December 4, 2022

Incredible India @75

SALAAM INDIA !!!

Regaining ‘Soney Ki Chidiya’ Status in 21st Century

By Maj Gen C.P. Singh

India was the largest economy of this region, in the world for most of the times between the period of 10nd Century BC and 18th Century AD. Around 1700 AD, Indian subcontinent had become the world’s largest economy, producing about 25 per cent of global industrial output. It was fondly called the ‘Soney Ki Chidiya’ and attracted East India company and other European companies for commercial trade with India. In 21st Century, we are again moving towards regaining the past glory.

COVID pandemic was the most unprecedented disaster that shook the world in last two years. As the world order was limping back to normalcy after COVID, Ukraine-Russia war started. India outshined the world by very efficient handling of the COVID and a V-shaped economic recovery post COVID, Ukraine war notwithstanding. India presents an exemplary growth in these difficult times, converting global threats into opportunities.

India Shining

India is expected to be $5 trillion economy by end of 2026, as per International Monetary Fund (IMF) projections. In terms of US dollars—average Indians’ income rose by 18 per cent in 2021. It was the third fastest growth in India’s dollar prosperity in the last 50 years. Some of the key pointers of India’s envious growth are flagged in this article.

  • Fastest Growing Economy. India is the world’s sixth-largest economy by nominal GDP and the third-largest by Purchasing Power Parity (PPP). The IMF has projected 7.4 per cent growth rate for India in FY2022-23, making India the fastest growing economy post COVID. Present growth trajectory will see India become the world’s third largest economy by 2024, only behind USA and China. 
  • Biggest Consumer Market. India, with a population of 139 crores, and increasing per capita income, forms the biggest consumer market in the world. All the countries are tapping this vast consumer base and hence the relevance of India in the world market. Today, every MNC is making a beeline for India.  
  • Biggest Manufacturing Hub. Internationally, major western MNCs   are making strategic plans to move out of China. India, with its rapidly improving infrastructure, cheap labour, educated youth and stable democratic Government provides the best and cost-effective alternative to China. India is now also poised to become the factory of the world. 
  • Youngest Population.  India has the youngest population in the world while China, Japan and Europe have started greying. This widely acknowledge demographic dividend with skillful and diligent youth of India is attracting the MNCs to set up bases in India. Young and educated workforce forms India’s biggest asset, in the present times.

India is all set to beat the challenges and emerge as the growth engine for the world economy. Let’s become partners in progress and march in harmony towards a glorious future. Incredible India @75 is destined to regain its glorious status of ‘Soney ki Chidiya’ in this Century.

  • Digital India. India has been leading the world’s BPO industry. Opening Global Capability Centers (GCC) by MNCs is the neo-globalisation. India is leading the world in this field also. 1,400 MNCs have already set up GCC in India providing jobs to 1.3 million work force and earning a revenue of US$36 billion. India has also created 100 unicorns with valuations over one billion dollars. NASSCOM predicts another 40 per cent increase in next three years.
  • Poor Country to Wheat Exporter. India has taken giant leaps in improving the agriculture and dairy sectors, in the country. From being a food-grain importer in last century, we have made rapid progress to become wheat exporter today. Now, India is net exporter of wheat, having exported 1.8 million tonnes of wheat to 12 countries.   It’s a matter of pride that we are also the largest producer of milk, pulses, jute products andsecond largest producer of rice, wheat, sugarcane, groundnut, vegetables, fruits and cotton.
  • Arms Exporter. Under the ‘Aatmanirbhar Bharat’ programme, India has started manufacturing indigenous ‘state of the art’ war equipment. We are also looking for exporting it to developing countries. India’s defence exports have recorded nearly a eight-fold increase between 2017 and 2022, growing from 1,520 crore to 13.000 crores.

Beating the Recession

IMF’s latest global projections predict world economy to plunge into the worst recession, post COVID. While, all developed countries will have negative growth, India holds a beacon of hope for the world. It’s predicted that India will have no effect or least effect of recession because of its praiseworthy fiscal policies and steady economic growth.

Conclusions

India opened up to the world in 21st Century and progressed towards a free market economy. Soon, it became the fastest growing economy and   will continue to be so, over the next few years. Headwinds are expected from rising inflation, supply chain disruptions and geopolitical tensions. However, there are many positive indications to keep us afloat.  Exports have performed exceptionally well during the pandemic and bolstered recovery. India’s gross tax collection has beaten all expectations. Agriculture sector is booming due to repeated normal monsoons. Higher capital spending on infrastructure and asset-building projects are likely to further boost growth multipliers.   

India is all set to beat the challenges and emerge as the growth engine for the world economy. Let’s become partners in progress and march in harmony towards a glorious future. Incredible India @75 is destined to regain its glorious status of ‘Soney ki Chidiya’ in this Century.

-Maj Gen C P Singh (Retd.) is an Indian Army veteran. A commentator and prolific writer on strategic issues, he can be contacted at www.majgencpsingh.com. The views expressed are of the writer and do not necessarily reflect the views of https://strategicaffairsindia.in

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