IN several of his speeches at election rallies prior to the general election, Prime Minister Narendra Modi underlined a key economic prospect-that India would become the third largest economy in the world quite early in his third term.
Modi, who had won the election twice before for the Bharatiya Janata Party (BJP) on the promise of a stronger economy and business-friendly policies, felt that glossy figures regarding India's economy still resonated with the masses. The election, however, proved that Indian voters were concerned about a host of pressing issues, not least of which were the dearth of jobs and high prices. The BJP subsequently won fewer Lok Sabha seats than it expected to, making it dependent on allies to form the government.
But that hasn't stopped Modi from showcasing India's strides on the economic front, or even saying the country is on track to becoming a developed nation. "When India celebrates 100 years of Independence (in 2047), we will do so as a developed country," he told industry honchos in Delhi in a post-budget interaction on July 30. "Today, India is the fifth largest economy in the world. The day isn't far when India will become the third largest in the world."
To be sure, the Indian economy has performed well, and much better than most of its peers on the global stage.
It made a quick recovery from the pandemic, and has grown at 8.2 per cent in FY24. Inflation, though near the upper end of the Reserve Bank of India's (RBI) tolerance band of 6 per cent, has not been as runaway as in some other emerging nations.
Not only does India's economy look more insular and robust compared to its neighbours, its resilience and growth stand in stark contrast to even the developed world, especially the US and Japan, who have been gripped by concerns of an impending recession. The numbers speak for themselves.
هذه القصة مأخوذة من طبعة August 26, 2024 من India Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة August 26, 2024 من India Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
High & Mighty
High And Mighty.
ELECTRIC MAJESTY
THE EQS SUV SETS A NEW STANDARD FOR A LUXURY FAMILY VEHICLE
SMALL IS IN
IT'S SMALL WONDER that when it comes to size, there are such distinct preferences, particularly when it comes to watches.
WHAT'S COOKING?
The new culinary hotspots of gourmet Michelin dining in Hong Kong
NEED OF THE HOUR
Is the tenth time the charm for Apple’s iconic wearable? Let’s clock in.
A Symphony Smoke of and Style
Pairing some of the most feted peated whiskies from India and around the world.
THE TOP SHELF INDIAN SPIRITS
Toasting some of the finest sips from around the country
THAI HIGH
What's it like to stay in the best hotel in the world? Spice spends a decadent weekend at Capella Bangkok, awarded the best hotel in the world by The World's 50 Best Hotels 2024.
OUR FAVORITE F WORDS
Why fashion and food are frolicking together in an epic romance.
Past Perfect
Whether it is to create cultural touchstones, a springboard for creativity, or save the planet, many chefs are revisiting traditional cooking techniques and sustainable practices.