The Decade That Redefined India’s Economic Potential

SYNOPSIS

India’s last decade showcased resilience and growth amid global challenges. Key reforms like IBC, digitalization, and “Make in India” boosted economic strength. Infrastructure, sustainability, and inclusive policies shaped progress, positioning India as a future global economic powerhouse.

Dive into the Decade of India's Economic Growth

Introduction

It had been a decade-long transformative Indian economic history of change. Indian technological advancement can be seen right from ground-breaking reform, and the same with all. Key players found India on an increasingly changing stage on the international level. From defining India in economic terms regarding adaptability and changes around the corner, this chapter made it crystal clear.

The Period of Development Under Global Troubles

The Indian economy during the last ten years has been an interesting growth story with its adaptability to global challenges. Even during the COVID-19 pandemic and the geopolitical tensions that faced the world, the Indian economy worked efficiently and maintained a growth rate of almost 7%. Many structural reforms have resulted in building strong macroeconomic foundations for the Indian economy. These reforms have made India the fastest-growing economy among G20 economies. The Insolvency and Bankruptcy Code (IBC) provided a platform to resolve financial distress and helped restore confidence in India's business ecosystem. India proposed the "Make in India initiative, " which encourages the manufacturing process, thus creating job opportunities.

Key Trends

India is moving out of hyper-globalization, and supply chains are under strain. India has made a pivot towards onshoring and friend-shoring of production. Infrastructure and logistics investments are expected to lower costs and increase competition in the market. India's economic growth with sustainability has been challenging; however, it leads the energy sector in overcoming the non-fossil fuel energy generation targets, which marks its commitment to climate resilience.

Structural Reforms

The technological sectors are the most important in terms of economic growth. Digital payments like UPIs created life ease for making financial transactions, E-commerce giants like Amazon India and Flipkart, which are coupled with global tech investments, further fuel the digital revolution and help contribute to GDP growth and job creation. Manufacturing and infrastructure sector, India's thrust for resilience under initiatives like 'Make in India' and PLI schemes gave the much-needed push for manufacturing, in electronics, Defence, and renewable energy. Infrastructure development, including highways, smart cities, and ports, increased connectivity, and brought down the cost of logistics to an extent of millions of jobs created and transformed the industrial landscape.

Inclusive Development

India’s growth is incomplete without recognizing where the government focuses on inclusive development. Women-led initiatives, rural outreach, and targeted various welfare schemes played a pivotal role in uplifting underserved communities. The government launched the Pradhan Mantri Ujjwala Yojana which provided 10 crore free gas line connections, while Ayushman Bharat has facilitated 6.27 crore hospitalizations for economically disadvantaged citizens.

Navigating future challenges

India's achievements are commendable and remarkable, not because of good things but because of challenges like global economic fragmentation, security related to energy sustainability, and the impact of AI which requires proactive strategies. Addressing the domestic priorities is workforce skilling and improvement in learning from the outcome. India's efforts in PMKVY and renewable energy investments, at 180 GW as of Nov 2023, demonstrate the commitment to sustainable progress.

Conclusion

As of now, India's journey from fragility to resilience reflects not just the robust governance but also the determination of people. India moves forward in its "Amrit Kaal," it stands poised to harness its demographic dividend, technology advancements, and policy innovations to shape a sustainable future. India is mainly focusing on good exports manufactured in India with a vision of "Make In India" which creates jobs for many people, the trust of citizens and global stakeholders, and India's greatest assets, which help to chart the path to becoming the world's largest economy and a Global economic powerhouse. 

Prem Rathod