In an interview with the Financial Times, a UK-based newspaper, Prime Minister Narendra Modi spoke candidly about India’s economic trajectory, pushing back against concerns raised by opponents and shedding light on his vision for the nation’s future. PM Modi emphasized India’s commitment to building a robust USD 5 trillion economy, positioning the nation as a destination for investment and progress.
“You have done a comparison with China but it might be more apt to compare India with other democracies. It’s important to recognise that India wouldn’t have achieved the status of the world’s fastest-growing economy if the issues you have highlighted were as pervasive as they suggest. Often, these concerns stem from perception and altering perceptions takes time,” the Prime Minister said. The Prime Minister said that his government’s mission was to propel India into developed status by 2047, marking its 100th anniversary and showcasing the nation’s significant progress from the “Fragile Five” to the world’s fifth-largest economy.
“Today, the people of India have different aspirations from the ones they had ten years back. The realise our nation is on the cusp of takeoff. They want this fight to be expedited and they know the best party to ensure this is the one whic brought them this far,” the Prime Minister said. The Prime Minister also pointed out the need to create an environment that would encourage more people to build in India. The Prime Minister, when asked about an attempt to bring back some of the many Indian-origin CEOs in global companies, said India was creating an environment to encourage talent in India.
“It is not the matter of bringing them back; rather, our goal is to create an environment in India that it naturally gets people to have a stake in India. We aspire to create conditions where everyone sees value in being in India to invest and expand their operations here,” PM Modi said. “We envision a system where anyone from around the world feels at home in India, where our processes and standards are familiar and welcoming. That is the kind of inclusive global standard system that we aspire to build,” the Prime Minister further added.
Recently, the International Monetary Fund (IMF) came up with a ringing endorsement of India’s growth story, commending the nation’s robust economic growth, resilient financial sector, and notable progress in formalisation and digital infrastructure. According to the IMF, India’s economy has exhibited robust growth over the past year, showcasing resilience in the informal sector. The financial sector experienced its strongest performance in years. The IMF projected a continued strong growth trajectory for India, with real Gross Domestic Product (GDP) expected to grow at 6.3 per cent in FY2023/24 and FY2024/25.
Unemployment, which has been a cause of concern, has also seen a substantial decline. The Periodic Labour Force Survey 2023 showed a decline in unemployment from 9.6% in 2011 to a notable low of 3.2% in 2023. This shift indicates improved economic conditions and underscores the entrance of millions into the workforce, propelling India’s growth. “A consistent decline in unemployment rates. When evaluating different performance parameters like productivity and infrastructure expansion, it becomes evident that employment generation in India, a vast and youthful nation, has indeed accelerated.” PM Modi said in his interview to Financial Times.
As India positions itself amidst geopolitical shifts and economic aspirations, Prime Minister Narendra Modi’s vision seeks to establish the nation as a key player in the unfolding global landscape.