IN the bustling political landscape of India, where uncertainties often reign supreme, one figure stands out with remarkable certainty: Prime Minister Narendra Modi.
Even before the official announcement of the General Elections 2024 outcome, a resounding echo from global media outlets reverberates, that Modi is destined for a third term as India’s Prime Minister. Such a consensus transcends borders and ideologies, projecting PM Modi not only as a national leader but also as a global phenomenon.
British weekly newspaper The Economist, in its latest special edition on the Indian economy, encapsulates this sentiment. “In six weeks’ time Narendra Modi is expected to win a third term as India’s prime minister, cementing his status as its most important leader since Nehru,” it says.
Such assertions emanating from prestigious publications underscore the prevailing winds blowing in favour of PM Modi, not just within India but across the corridors of power in global capitals.
Beacon of growth
It is evident that amidst an uncertain global economy, India stands as a beacon of growth and stability, charting a course towards unprecedented expansion. With an annual growth rate of 6-7 per cent, the nation emerges as the world’s fastest-growing major economy poised to ascend to the ranks of the top three economies by 2027. This rise is a statement to India’s unwavering commitment to political stability and progressive reforms. Usually dubbed as a “functioning anarchy” by Western media, India defies conventional wisdom, demonstrating rapid improvement in its business environment across regions, including traditionally underdeveloped states like Uttar Pradesh, observes The Economist.
The pulse of progress resonates not only in the metropolitan hubs of Bengaluru or Mumbai but also in the hinterlands, where the business ecosystem is witnessing a remarkable transformation.
Ambitious infrastrcture
An ambitious infrastructure agenda, knitting together a vast single market, and initiatives such as the expansion of airports, doubling in numbers over a decade, and the addition of thousands of kilometres of roads annually, alongside substantial investments in solar energy, with 15GW capacity added each year, tell the larger story.
Contrary to the manufacturing-led miracle witnessed in China, India is drawing a different developmental trajectory, says The Economist in its special report.
At the heart of this economic transformation lies the landmark introduction of the Goods and Services Tax (GST), a move that has seamlessly unified and consolidated the Indian market. Recent figures reveal a monumental milestone as GST collections soar past the two-lakh crore mark, underscoring the nation’s economic consolidation and resilience.
Beyond bricks and mortar, India’s commitment to inclusive growth shines through in its social welfare programmes. The direct digital transfer of funds to the accounts of the impoverished, coupled with the free distribution of food to below-povertyline families, amplifies the impact of economic development, ensuring that the dividends of progress reach every corner of society.
Global powerhouse
As India marches towards its economic zenith, the convergence of political stability, visionary policy reforms, and a dynamic business landscape propels the nation into a new era of prosperity. With each stride forward, India reaffirms its status as a global powerhouse, beckoning investors and admirers alike to witness the unfolding of an extraordinary economic narrative. Prime Minister Modi anchors this change with a vision for Viksit Bharat 2047 (a developed India by 2047). The changes are too evident, even the hostile Western media can’t neglect the wind blowing in favour of PM Modi.
