FROM LOCAL TO GLOBAL EXCELLENCE
Today, according to Economic Survey 2022-23, India is the third[1]largest economy in the world and the World Bank recognizes India as the 5th largest economy. We are also the largest recipient of remittances in the world receiving and are on target to be the world’s fastest growing economy in 2023.
The series of many firsts, for the first time have taken shape in the last nine years. The Pradhan Mantri Jan Dhan Yojana (PMJDY) is the biggest financial inclusion initiative in the world. We had the largest vaccination drive, the Ayushman Bharat-PM-JAY is the world’s largest government funded health assurance scheme. India has the highest digital payments transactions globally; our cooperative sector is the world’s largest. Pradhan Mantri Garib Kalyan Anna Yojana (PM-GKAY) is the largest food security programme and at 87%, India has the highest FinTech adoption rate in the world.
The Gati Shakti Master Plan, introduced by PM Modi on 13 October 2021, stands as a significant undertaking that aims to enhance collaboration among various ministries, states, and departments.
Acknowledging the pivotal role of port infrastructure in driving economic growth, the Modi government has undertaken ambitious endeavours to enhance and modernise India's ports.
Under the PM Gati Shakti National Master Plan For Connectivity, the Indian Government has introduced a novel digital tool aimed at addressing the challenges of project delays
Over the past years, the government has successfully launched 15 Vande Bharat trains, with plans to manufacture an additional 400 Vande Bharat express trains in the next three years
In a significant move, the government demonstrated its boldness in the budget by raising the capital investment outlay to Rs 7.5 lakh crores.
In our race towards self-reliance, Atmanirbharta in manufacturing, the Modi government has initiated several programmes through the “Make in India” initiative. BharatNet is the world's largest rural broadband connectivity project. To make the domestic manufacturing globally competitive it has been linked to the Production Linked Incentive (PLI) scheme. These PLI Schemes have created lakhs of jobs across the nation, which in turn have created a more productive, happier workforce contributing to the nation’s progress economically (literally) and socially (tangentially).
In these nine years, there have been several markers that define our prowess both qualitatively and quantitatively; be it the low inflation rate, or the impetus to macroeconomy, our foreign exchange reserves, and parallel fillip to the entrepreneurial and innovative thinking, all have contributed to India’s growth story; take the example of MSMEs, the Modi government has created a systemic overhaul, the Emergency Credit Line Guarantee Scheme during the Covid pandemic protected more than one crore MSMEs, reforms that have contributed to ease of doing business have further encouraged development. India is one of the fastest-growing mobile phone manufacturers in the world - mobile phone production has risen from about 60 million in 2014-15 to approximately 310 million in 2021- 22 - in addition to being the largest producer sugar, turmeric, banana, millets, milk, pulses, shrimp, rice in the world.
On a macro level too, Indian stock markets outperformed peers in FY 2022-23 and India remains an attractive destination for Foreign Portfolio Investment. It is due to the leadership of PM Modi’s government that India is being called a bright spot in the global economy. “The Indian economy continues to show strong resilience to external shocks," said Auguste Tano Kouame, World Bank's Country Director in India. “Notwithstanding external pressures, India’s service exports have continued to increase, and the current-account deficit is narrowing.”
It is with good reason, that PM Modi initiated a Foreign Trade Policy that boosts Indian exports, as well as will take India’s goods and services exports to USD 2 trillion by 2030.
India’s Gross National Income at current prices more than , doubled. FDI Equity inflow in Manufacturing Sectors has increased by 76% in FY 2021-22 compared to the previous year. The percentage of poor people in India showing a steep decline, or record-breaking tax collections for both direct and indirect taxes, signalling growth beyond recovery, the march of our economy has been extremely robust in the last nine years. UNCTAD Invest India - the National Investment Promotion Agency of India- was declared winner of the 2020 United Nations Investment Promotion Award which is symbolic of the vast strides we have made as a preferred investment destination.
While we do not require international validation to stand tall in our unmistakable economic leadership globally, the fact that today, validation is forthcoming regardless, bears testimony that under the visionary leadership of PM Modi, be it Ease of Living, or Ease of Doing Business, or the collective pride in our numbers (the many firsts), the organic creation of an “Aatmanirbhar Bharat” is a fantastic metamorphosis of a globally unrivalled India.
India is
WORLD’S FASTEST
GROWING
major economy
(7% in 2022-23)
RS.22
lakh crore
worth of MUDRA
loans disbursed
(April 2023)
RS.15,468
lakh crore
(Value of Digital
Transactions,
2017-23)
OVER
RS. 3.63 lakh
crore
sanctioned for
MSMEs under
ECLGS
40%
of global real-time
DIGITAL
PAYMENTS
happened in
India in 2021
USD 770
billion
(India’s Overall
Exports, FY 22-23)
PLI
schemes
to create
60 lakh
additional jobs over
next 5 years
From importer of
mobiles to
$5.5 billion
in mobile
exports
for 2021-22
Highest ever
annual
FDI inflow
of $84.8
Billion
in FY 2021-22
Gross National Income
doubles. Real GDP
projected to grow by 7 %
in 2022-23 (2nd Advance
Estimate) as on March
2023
India’s Attractiveness
as FDI Recipient
Skyrockets
FDI inflows surge by
135% in 8 years up to FY
21-22 due to transparent,
stable and easily
comprehensible policy
framework.
Successful Compliance
Culture gets
Embedded
India witnessed monthly
GST collections exceed
Rs 1.4 lakh crore for 11
consecutive months up
to January 2023.
Deeper
Entrepreneurial
footprints in India.
India has 115 Unicorns
with a total valuation of
USD 350 billion. 92,683
startups got recognised
by the DPIIT
India’s Unstoppable
Export Growth
Trajectory
India strengthens its selfreliance with booming
exports projected to
reach USD 770.18 billion
in FY 2022-23, from
USD 676 billion in FY
2021-22