September 24, 2022

Finance & Economy

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One vision and a billion people’s dream for a $5 trillion economy

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The government has put into place some core policies and programmes toward the goal

India’s manufacturing sector will play a key role in making the $5 trillion economy vision a reality. Image courtesy Wikimedia Commons

One man’s vision… a hundred and 38 billion dreams… a journey towards a $5 trillion economy. This would make India a global powerhouse by 2024-25 and the third-largest economy in the world. Our country today is among the fastest-growing economies in the world, and I am not surprised. The government announced its vision and it looks very feasible, very achievable. The pandemic cast gloom all over the world and is yet to give a respite to nations all over the world. We cannot get judgemental about governments anywhere across the globe about how they handled the pandemic, because who has ever written a rule book on how to handle a global pandemic when they have never even heard of one, let alone experienced it ever! But we as a nation fought back. Yes, it did come at the price of many lives, but we as a nation fought back and showed our resilient best.

Policies and programmes in place

With the government’s backing and well-placed policies, displaced workers because of the pandemic, instead of feeling awful about times gone by or what was not working, Indians took up the reins of growth and development. Their inner entrepreneurial spirit kicked in, almost patriotically, which they hardly realised. People were not just dancing and clapping, or making content over the internet. People were becoming entrepreneurs overnight. Businesses took off and careers were shifted. Indians all over the country broke all barriers of geography, rode high on the digital wave that homogenised socio-economic differences and shifted gears to accelerate like there was no tomorrow – except that they did move towards a better tomorrow. So, while major economies grappled with the global crises, India fought its battles, overcame the crises and went buoyant.

The government has put into place some core policies and programmes toward the goal. Some very constructive and solid programmes such as Green Energy Plan, Production Linked Incentive Manufacturing and Digital Drive are just some of the policies that have been put in place. There have been sectoral changes as to which ones actually propelled. Some did fall behind and they will catch up soon because digitisation will lend an arm to all and in time, every other sector will catch up. ‘Make in India’ and ‘Make for India’ have instilled a sense of patriotism to make India, sell Indian and brand India. the world is watching India’s growth. The bounce back story has been tremendous. While the rural economy was hitherto unexplored, the digital movement has given a major boost to the country’s hinterlands. With faster communication in regional languages, English is no more the determining factor to join the mainstream growth story. The government and the start-up India workforce have been working towards an inclusive India and that is a growth story right there itself.

What is fuelling the growth?

Can you imagine the various forces at play towards the trillion-dollar economic vision? Creator Economy fuelled by digitisation, Start-Up India, e-commerce, infrastructure, Pradhan Mantri Jan Dhan Yojana – the banking outreach programme, Swachch Bharat, Skill India… these are just some of the initiatives that I have named and these are exciting times to be an Indian living in India and be a witness to this transformation.

All of this is giving Indian talent some serious platforms to engage, showcase and present their skills on the global platform. This economic growth story is instilling confidence of a different kind in the heart and minds of every individual. India’s educational system is well respected globally for churning out superior skill sets that can perform well at the international level. Indians have always showcased their acumen in IT and their technical aptitudes, and their exposure to a potpourri of cultures and races just within their own country gives them the much-required boost and intuitive abilities to navigate any complex situation in the world.

Indians are a natural talent pool that are orientated towards the universal truth of ‘Vasudaiva Kutumbakam’ of treating everyone like family and working and walking together towards one unified global mission of growth and development. We are a race that does not thrive on aggression but rather is known to be a cohesive unit of people. This married with our talent that is literally bursting at the seams is the perfect blend of ambition, vision, hard work and success.

We are a hard-working bunch of people and are willing to jump on the bandwagon of anything that is new and exciting. We waste no time in learning and excelling and that is our biggest talent as a nation. We are a culmination of generations of underdogs and willing to give it our best shot, pandemic notwithstanding. India is ready, India is working at it, India is getting there and I am totally optimistic that we will materialise Prime Minister Narendra Modi’s vision of becoming a $5 trillion economy sooner than later. Because I believe!

The author is founder, Nextyn. Views are personal.

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https://www.firstpost.com/opinion/india-5-trillion-economy-narendra-modi-10631691.html