By P Mohan Chandran
As the Indian economy accelerates toward becoming a global power, one cannot but reflect on the past few years under the leadership of Prime Minister Narendra Modi. Has the nation seen unprecedented growth under his stewardship? Has his vision translated into tangible benefits for the people of India? Let's take a journey through some of his significant schemes and evaluate their impacts on India's socio-economic landscape.
Prime Minister Modi came into power in 2014, buoyed by a wave of optimism and a mandate for change. His government launched an array of initiatives aimed at economic reform, social upliftment, and technological innovation.
One of the flagship initiatives was "Pradhan Mantri Jan Dhan Yojana" (PMJDY), aimed at achieving financial inclusion. This initiative has been an overwhelming success, with over 43 crore bank accounts opened and about 1.76 lakh crore Indian Rupees deposited as of March 8, 2023. It has provided access to banking services, credit, insurance, and pensions to those who were previously unbanked.
Here's a snapshot of the latest stats on PMJDY as of March 8, 2023:
· Total number of accounts opened: 43.84 crore
· Total deposits: Rs. 1.76 lakh crore
· Number of RuPay debit cards issued: 37.69 crore
· Number of beneficiaries covered under overdraft facility: 1.03 crore
· Number of beneficiaries covered under accident insurance: 43.84 crore
· Number of beneficiaries covered under life insurance: 43.84 crore
The "Digital India" initiative, another brainchild of Modi's administration, aimed to empower the country digitally. It has seen the creation of a single, self-sufficient platform bringing government services to citizens, thereby improving the ease of doing business and promoting digital literacy. It has played a vital role during the Covid-19 pandemic by enabling digital payments and e-services, thus maintaining social distancing norms.
Another stride towards self-reliance has been the "Make in India" initiative. It aimed to transform India into a global manufacturing hub, and the results are promising. The initiative has resulted in an increase in Foreign Direct Investment (FDI), with inflows reaching $74.39 billion in 2019-2020, a significant jump from $24.3 billion in 2013-2014. The FDI inflows in 2019-20 was a 10% increase from the previous year, and the highest ever annual FDI inflow up to that point. The main sectors that attracted FDI in 2019-20 were:
· Information Technology & IT-enabled Services (ITeS): US$20.02 billion
· Manufacturing: US$12.61 billion
· Financial Services: US$9.39 billion
· Telecom: US$8.18 billion
· Automotive: US$6.55 billion
The increase in FDI inflows in 2019-20 was attributed to a number of factors, including:
· The government's pro-business policies, such as the ease of doing business reforms and the introduction of the Production-Linked Incentive (PLI) scheme.
· The growing attractiveness of India's market, due to its large and growing consumer base, its young and skilled workforce, and its strategic location.
· The increasing interest of foreign investors in India's technology sector, which is seen as a major driver of future growth.
India's FDI inflows have continued to grow in recent years, and the country is now seen as a major destination for foreign investment. In 2021-22, India attracted a record high of US$83.57 billion in FDI inflows. This trend is likely to continue in the coming years, as India's economy continues to grow and its market becomes more attractive to foreign investors.
Then came "Startup India," aiming to create an ecosystem that is conducive for the growth of startups. As of March 8, 2023, there are 68 unicorn startups in India, each valued at over $1 billion, testament to the success of this initiative. This is an increase of 47 from the 21 unicorns that existed in 2021. The top 5 sectors with the most unicorns are:
· E-commerce: 13 unicorns
· FinTech: 10 unicorns
· Logistics: 7 unicorns
· EdTech: 6 unicorns
· Healthcare: 5 unicorns
The most valuable unicorn in India is BYJU's, an educational technology company that is valued at $22 billion. Other notable unicorns include Flipkart (e-commerce), Ola (ride-hailing), Zomato (food delivery), and Paytm (payments).
The "Swachh Bharat Abhiyan" or ‘Clean India Mission’ was one of Modi's most ambitious projects, aiming to eradicate open defecation and improve sanitation facilities across India. The drive has significantly impacted India's public health, with WHO estimating that it could save over 300,000 lives by preventing water-borne diseases.
While these initiatives have borne significant results, they haven't been without challenges. Digital literacy, financial inclusion, and sanitation are long-term objectives, requiring persistent effort and effective implementation. However, the foundation laid by these initiatives provides a stepping stone for India's ascent in the global arena.
Prime Minister Narendra Modi's tenure has seen a paradigm shift in governance, with an emphasis on inclusive growth and digital empowerment. The impacts of these reforms, many would argue, are more significant than those of his predecessors. He has leveraged technology to enhance governance and fuelled a spirit of entrepreneurship and innovation, setting the stage for India's exponential growth.
But as we laud these initiatives, let's not forget to ask – how can we, as individuals, contribute to these visions? How can we leverage these opportunities to elevate ourselves and our communities? And how can we ensure that the benefits of these schemes reach the last person in the remotest village? As we look to the future with hope and optimism, these are the questions we must keep pondering upon.
Do you think India is making rapid progress under Modi's leadership?
Yes, India has become the world's 5th largest economy now.
No, it is all too much hype and hoopla.
© 2023. P Mohan Chandran. All Rights Reserved.
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