ECONOMIC HUB OF THE WORLD: Things do not remain the same always, they modify, they change, and this change could either be uplifting or degrading. Same goes for a country’s development, it is never stagnant. It is the amount of hard work and passion that brings a change that brings a developing nation into the list of developed nation.
India as Economic Hub of The World: Things do not remain the same always, they modify, they change, and this change could either be uplifting or degrading. Same goes for a country’s development, it is never stagnant. It is the amount of hard work and passion that brings a change that brings a developing nation into the list of developed nation.
This truly defines India’s present way of pacing its growth to a whole new level, where there is opportunity for everyone to achieve the zenith of success. As rightly said, “The growth of men in nation is the growth of nation”.
From the time NDA government has come into power the economic reports of India have shown a great sign of economic prosperity and reflects economically prosperous nation in making.
These are not just the theoretical statements, but have practical implications as well.
The data below increases the transparency of the above statement.
FACTORS THAT PROVE THE UPSTREAM GROWTH OF INDIA’S ECONOMIC STRUCTURE
- GDP GROWTH – India during the reign of Narendra Modi led NDA government has turned be the world’s 5th largest economy in terms of GDP, which earlier during UPA government always remained in double digits.
2. FDI SCORES – As per the data released by Ministry of Commerce and Industry:
| YEAR | FDI INFLOW |
| 2014-15 | $31.2 billion |
| 2016-17 | $60.08 billion |
| 2018-19 | $64.37 billion |
Whereas the average FDI during UPA 1 and UPA 2 was $18.2 billion and $38.4billion respectively.
According to the annual report of Department for Promotion of Industry and Internal Trade (DPIIT) 2018-19, India received FDI of worth $286 billion during the first session of NDA 2014-2019.
This comparison and peak FDI inflow during the Modi’s reign shows the urge of NDA government to make India not only a place to invest but along with this making the countrymen strong enough to help the other nations in boosting their economic grades, with the help of Indian investment.
3) EASE OF DOING BUSINESS RANKING –
- At present India ranks 77th in ease of doing business which was 100th in 2017, a shift of 23 ranks.
- Under the UPA government, India had the all-time lowest ranking of 139 and highest at the time of the NDA regime i.e. 77 among 190 countries.
MOVES MADE BY NARENDRA MODI LED NDA GOVERNMENT TO FASTEN THE ECONOMIC GROWTH
1) STRONG INTELLECTUAL APPROACH
– This was done by resolving the tension between nations; pacifying the strain and resonating with the common thoughts of two.
– Bringing the nations together to promote peace and harmony and stand against the evil of terrorism.
– Strengthening bonds with nations to create a strong group at global level.
2) APPROACH OF MAKE IN INDIA
– This was the first strong move taken by Narendra Modi led NDA government to uplift the economic structure of India.
– This was launched on 25th September 2014 within 4 months of NDA’s mandate.
– Just after the launch of Make in India, India committed for investment of worth US $240 billion and investment inquiries of $22 billion, in the time period of September 2014 to February 2016. The outcome of this was that India became the global destination for FDI leaving behind US and China with US $ 60.1billion FDI.
3) SUPPORT TO INVESTORS TO EASE THE INVESTMENT PROCEDURE
Indian government in order to attract foreign investors has launched FDI permit via 3 means:
- AUTOMATIC ROUTE– According to this, non-residential or residential investors do not require any government approval before making investment.
Sectors that fall under this category include:
- Agriculture and Animal Husbandry
- Air transport Services( non- scheduled and other services under civil aviation sector)
- Airports(Greenfield and Brownfield)
- Asset reconstruction companies
- Auto component
- Automobiles and many more.
- GOVERNMENT ROUTE– According to this, non-resident or resident in order to invest need a proper approval of Government of India.
Sectors that fall in this category include:
- Core investment company
- Mining and mineral separation of Titanium bearing ores
- Print media and many more.
- AUTOMATIC+ GOVERNMENT ROUTE– Comprises of partial involvement of governmental action before investment procedure.
Sector that fall in this category include:
- Air transport service
- Banking and Private sector
- Biotechnology
- Healthcare(Brownfield)
- Pharmaceutical
- Telecom service any many more.
Such a well-designed investment procedure has attracted the investors globally and will continue to do so.
MAIN IDEA OF LAUNCHING MAKE IN INDIA
- To create more job opportunities for countrymen.
- Enrichment and enhancement of skills, and a platform to present it.
- Transforming India into a manufacturing hub.
- This great inflow would help to countrymen to acknowledge their talent and provide with the great works experience which would surely boost there confidence which would help in implementing one more scheme which is yet to reach to its full potential i.e. MADE IN INDIA.
(Still the Indian market has not reached the mark, where it could export its own produce with great profit gains.)
- Basically this Make in India is Made in India in making.
India being surplus in human potential, has always attracted the foreign companies to invest within, but political barrier during UPA never allowed the great FDI inflow.
But scenario did not remain the same since NDA came to authority. FDI’s have increased to a much larger level. Obviously beginnings are never easy but carrying purity in the work you do and the ideology you carry leads to success. India will surely come into form and reach a level, where India will become the biggest economic giant and the day is not far.
To sum up, I would just say that if the dedication to work is pure, sooner or later there is an assurance of success. The same amount of pure dedication is what I see in Mr. Narendra Modi who is working whole heartedly to make India the biggest economic hub on global platform now it is our part to support him and his thoughts to benefit ourselves and our nation. This rapid pace of working and purity in his ideology will surely make India as the economic hub, in his regime.
