Let’s step into this thought-provoking debate that’s captured our attention – who’s got it right about India’s economic trajectory? Raghuram Rajan, an esteemed economist, or Narendra Modi, the country’s Prime Minister? We delve into a study in contrast, where Rajan paints a picture of a long journey ahead for India to become a global growth engine, while Modi paints a scenario of accelerated growth. After examining the facts, you can decide who is right!
The Modi government, since its tenure from 2014, has seen the manufacturing sector grow at a faster pace than the previous decade. Specifically, it has grown at an average annual rate of 7.4%, outperforming the 6.7% annual growth witnessed from 2004 to 2014. Moreover, the overall economy has also grown at a faster pace of 7.3% per year compared to the previous decade’s growth of 6.8%.
Moreover, India’s exports of manufactured goods and the investment in the manufacturing sector have seen significant improvements. This progress can be credited to several key initiatives launched by the Modi administration. The “Make in India” campaign aimed at promoting domestic manufacturing and attracting foreign investment has been a game-changer. Furthermore, the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) has improved the skill set of workers, and the reduction in corporate taxes has made India a more enticing investment hub.
However, acknowledging the challenges does not dilute the optimism. Issues like infrastructure deficits, a shortage of skilled workers, and high operational costs persist. But as PM Modi rightly emphasises, these challenges are not insurmountable, and with continued strategic efforts, India can continue its upward trajectory.
Modi’s vision for a rapidly growing India finds strong backing in the tangible growth witnessed under his leadership. His approach has yielded positive results, and there’s strong potential for the momentum to continue. In the words of Warren Buffett, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” Modi’s groundwork today will create an India that enjoys economic shade tomorrow.
ps: When it comes to growing your wealth in this vibrant economy, remember, the wise seek professional help.
