. It has also the unique distinction of having 111 unicorns with an evaluation of 349.7 billion US dollars. A unicorn is a privately held startup with a minimum value of one billion dollars.
Our tax revenue touches 30 lakh crores in 2023-24, an increase of 200% from 2013-14. It is in the same vein that digital payment transactions, UPI transactions, P2M (Person to merchant transactions) and mobile transactions have, slowly but surely, become mood of today. Digital payment transactions increased from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 per (RBI). In 2013, Current Account Deficit (CAD) was 5% of the GDP whereas it has been successfully tamed to an average of 0.3% consistently in last 9 to 10 years. Nevertheless, India is a fifth largest economy in the world and third largest in PPP (Purchasing Power Parity) basis. In terms of GDP, we have already surpassed UK and France in 2022.
Our prudent initiatives in agriculture, MSMEs, primary, secondary and tertiary industries, import and export, railways, health, education, digitalization, space exploration have prepared a cohesive and congenial wicket.
India has a favorable demographic dividend having 65% of people below the age of 35 years. We have to leverage on our youth potential by skilling and upskilling them to take off in diverse sectors.
The New Education Policy 2020, focuses on the development of 21st-century skills such as critical thinking, creativity, and problem-solving is a right step in the right direction.
Our middle class is projected to expand from 50 million to over 500 million by 2050 which will create a massive domestic market demand for goods, services and agricultural products etc making India a significant global market.
Our transformation and adaptation to digital practices and smart innovations have the potential to create new jobs, improve efficiency, reduce pilferage and faster access to services. Our performance in e-commerce, fin-tech, edu-tech, healthtech and agro-tech has been more than satisfactory.
Our investment in renewable energy, next generation infrastructure, climate resilience has not only reduced carbon footprint but has given boost to countries growth story.
Our research and development expenditure, has improved across sectors which is indispensable for making India a global leader. Setting out on a wishful target of 30 trillion USD economy with a per capita income of $ 18000 to 20000 seems achievable while we resolve to achieve:
*Verdant public finances in a robust financial sector.
* Building quality infrastructure facilities in rural as well as urban areas, limiting unnecessary red tape and promoting digital economy and governance.
* Developing three to four global champions in every sector by merger or restructuring and boosting industry and innovation.
* Becoming self-reliant in important sectors including defense and space sector.
* Empowering youth with employable skills, education and push-up in order to fuel greater growth and settle unemployment.
* Partnering with foreign organizations to build 10 world class labs which further facilitate in bringing ten of Indian institutions amongst world’s top 100.
* Having robust geo-political relations and pragmatic policies for creating a cohesive canvass for growth and saving us from slipping into ‘Middle Income Trap’.
All said and done, India is all set to march onto a new tapestry of growth. It resolves and relentlessly works being a global leader. Let us be part and parcel of the moment and the movement.
Golden words of father of Nation, Mahatma Gandhi fit here, “Future depends upon what we do in the present.”
(The columnist practices law at the J & K, High Court of Judicature)
(With special inputs from Prof Sunil Bhardwaj and Ms Ritambra Sharma)
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