On this day, exactly eight years ago, Modi Government had assumed power after having registered a thumping victory in the 2014 General Assembly elections. In 2019, PM Modi took over as the Prime Minister yet again with an even bigger mandate. The NDA government spent these eight years making some unprecedented decisions as both its tenures have witnessed changes that have become unfading chapters in Indian History. Back in 2016, the first such decision shook the entire World as India army conducted Surgical Strike against terrorists in Pakistan. This was followed by the historic GST initiative that has resulted in uniform tax collection system, transparency and greater revenue collection. Other changes and initiatives that have brought paradigm shift in the Indian economic, social and political landscape are Abrogation of Article 370, resolution of issues like Triple Talaq and Ayodhya dispute, Atmanirbhar Bharat initiative, Digital India, NEP 2020, introduction of PLI Scheme, Vaccine Maitri initiative and Free Corona Vaccine, etc. Many other initiatives with an intent of ‘Jan Seva’ have been launched in the country which have improved the standard of living and aid. These include, Ujjwala Scheme, Ujala Yojana, Swachha Bharat Abhiyan which made the country open defecation free, PM Gareeb Kalyan Yojana, PM Awas Yojana, Ayushmaan Bharat and many more.

These unparalleled attainments were accompanied with the present government’s achievements at global level where India has been able to up its International Standing like never before. The foundation of such an elevated stature lies in the numerous efforts India has put in these 8 years. Some of the steps include giving due importance to potential regions through change in International policies like shifting from ‘Look East’ to ‘Act East’ policy, ‘Neighbourhood First’, fresh stand on signing of FTAs with various countries, formation of global initiatives like the International Solar Alliance (ISA) and Coalition for Disaster Resilient Infrastructure (CDRI) etc.

As for post-pandemic world order, India has surely leapt into the front-row seat due to its large scale implementation capabilities demonstrated in handling the pandemic while considering welfare of all at home with ‘Sabka Saath’ and abroad with ‘Vaccine Maitri’. Achieving this in a democratic setup is indeed wonderful news for all poor and needy across the globe. Further, India’s fight against COVID-19 opened gates for an ecosystem that supported indigenous manufacturing and innovation. Bill & Melinda Gates Foundation co-chair Bill Gates lauded India’s work on design, manufacturing and distribution of COVID-19 vaccines that helped save a massive number of lives. He also called it “a testament to innovation.” And why not, from CoWin platform, affordable COVID testing kits to innovative PPE kits for doctors, the country has developed devices that ensure innovations meet necessities. Right communication regarding vaccines at the grassroots level was pivotal. For this, a five-point strategic action framework was utilized to draw up the guidelines – Advocacy; Capacity Building; Media Engagement and social media; Social Mobilization and Community Engagement; and Crisis Communication using AEFI (Adverse Events Following Immunization).

All this has not been accidental when one looks at the Ethos of Atmanirbhar Bharat, a mass movement, which is deeply rooted in the values of this young nation. Framers of the Indian Constitution have set forth an enormous and unique challenge of simultaneously completing India’s triple transition across social, political and economic fields. India is one rare country of this size and complexity which has taken on this challenge of getting on to the three transitions together. Focus on rural development seems to be one of the key steps under the initiative. Knowing fully well that rural sector demand traditionally remains robust, yet as the effect of pandemic is visible, increasing demand has been one focus area. Pandemic has also caused supply constraints due to supply-chain disruptions, hence attending to this aspect too has been vital for Atmanirbhar Bharat.

And now this initiative is developing into a mass movement as well as the anchor for policy framework. Back in November 2021 itself, a Finance Ministry report had said that, “India is on its way to becoming the fastest-growing major economy in the world … Armed with the necessary macro and micro growth drivers, the stage is set to kickstart India’s investment cycle and catalyze its recovery towards becoming the fastest growing economy in the world”. The survey had said that growth will be supported by a supply-side push from reforms and easing of regulations, emphasis on infrastructural investment, boost to manufacturing sector through PLI schemes, recovery in demand, rise in discretionary consumption after the rollout of vaccines and pick-up in the credit given adequate liquidity and low-interest rates. All these are resulting in less demand-supply mismatch and more job opportunities. PLI schemes are proving to be a very strong pillar of Aatmanirbhar Bharat, clearly breaking the deadlock of jobless growth as was forecasted by experts. Now, not only India is expected to grow faster, it is more inclusive as job creation is at core of these positive developments.

Buddha Purnima unites humanity all over the world for a common cause – to celebrate the three main events of the life of Buddha- his birth, enlightenment and nirvana. It builds awareness of the teachings of Buddha in a way that respects all cultures at a time when divisions on many counts are flagrant all over the world. Celebrated in several countries including Sri Lanka, Japan, China, Indonesia, Myanmar, Cambodia, Tibet and Mongolia, this day marks Lord Buddha’s day of enlightenment after almost eight years of complete sadhana or penance. The story holds a number of messages for the humanity all across the globe.

