THIS was bound to happen around this time, and it did ! -- may be a bit earlier than the general prediction ! Since every Indian was eyeing that elevation, India’s rise to become the world’s fourth largest economy -- as asserted by NITI Aayog quoting the authentic data from the International Monetary Fund (IMF) -- has not come as a surprise to anybody. No matter that, it is, therefore, time for India to pat its own back to have achieved the 4-trillion-dollar mark to surpass Japan in global economic ranking. Now, the next step is to overtake Germany to become the world’s third largest economy -- which is being predicted to happen in the next three years. Going by available indicators, that mark, too, would be touched and crossed -- to indicate the galloping strength of the Indian economic mechanics and dynamics. Of course, there will be some who would challenge the claim that India has become the world’s fourth largest economy.

 

They will raise issues without much substance to highlight the socio-political limitations of the country. And one of the issues raised by these doubting Thomases would be that the Government is still feeding around 80 crore people on a daily basis since the COVID-19 period. However, those who understand the subject of economy would ask, in essence, “Is that not a pointer to the country’s economic prowess that it has the facility to provide for essentials to 80 crore people on a daily basis for years?” Thus, the doubters get a direct rebuff with this correct economic logic. The IMF has stated, in essence, that India continues to remain the fastest-growing economy in the world. The IMF also has predicted that India would register a 6% growth annually for two years -- which is good enough to take its Gross Domestic Product (GDP) to 5,584.476 billion dollars by 2028.

 

That would be when India would surpass Germany to claim the third spot in global rankings. In other words, in the next three years, India would start nudging China at the second spot and the United States in the first spot. This is, of course, a very happy thought, a proud thought, a satisfying thought for every Indian -- no matter political differences, no matter whether some people like Mr. Narendra Modi as Prime Minister or not. For, the issue is not about who is the Prime Minister. The issue is how he leads the country in this critical domain. It is not without reason, therefore, that the Confederation of All Indian Traders (CAIT) has hailed Mr. Modi’s “visionary governance”. This is certainly the point to attract not just the national but also the global attention -- Mr. Modi’s proactive leadership. Let alone the economic jargon to talk about the Indian economic rise, it is necessary to understand the spiritual thrust he gave to the country’s economic thought-process.

 

“Dream big and achieve big”, he had said, in effect, as he took over the national leadership eleven years ago. He also said, Sabka Saath, Sabka Vikas, Sabka Vishwaas (‘Support of all, development of all, trust of all’) -- thus taking the developmental discourse to an endearing level of collective national consciousness. Yet, the poet in the Prime Minister’s mind did not overpower the practical economic wisdom. Every move, every step, every plan, every scheme was totally inclusive and complete apolitical. This democratisation of the economic effort and inclusion became the key to India’s growth. There is no need to highlight every scheme the Modi Government floated successfully, since this is not a political document. Suffice it is to say, therefore, that when a nation as spiritually charged as India launches a journey, it assumed an unstoppable strength -- in any domain. That is going to be the power of India’s trajectory on the economic path.