Updated 20 June 2025 at 19:36 IST
'Like Hanumanji, India Just Needed a Reminder' - Nilesh Shah On How Modi Govt Awakened Nation’s Economic Power
India’s economic rise over the last decade has been driven by confidence, reforms, and a renewed sense of purpose. Nilesh Shah, MD of Kotak AMC, compares this transformation to Hanuman in the Ramayan — powerful but unaware, until reminded. He says Modi Sarkar played that role for India, unlocking its true economic potential.
Advertisement
Modinomics: How India Rose from 10th Largest Economy in 2014 to 4th Largest in 2025 | Image:
Republic
India’s economic transformation over the past decade has been nothing short of extraordinary.
Reflecting on this journey, Nilesh Shah, Managing Director at Kotak Mahindra AMC, uses a striking analogy from the Ramayan to describe how India, once unsure of its own strength, has been reminded of its true potential under Prime Minister Narendra Modi’s leadership.
“So essentially, the last 11 years of the Modi government can be described in one episode of Ramayan,” Shah told Republic Business.
“Hanumanji had immense power, but he was cursed that unless someone reminded him of his power, he would not be able to use it. When Hanumanji reaches the extreme tip of India and there is an ocean in front of him, he wonders how he will cross it. And Jambavan, the wise bear, reminds him of his power and says, You can just jump the ocean in one leap.”
According to Shah, the Modi government has played the role of Jambavan for India.
“We were powerful. But we were not aware of our powers. It has reminded our investors, our citizens, that we have immense potential and power,” he says. This realisation, he believes, has fundamentally altered India’s economic positioning on the global stage.
How Global Markets View India’s Creditworthiness?
Sharing an example of this shift, Shah points out the change in how global markets view India’s creditworthiness. “In 2014, the Indian government used to borrow at more than 6% premium over what the American government used to borrow.
Today, that gap has reduced to under 2%. If they borrow at 4%, we borrow at 6%. This reduction in gap by more than 400 basis points shows that the world has rerated India,” he notes.
To him, this narrowing spread is not just about numbers—it reflects a deeper trust in India’s economic stability, reform trajectory, and governance.
Shah believes the Modi government's policies have reignited confidence not just in the markets, but also in the Indian people’s ability to contribute to and benefit from a growing economy. Under the broader vision of Aatmanirbhar Bharat, the country has seen a resurgence in entrepreneurship, investment, and innovation.
India is no longer seen as a nation merely catching up; it is increasingly viewed as a leader in digital finance, manufacturing, and services.
As Shah puts it, “Modi Sarkar has done this to India.” His words reflect the sentiment that India, like Hanuman before the leap to Lanka, has been reminded of its strength, setting the stage for an economic leap into a more confident, self-reliant, and globally respected future.
India Economic Rise
Over the last 11 years, India has emerged as the world’s fourth-largest economy and is now the fastest-growing major economy, with real GDP growing at 6.5% in 2024–25. The country’s nominal GDP has nearly tripled in the past decade—from Rs 106.57 lakh crore in 2014–15 to an estimated Rs 331.03 lakh crore in 2024–25.
India is projected to continue growing between 6.3% and 6.8% in 2025–26, driven by strong domestic demand and long-term reforms under the vision of Aatmanirbhar Bharat.
Published 20 June 2025 at 19:00 IST