Buddha Purnima commemorates the life of a historical figure whose teachings have changed the lives of millions. There is no denying the fact that the words and preachings of Buddha and other great ascetics and spiritual teachers, like Lord Mahavira, Guru Nanak Dev, etc. have had a strong impact on people for centuries. Such illuminated souls used to have an influence so strong that it would turn folks into disciples, disciples into monks.

It is part of recorded history of this land that Buddha and Mahavir used to move from village to village with a big band of monks. The status of villages was such that they could prove to be good hosts for such a large number of guests. These seem to be very local affair i.e. managed at the village level itself. It is a matter of wonder as to how were these villages and rural settlements so organised and facilitating at that time. Catering to such a large troop for days becomes a heavy affair economically, resourcefully and spatially. A common pattern has been seen in expansion of various religions – Buddhism spread wherever Buddha traversed, Jainism spread with movement of Lord Mahavira, Bishnoi Panth with Guru Jambheshwar, and so on. Such a spread thus, is a result of a lifetime of spiritual journeys with villages or remote settlements being like pearls in a necklace. Similar excerpts are seen in stories of Ramayana & Mahabharatha where village settlements and forest and tribal folks have catered to great men/preachers along with their followers and associates. Villages thus seem to have played an important role in a planned and hospitable manner in India’s history. Similar strength of rural economy needs to be recreated today as empowering villages will mean deep-rooted and true development.

The hallmark difference of modern India vs the one of glorious past is the status of villages. Panchayats despite being a decentralized organization have not gotten to deliver on accountability and people’s participation objectives. At best, they are acting as Central and State Governments’ nodal agencies for implementation. Crux of the matter is dependence on the governments for Finances. Unless the tax raising capabilities get vested with Panchayats, real reforms and true empowerment will remain far cry. Further, the damages done by Land Acquisition Act 1894, Agriculture Act 1938 etc need to be reversed for rejuvenation of the sustainable village ecosystem. Damage had begun with Lord Mayo’s resolution (of 1870) on decentralization being adopted which took away the autonomy of village Panchayats to introduce British model of administration in India. Aatmanirbhar Bharat is not possible unless it’s villages become Aatmanirbhar Gaon once again.

Total number of villages in India is 5,93,731 where 72.2% of India lives today. Available and useful land for Agriculture in the country is around 3,946 lakhs acres, second largest in the world & is fit enough to produce food for entire globe. Thus, well-structured planning and implementation is key to rejuvenate and tapping the full potential of such an empowering resource.

The new India is rapidly snowballing into a unicorn hub. Year 2021 proved to be a blockbuster year for startup funding as the country saw creation of 42 unicorns, a three times jump from 11 new unicorns in 2020 and nine in the previous year. More than $10 billion were raised by Indian startups in Q3 CY21 ( approx. 41% increase) driven largely by three sectors: FinTech, EdTech and SaaS. This was the first time that funding into privately-held Indian start-ups crossed $10 billion in a single quarter (Q3 CY21) across approximately 350 deals. What is most surprising on top of this is the fact that entrepreneurs, the government and the likes have started transitioning from the age of Unicorn to the age of Decacorn already. Every move and strategy of all the stakeholders involved, is now swirling around the same as India emerges as the third largest ecosystem for start-ups globally – after the US and China. As of January 2022, 46 companies globally have attained the decacorn status. India has four startups namely Flipkart, BYJU’s, Paytm and Swiggy – that have achieved this status.

A recent report named ‘Tech Unicorns Market landscape Report IV’ by venture growth investor – Iron Pillar, predicted that India will have more than 250 Unicorns by the year 2025. The report also highlights that the Unicorns in India include 58 global cloud companies, 59 B2C companies and 13 B2B companies. Indian companies are building cloud products for the world and are proving to be capital-efficient, as they have attained unicorn status with 42% less capital as compared to business-to-consumer (B2C) businesses. Iron Pillar expects more Indian companies to expand outside the subcontinent over the coming years and focus on the Middle East & Southeast Asian regions. The public listing of 12 unicorns is another indicator of the increasing maturity of the Indian tech ecosystem.

In January 2022, Union Commerce and Industry Minister Piyush Goyal had expressed hope that the startup community of India should nurture 75 more unicorns in 2022. His optimism was based on the massive funding the Indian startups were getting. Certain factors have led to such a rapid growth of Unicorns across the country. During the peak of the pandemic, Indian Entrepreneurs encashed the opportunity to not only contribute to the economy but also to contribute toward Covid-19 relief efforts. “It is raining Unicorns” has been the motto of the year 2021 with 44 unicorns joining the star status. The contributing factors for fueling such growth include – a thriving digital payments ecosystem, a large smartphone user base, digital-first business models, attractive government schemes and policies, and investors’ interest in India. Today, 1 out of 10 unicorns globally have been born in India. Overall, 2021 experienced an exceptional boom in this sector. Soonicorns too are waiting in line to contribute to the shining startup ecosystem of India.

