India’s multi-faceted progress and growth, particularly over the last decade, has
been truly remarkable setting it in a highly promising position to achieve its
aspirational goal of ‘’Viksit Bharat’’ (Developed India) by 2047 when it celebrates
the centenary of its independence.
In 2014, Prime Minister Narendra Modi spearheaded the victory of the Bharatiya
Janata Party (BJP) to win an absolute majority in the Parliamentary elections, the
first time that a single party had won outright majority on its own since the last 30
years. He repeated the feat with an even larger majority in the elections in 2019.
In 2024, when the whole world witnessed a wave of anti-incumbency, PM Modi
again rode back to victory convincingly for the third consecutive term with the
support of BJP’s alliance partners. Following the Parliamentary elections, BJP and
its partners decisively won elections to state legislatures in major states like
Maharashtra and Haryana thereby emphatically demonstrating its irrefutable
support amongst the common people. Democracy has been India’s undeniable
strength and leitmotif since independence which has stood it in great stead to
achieve a peaceful, stable, secure and better life for its people.
The last decade has also witnessed impressive growth in India’s economic
expansion and rise. In 2014, India was the tenth largest economy in the world.
Today it has climbed five places to become the fifth largest economy in the world.
In another two years it is expected to move up to the third place by displacing
Germany and Japan from their positions. India is today the fastest growing major
economy in the world its GDP having risen by 8.2% and 6.4% in Financial Years
2022 and 2023 respectively. The projected figure for FY 2024 is 6.6%. It is
expected to grow at impressive rates in the coming years and become a US$ 5
trillion economy by 2030. Managing Director of the International Monetary Fund
has stated that India is the ray of hope in an otherwise gloomy global economic
environment.
Nearly 70% of India's GDP is driven by domestic demand and private
consumption. Its GDP is additionally fueled by government spending, investments
and exports. This has been achieved through various structural reforms like the
implementation of the Goods and Services Tax (GST) regime. The GST streamlined
the indirect tax system, fostering business ease and tax compliance. Additionally,
emphasis on digitalization (including the Digital Public Infrastructure) and
innovation led to the rise of startups and expanded the digital economy, with
initiatives like Digital India enhancing technology access. Initiatives such as Make
in India and Product Linked Incentive Scheme have been pivotal in driving growth.
Furthermore, the focus on renewable energy underscores India's commitment to
sustainable development.
India enjoys a huge demographic dividend supporting its economic rise. About
65% of its population is below the age of 35 years with just about 5% being above
65 years. The median age is around 28 years which is much lower than the
median age of other major economies like the United States and China. While the
whole world is ageing and graying, India looks forward to its young population
adding to its consumption and production and spurring its economic growth to
new heights. India is home to more than 600 million people aged between 18 and
35 years. India’s demographic dividend is expected to persist at least until
2055–56 and will peak around 2041, when the share of the working-age
population — 20–59 years — is expected to hit 59%. It is an opportunity which
India is fully determined to harness.
India’s ambitions to become a global manufacturing hub and a technology leader
are closely linked to the upskilling of its workers. Progress is already underway, as
nearly 10 million youth are benefitting from the Skill India program annually.
Getting more women to enter the workforce is pivotal for India’s future growth.
India is working assiduously to achieve this objective.
In the arena of foreign relations, India has pursued a bold, pro-active and
confident policy.
In its ties with the United States, it has ‘’overcome the hesitations of history’’ and
is fostering a ‘’Partnership of Trust.’’ US is India’s largest trading partner in goods
and services, and the second largest supplier of sophisticated defence equipment.
India and the US engage in around 60 substantive Dialogue Mechanisms spanning
all conceivable areas of human endeavor including technology, cyber-security,
energy, health, education, security etc.
India has maintained its time-tested and substantial ties with Russia by importing
significant quantities of Russian oil, and not directly criticizing or condemning it
for its attack against Ukraine.
India has stood steadfast against the aggressive and expansionist policies of
China. It has followed a policy of ‘’Neighborhood First’’ and strategic patience,
and extended non-reciprocal, generous support to its neighboring countries in
times of need and for their economic development. Its Outreach to the Global
South, particularly by supplying more than 300 million Covid-19 vaccines, most of
them gratis, to above 100 countries, has exemplified its role as a ‘’VishwaBandhu’’
(Friend to the World).
India’s robust economic growth and assertive pursuit of its interests and foreign
policy over the last decade has enhanced its global prestige and imbued its people
with hope and confidence in attaining its goal of becoming a peaceful, prosperous
and developed country by the time it marks hundred years of its independence in
1947.
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Ambassador Ashok Sajjanhar has worked for the Indian Foreign Service for over three
decades. He was the Ambassador of India to Kazakhstan, Sweden and Latvia, and has worked
in diplomatic positions in Washington DC, Brussels Dhaka and Bangkok, among other nations.
