‘the fastest’

Source: The Hitavada      Date: 23 Jan 2018 10:56:49

NO MATTER what political opposition might have to say about the condition of the Indian economy, world is assessing it as an economy to watch -- for its growth prospects, for its inclusiveness, for its effort to push the reforms without hindering the opportunities to the deserving. On the whole, the Indian economy gives an impression that it is on an upward trajectory that would attract high ratings by multiple pointers. A report by a noted assessing agency Sanctum Wealth Management (SWM) has rated India as a prospective fastest growing economy in the world looking at a 7%-plus growth rate as against most other countries feeling happy about their growth prospects pegged between 2-3 per cent. The Sanctum report has gone to the extent of predicting that the Indian economy would eclipse even the Chinese economy, and that the Indian equity market will jump to become the fifth largest in the world. 

Similar sentiments have been expressed by other global rating agencies as well, basing their judgements on multiple parameters. Even as the world leaders get together at the Alpine resort of Davos in Switzerland, Prime Minister Mr. Narendra Modi will have an extra dose of confidence in projecting Indian prospects. There is little doubt that as the Indian delegation led by the Prime Minister pitches the Indian story of growth and its prospects, the world would look in awe. At a time when domestic political opposition is trying to paint a gory picture of the economy, the prospects expressed with such clarity by global rating agencies carry a special significance for the Indian economy.

The internal difficulty with domestic politics is that the Opposition is looking only at the trees and not the forest. This is a dirty syndrome, of course. However, it suits the political need of the Opposition parties that are eager to beat the Modi Government with some or the other stick.They do find some or the other points with which they try to beat the Government down. This phenomenon is certainly very negative in nature and does not state the reality as it is available on the ground.

No matter all that, the Government has remained more or less unfazed and is carrying on with confidence on the chosen economic path of inclusive policies. It has often put up the best justifications of its policies and the common man is convinced about the rightness of the approach by Prime Minister Mr. Narendra Modi. As the next general elections are barely a year away, a lot of political heat is being built up by the Opposition parties. Their propaganda may affect certain sections of the society, but the common man in general is not bothered about the negativism being promoted by the Opposition parties.

The world does not share the views of domestic political Opposition on economic matters. The world leaders are acknowledging the rising Indian economic prowess as they see the people in the Indian streets being benefitted. The world also realises how the Modi Government is trying to create an economic environment in which conducting business operations is getting easier every passing month. This global perception is of a greater value for the Indian economy since it stems from a totally apolitical consideration.

As Mr. Modi tells the world leaders at Davos the story of the Indian economic success, he will attract better and more friendly responses. For, as the world leadership looks at the Indian experiment, it feels confident that joining hands with India on multiple issues will create a win-win situation for all. This is the success of India’s current economic experiment and also of the assertive diplomacy undertaken by Mr. Modi in convincing the world of the rising Indian strength in every field.