Atmanirbhar Bharat is developing into a mass movement as well as the anchor for policy framework. Focus on rural development seems to be a key step in this direction. Knowing fully well that rural sector demand traditionally remains robust, though the effect is visible due to pandemic which has also caused supply constraints due to supply-chain disruptions, it has been one focus area towards this goal. Knowing fully well that rural sector demand traditionally remains robust, yet as the effect of pandemic is visible, increasing demand has been one focus area. Pandemic has also caused supply constraints due to supply-chain disruptions, hence attending to this aspect too has been vital for Atmanirbhar Bharat.

For productivity enhancement of agri-sector, credit availability has been the main concern in past, esp. that of small farmers, who constitute 80 per cent of the farmer community. ₹ 1,80,000Cr have been provided to more than 11Cr farmer families under PM-Kisan Samman Nidhi, providing necessary investment for transformation. Further, the new changes in the crop insurance scheme has allowed more than ₹1,00,000Cr as compensation to about 8Cr farmers.

46% of Indian economy is in the rural area which supports 70% of the population. Only 14% is from agriculture, so non-farm rural sector accounts for over 30% of GDP. Increase in Productivity is the operative part for leap in New India’s growth story.

Construction of roads, resources and infrastructure in rural areas has opened up possibilities for the country which have been neglected for decades. With a rate of more than 100km/day, Pradhan Mantri Gram Sadak Yojana has been instrumental in the construction of 36,500 km of roads in rural areas in 2020–21, connecting thousands of habitations with all-weather roads. Under the Svamitva scheme, more than 40 lakh property cards have been issued in 27,000 villages, where these property cards are not only preventing disputes but are also assisting the rural populations in accessing credit through formal banking setup.

More than 2Cr pucca houses have been provided to the poor under the Pradhan Mantri Awas Yojana in the last few years. Under Jal Jeevan Mission around 6Cr rural households have been provided tap water connection despite the constraints imposed by the pandemic, bringing huge relief to women in particular. Support to rural women central Self-Help Groups, partnering as ‘Banking Sakhi’, resourcing them with Ujjawala Yojana, entrepreneurship promotion through ‘Mudra’ scheme, educating them through ‘Beti Bachao, Beti Padhao’, have made tremendous changes in the status, outlook and capabilities. Resultant contribution to the growth and development of the rural economy, thereby to national GDP, is going to be many fold.

 

“To reflect an improving investment outlook with private investment, particularly manufacturing, benefiting from the Production-Linked Incentive (PLI) Scheme, and increases in infrastructure investment”, it has upgraded India’s growth numbers to 8.7% in FY 2022-23 and 6.8% in FY 2023-24- says the World Bank.

Back in November 2021 itself, a Finance Ministry report had said that, “India is on its way to becoming the fastest-growing major economy in the world … Armed with the necessary macro and micro growth drivers, the stage is set to kickstart India’s investment cycle and catalyze its recovery towards becoming the fastest growing economy in the world”. The survey had said that growth will be supported by a supply-side push from reforms and easing of regulations, emphasis on infrastructural investment, boost to manufacturing sector through production-linked incentive (PLI) schemes, recovery in demand, rise in discretionary consumption after the rollout of vaccines and pick-up in the credit given adequate liquidity and low-interest rates. All these are resulting in less demand-supply mismatch and more job opportunities.

PLI schemes are proving to be a very strong pillar of Aatmanirbhar Bharat, clearly breaking the deadlock of jobless growth as was forecasted by experts. Now, not only India is expected to grow faster, it is more inclusive as job creation is at core of these positive developments. According to BNP Paribas Asset Management “the success of PLI is expected to add 1.7 percent to the country’s GDP by 2027”. The direct impact of these schemes is likely to be larger on labour (an estimated 2.8 million new jobs) than on capital spending (estimated at $28 billion). There is likely to be significant upstream activity as a result, driving further gains in jobs and spending.

Inclusive nature of Aatmanirbhar Bharat is evident across traditional to cutting edge tech sectors. For example, in spite of COVID-hit situation, the Tourism sector is becoming an important contributor to the country’s economy and is expected to grow at 7.1 per annum to reach Rs 12.67 lakh crore by 2028. Further, the employment in tourism industry is expected to grow at 2.1 per annum and account for 33,195,000 jobs by 2028.

Government initiatives like ‘Indigenous 5G Test Bed Project’ at a cost of Rs 224 crore and allocation of spectrum for 5G testing to Bharti Airtel, Reliance Jio, Vodafone Idea and MTNL to meet future technology needs in the telecom sector with ethos of Atmanirbhar Bharat, have shown positive results even for a utility sector like telecom, which is predicted to contribute 8% of India’s GDP in 2022, up from current 6.5%. Of all cutting edge technologies that drive socio-economic impact, artificial intelligence is well on its way to becoming the strongest contender to drive future growth. While still in its nascent stage, AI is projected to add $ 500 billion to India’s GDP by 2025.