PM Modi in Indore: India is becoming the growth engine of the world. Economies around the world are looking towards India. The growth rate of the Indian economy is confirming the words of the PM in the conference of overseas Indians.
Image Credit source: PTI
PM Modi Addressing the overseas Indians, said in Indore on Monday that India now makes indigenous vaccine in a few months in the midst of the COVID epidemic, making a record of 220 crore vaccine doses free of cost. When India becomes the emerging economy of the world in the midst of global instability, when India is among the world’s five largest economy joins in. When India becomes the third largest startup ecosystem, Make in India rings true when Tejas makes fighter planes, aircraft carriers and nuclear submarines like Arihant. People want to know what is the speed and scale of India? What is the future of India? Similarly, when it comes to cashless economy, the world is surprised to see that 40% of realtime transactions take place in India. When it comes to the future of space, India is discussed among the most advanced countries in space technology. India is launching 100-100 satellites simultaneously. The world is watching our strength in the field of software and digital technology. You are a great source of this.
These things said by PM Modi are telling the reality of today’s India. India is becoming the growth engine of the world. Economies around the world are looking towards India. The growth rate of the Indian economy is confirming the words of the PM in the conference of overseas Indians.
If you understand in 10 points then this is the reason why it has become difficult to ignore India in the world today.
1- Nuclear war stops on one voice of India
The world has seen the meaning of India’s global role between Russia and Ukraine war. On one hand, India imports oil from Russia keeping in mind the national interest without coming under pressure from the West. On the other hand, Russia also becomes the voice of the world to save the world from war. William Burns, director of the American intelligence agency CIA, has not praised Prime Minister Narendra Modi just like that. Burns said in the past that Prime Minister Narendra Modi’s views on the use of nuclear weapons had an impact on Russia. Due to Modi’s appeal, a global disaster could be avoided during the Ukraine war. In an interview to American media PBS, William Burns said that I think it has been very useful that the Prime Minister of India Narendra Modi and Xi Jinping have raised their concerns about the use of nuclear weapons. This is the growing power of India.
2- The only stock market in the world which is profitable
India is the only country in the world where the stock market is profitable. With an increase of more than 6 per cent in the current year, Sensex is the best performing index in the world in the year 2022. The special thing is that this year only a decline has been seen in the indices of the world and most of all the indices of US and China are in minus. On the other hand, Indian investors did not have to be disappointed at all with their local indices Sensex and Nifty.
On June 17 (year’s low), it was at 51,360, down nearly 12 per cent this year. However, since then it has increased by 17 to 19 per cent. In contrast, the Dow Jones in the US is down about 5.89 per cent, the S&P has slipped 15.11 per cent, while the Nasdaq is down 27.61 per cent. Japan’s Nikkei is down 3 per cent, while Hong Kong’s Hang Seng has fallen 19.76 per cent.
The world is taking inspiration from India in Fintech
The market size of fintech is increasing rapidly and continuously. According to a report by Research And Markets, the worldwide fintech industry had a market size of $2,767.01 billion in 2016, and is expected to reach $31,503.54 billion by 2026, with a CAGR (compound annual growth rate) of 27.5% between 2016 and 2026. growing from. Fintech is being adopted the fastest in India globally. There are 6,636 fintech startups in India. The market size of the Indian fintech industry was $31 billion in 2021, and is estimated to reach $150 billion by 2025. According to the report of YourStory Research, the fintech sector in India has raised funding of $ 8.53 billion (278 deals) in FY 2022.
4- Not only the vaccine of Corona, India’s medicine became a panacea all over the world
The way India has fought Corona has become an example for the whole world. Not only has India developed several vaccines of its own class in the world, but has also run the vaccination program at a fast pace. People equal to the population of many big countries of the world were vaccinated in a fixed time. Not only this, even today the medicines of Corona are being sent all over the world from India. Several recent reports have claimed that the demand for Indian generic drugs has increased in China. At least four generic corona drugs being made in India, Primovir, Paxista, Molnunate and Molnatris, have been sold on Chinese e-commerce platforms. Listed for sale in recent weeks, the demand for which has increased rapidly in China.
5- From big importer to export in defense sector
India has made rapid progress in production related to the defense sector. Moving fast towards self-reliance in the defense sector, India’s defense exports have increased more than 11 times during the last 9 years. India has registered defense exports worth Rs 8,000 crore in six months of 2022-23. A target has been set to achieve annual defense exports of Rs 35 thousand crore by the end of 2025. India currently exports defense items to more than 75 countries. Indian defense exports stood at Rs 1,153 crore in 2013-14, since then it has increased more than 11 times.
6-When the world’s economy is sinking, India’s economy is booming
Just two days ago, in the RBI data, the country’s growth rate is expected to be close to 6 percent. At a time when the growth rate of China, America and Europe is likely to go negative, it is a matter of pride for India. A few days ago, Bloomberg published a report which had a list of countries that could go into recession in the near future. In this list, there are names of countries with strong economies like Australia, New Zealand and China, where the probability of recession is highest. In this report, the possibility of recession in India has been told as zero, which proves the strong economy of India.
America left behind in the battle of favorite manufacturing hub
Now India has become an attractive manufacturing hub in the world. India has also overtaken America and thus leaving America behind, India has become the second most attractive manufacturing destination in the world. India has made it to the top 2 in the global ranking. Manufacturers are liking India more than America and Asia-Pacific region. China continues to rank first in the Global Manufacturing Risk Index-2021. Although India is at the second place after China, but as the conditions are being created, it will not be long when India will be at the first place in this list.
8- The world’s richest countries Group 7 conference is incomplete without India
India is becoming an integral part of the G7, the organization of the world’s most powerful and wealthy countries. India is actively included every year from 2019. This time Group 7 meeting is going to be held in Japan. Recently, many such articles have been published in the newspapers of Japan, which are talking about inviting India from the government there. It is a symbol of India’s growing status.
9- After being top in car and mobile, towards becoming a manufacturing hub
India ranks first in two-wheeler production and third in the world in car production. Based on the global conditions, it is being said that soon India has the potential to become the number one car manufacturer in the world. India has become the fourth largest country in terms of car sales and is also exporting cars to more than a hundred countries of the world. According to a research paper of the Hamburg Institute of Technology, in 1950, about 4,000 vehicles were made in the country. According to the Society of Indian Automobile Manufacturers (SIAM), 22.93 crore vehicles were produced in the country in 2021-22, of which 1.77 crore are two-wheelers. In this way, the production of vehicles in the country has increased 5,700 times in seven decades.
To make India a manufacturing hub, the Modi government’s focus is on Make in India and Ease of Doing Business. Companies also get double benefit here, because the domestic market is huge. In the financial year 2020-21, India manufactured 300 million mobile phones. In 2014-15, this figure was only six crores. In this way, a jump of 5 times has been registered in it.
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