Political stability & progress: UK report commends India's transformation under PM Modi

According to a United Kingdom-based report, India-- with huge potential for demographic dividend and digital prowess, which had previously been mired by fractious politics, has undergone a transformation, marked by political stability under the leadership of Prime Minister Narendra Modi. This stability has paved the way for a series of significant reforms, improvements in basic welfare systems, and a massive overhaul of the country's infrastructure, said Ben Wright in a report in The Telegraph.

Chandrayaan-3

In this report, author Ben Wright noted that India is a land of both promise and challenges, but under the guidance of Prime Minister Modi, it is confidently striving towards ambitious goals. One remarkable achievement that underscored India's capabilities was the successful launch of Chandrayaan-3, which made India only the fourth country in the world, to achieve a "soft" landing on the Moon, following the United States, the Soviet Union, and China. The successful Chandrayaan-3 mission not only brought immense pride to the subcontinent but also highlighted India's growing prominence on the global stage.

Wright further highlighted the observations of Ray Dalio, a billionaire hedge fund manager, who aptly referred to India's lunar achievement as "another one of the many straws in the wind" illustrating the country's ascendancy.

Global prominence of India

The report delved into India's diverse array of achievements and indicators of its growing prominence. It noted that India recently surpassed China in population and is projected by the International Monetary Fund to be one of the fastest-growing large economies in 2023 and the years that follow. The warm receptions and red-carpet treatment extended to Prime Minister Modi during his international visits exemplify the heightened global interest in India. Air India's record-breaking order for 470 planes from Airbus and Boeing signals the nation's burgeoning aviation industry.

The report further referred to Apple CEO Tim Cook's remark that India stands "at a tipping point" during the opening of the company's inaugural retail outlets in Mumbai and Delhi. Furthermore, investments by major corporations like Foxconn, the Taiwanese electronics giant that makes iPhones, started drawing up plans to build a $1 billion factory in the southern state of Karnataka; the US-based Micron Technology announced it will start building a new semi-conductor facility in Gujarat later this year, and Goldman Sachs held its first board meeting in India in more than a decade, reinforced India's growing economic appeal, according to the report.

Wright also pointed out India's rising influence in other spheres, too. The Indian Premier League (IPL) has ascended to become the world's second most valuable sports league, with offshoots emerging in various countries. In addition, Spider-Man: Across the Spider-Verse marked a milestone as the first U.S. blockbuster to feature an Indian superhero.

Growing economy

Wright's report suggested that India's trajectory is guided by the convergence of several economic mega-trends. Predictions indicate that India will ascend to become the world's third-largest economy within four years, accompanied by a working-age population that will surpass China's by an astonishing 235 million, roughly equivalent to the population of Pakistan, in seven years. India's GDP is projected to more than double to USD 8.5 trillion within a decade.

As reported by Wright, India finds itself in a unique position amidst the shifting tides of globalisation, with the COVID-19 pandemic causing a reevaluation of global dynamics. It is suggested that India is well-positioned to harness the emerging trend of "friend-shoring," a phenomenon where nations cultivate closer economic ties and collaborations. This assertion underlines India's potential as articulated in the report.

Political stability 

Wright also noted that India, as the world's largest democracy boasting over 600 political parties, has historically grappled with tumultuous politics. However, under the leadership of Prime Minister Narendra Modi, the Bharatiya Janata Party has secured consecutive parliamentary majorities and appears poised for a third victory in the upcoming elections next May. This political stability, coupled with the decline of the Congress Party, has paved the way for significant legal reforms, enhancements to essential welfare systems, and an extensive modernisation of the country's infrastructure, as highlighted in The Telegraph's report.

The report by Wright goes on to reference various ongoing infrastructure projects in India. Additionally, it underscores PM Modi's ambitious vision of propelling India to become the world's third-largest economy by the end of his third term. With India's current nominal GDP standing at USD 3.7 trillion, the goal of surpassing Germany (USD 4.2 trillion) and Japan (USD 4.4 trillion) by 2029 is deemed attainable.

PM Modi's vision to transform India into a developed nation by 2047, coinciding with the country's 100th Independence anniversary, is described as a "bold ambition" in the report.

Digital economy

The report draws attention to India's concerted effort to digitise its economy, a move that holds significant promise. QR codes have become ubiquitous, even at humble food stalls, enabling digital payments for the majority of the population with smartphones. At the core of this digital transformation is the "India Stack" – government-backed application programming interfaces (APIs) that allow third parties to build software with access to government IDs and payment networks. This digital shift has improved India's welfare system efficiency, reduced corruption, and facilitated rural-to-urban migration by enabling livelihoods in existing locations, the report said.

In conclusion, Wright stated: "Few countries are as simultaneously replete with both problems and promise as PM Modi’s. Then again, few countries are more used to dealing with their own internal contradictions. India’s rise is certainly not inevitable. However, you wouldn’t want to bet against it either."