- M Chuba Ao
It was an honour to attend the recent meeting of BJP office bearers wherein our beloved Prime Minister Honourable Narendra Modi ji addressed all of us and apprised of many important features of good governance and party functioning.
It gives me pleasure to share some of the points highlighted in the meeting and also to share my personal opinion on the manner things have moved on. Before that, I need to compliment the leadership of PM Modi, BJP national president J P Nadda and Home Minister Amit Shah in achieving the record electoral victory in Gujarat. We are thankful to the people of Gujarat as well.
Let us first take issues concerning common people. In the recent past due to Covid and related impact globally the cost of living has increased. Of course India is no exception, but the statistics would reveal how things were managed well at the macro level. Say food prices, according to a recent data, it increased by Rs 15 in comparison to Rs 100 in India --- but the fact of the matter is in the United States,
the increase was by Rs 25, it was Rs 33 in Germany and Rs 18 in the United Kingdom.
In Housing, the cost of price increased by Rs 6 for every Rs 100 in India; in the US the increase was by Rs 21. Germany also saw the same Rs 21 increase while the UK experienced the same by Rs 30. In the energy sector -- the increase was a whopping Rs 93 in the UK and Rs 62 in Germany. --- But in India the increase to every Rs 100 was by Rs 16 only.
'Organiser' story link
Now on a broader canvas, let us look at the seven top economies in the world. While the top on the list is the US, India ranks 5th with 7 percent growth figures and we are above the UK and France.
China ranks second in the list but its salient feature can be described as -- the moderate growth and low inflation.
In contrast, India has recorded a high growth rate with moderate inflation. The growth rate in China has been 3.3 percent only. In the US, according to data from 'The Economist', the situation looks much more challenging with just a 1.7 growth rate and as high as 8.1 % inflation.
A vibrant nation like Japan, according to data, experienced 1.5 percent growth and inflation rate was 2.5.
Taking the debate further, it would be prudent to note that 'The Economist', which is hardly a BJP friendly
global media, says in 'domestic investment and manufacturing', India's performance has been relatively
better with the west. I should also point out that India under PM Modi emerged stronger post the pandemic crisis.
But our neighbouring countries such as Pakistan, Sri Lanka and Bangladesh were faced with bigger challenges and almost
looked in turmoil. 'The Economist' further says India will continue to remain a "bright spot" in the year 2023
also.
Now, let us take a closer look at some of the observations made by global media and experts. Morgan Stanley, the well known financial services company, says "India will surpass Japan and Germany to emerge as the third largest economy by 2027". And this is quite nearer.
On the other hand, 'Financial Times' has said that India plans to take on China as South Asia's favourite lender; and in this endeavour our private sector is also contributing its part.
"While India’s state-owned companies have long operated in neighbouring countries, analysts say Modi’s government has realised it needs more corporate economic firepower than they can provide.
India has used a mixture of policy and diplomacy, they say, to encourage private corporate champions to pursue deals that offer commercial opportunities in fast-growing markets and help advance New Delhi’s interests," says 'Financial Times'.
These should lead us to the debate of inherent strengths of the Indian economy vis-a-vis the good
governance, welfare measures and sustained economic stability provided under PM Modi.
One key aspect is this. The investment commitment in areas like semiconductor by Vedanta-Foxconn is a
strong affirmation of the Modi government's manufacturing ambitions.
Thus, in the longer run, the shifting of global supply chains from China to other geographies holds promise for
India in emerging as a manufacturing hub. Modi ji's 'Make in India' is thus the most relevant mission of our time.
We should also realise that a recession in advanced economies globally
will bring down the imported inflation risk for India as commodity prices cool.
India imports more than 80% of its energy requirement and lower oil prices will have a cascading
impact on other sectors as well. We all know that the RBI and the government have collectively
taken steps to bring down inflation.
"While the RBI has been raising interest rates, the government effected tax cuts on fuel to help
bring down impact on the common man," says 'The Economic Times'.
The moot point here is the central government headed by PM Modi ji is aware of the global, regional
and domestic situations.
Traditionally, we have a mixed economy. Here the private as well as the public sectors co-exist and
function smoothly. It is a perfect model and thus, while some of the fundamental and heavy industrial units are
run by the public sector, due to the liberalization of the economy, the private sector's footprint has increased.
There is yet another salient feature; and this I feel proud to highlight as a Naga -- where our people
and economy is still agri dependent.
About 17-18% of India's GDP is contributed by the agricultural sector.
As of 2018, the contribution of agriculture to the Indian economy was around 17% to 18%. But in 2021, it came down to around 14%.
We have programmes such as the Green revolution, Evergreen revolution and Inventions in biotechnology.
The Soil Health Card was an innovative mission undertaken by the Modi government in 2014.
These have made India agriculture self sufficient and also surplus in production.
The export of agricultural products such as fruits, vegetables, spices, vegetable oils, tobacco,
etc. also add to our foreign exchange x earning through global trading.
Base Points:
Finally, we ought to realise two principal base points.
There is something called human capital vis-a-vis demographic dividend. We all know,
the human capital of India is young. This means that India is a hub of the maximum percentage of youth.
This young population has got mega encouragement when the PM's vision of Sabka Saath, Sabka Vikas highlights skills and lays importance on training. Our human capital will play a key role in maximizing the growth prospects
Moreover, on a larger scale, the Indian economy has been projected and considered as one of the most stable economies of the world. It is not to say we are a nation of macroeconomic stability and optimism.
Hence, I agree with our External Affairs Minister Dr S Jaishankar; when he told Rajya Sabha recently that India will provide a stronger voice to the issues of interest of the developing world and of the Global South.
Of course, this is very much a part of our DNA. It was in evidence most recently during the Vaccine Maitri, he says rightly.
India's stature has gone up under Modi ji's leadership. Our 'New India' is assertive India. The G-20 leadership by India in 2023 will be a mega gamechanger.
The Prime Minister’s initiative on ‘LiFE’ – Lifestyle For Environment – and India’s Millet initiative which has resulted in the UN declaration of the year 2023 as the 'International Year of Millets' are some of our milestones and these will also help guide India’s approach towards addressing the Sustainable Development Goals.
ends
(Author - M Chuba Ao is national Vice President of BJP)
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