9 years ago, India was looking for respite from a corruption marred government. A young India was searching for an identity and a strong voice to represent its vibrant enthusiasm at global stage. And in a bid to showcase the same, in full majority voted for BJP led NDA with Narendra Modi at the helm.
Sticking to the promise, the nation garnered a representation and a strong voice world over. The largest democracy and the youngest nation has moved several rungs above from being the most fragile five economies in 2014 to fastest growing five economies in 2023. Made in India and Atmanirbhar Bharat have proved India’s prowess in manufacturing. From being a consumer, the country has become a producer for both domestic and global markets. Arriving at this point is a collective effort through these years but the last 9 years have played a major role in ascertaining it firmly. The epitome being achieving this position during the 75th year of independence.
Both Highs and Lows…
The 9 years of BJP in power is marked by both lows and highs. In a recent report released by Morgan Stanley, it marks the highs as: supply-side policy reforms, formalisation of the economy, Real Estate (Regulation and Development) Act, digitalising social transfers, Insolvency and Bankruptcy Code, flexible inflation targeting, focus on FDI, India’s 401(k) moment, amongst others. Added to this are tackling covid efficiently, strengthening infrastructure, digitisation and a strong foreign policy.
There have been lows too. And a major among them is unemployment. India aspires to become a knowledge-based economy. Several plans have been unveiled during the present budget to facilitate this transition. Educated youth will form the base for this and their demands for employment will grow. Currently the unemployment rate stands at 8.11 per cent, it is an increase from 7.8 per cent in March 2023 and has been on an upward trend since the start of the year.
Need to reap demographic dividend
India is enjoying the benefits of its demographic dividend. This window opened during 2005 and between 2020 to 2040 will be the country’s golden period with the peak expected to occur around 2031. This needs to be harvested effectively. If we miss this bus, by 2050, China which is currently in the downward trend with a lesser population in working group, would have almost the same amount of people working. This would mean, we have failed to use the opportunity to the best.
The current budget has several schemes for skilling and developing human resources in new areas. At the same time there is focus on research too. If this momentum is kept to, India is sure to excel in all parameters of growth in years to come.
