Union Home Minister Amit Shah has said that the decade-long operations of Prime Minister Narendra Modi have seen more growth compared to the net development done by all previous governments in the last 70 years.
He said infrastructure, financial hubs, and transportation have received great impetus under Modi’s leadership.
Infrastructure Development
Shah emphasized that the national highway network expanded by 60% in the last 10 years.
The expansion had raised connectivity and economic activities in the country. Infrastructure was focused on facilitating trade, reducing travel time, and enhancing regional development. Shah emphasized that the national highway network expanded by 60% in the last 10 years.
The expansion had raised connectivity and economic activities in the country. Infrastructure was focused on facilitating trade, reducing travel time, and enhancing regional development.
Financial Initiatives
The government has created the Gujarat International Finance Tec-City (GIFT City) in Ahmedabad to turn India into a global financial center. Shah went on to elaborate “The initiative shall encourage and attract international business and investors, providing world-class infrastructure and regulatory provisions.”
GIFT City signifies a strategic move towards integrating India with the global financial system and creating employment through it.
Transportation Projects
Shah further mentioned the initiation of the Ahmedabad-Mumbai Bullet Train project, a significant leap forward into India’s current transportation infrastructure. The high-speed railway will cut travel times between two major economic hubs, paving the way for economic integration and development.
The project will introduce the Rapid Rail service between Bhuj and Ahmedabad, facilitating regional connectivity and accessibility for the metropoles.
Economic Growth and Challenges
In his term as the Prime Minister of India, the GDP grew at an average of 7.23% during his first four years. This is higher than the previous government’s GDP rate of 6.39%.
The new administration implemented various economic reforms to increase efficiency and attract investments. However, during this period, discussions about the inclusive economic growth turned heated. Precisely because of rising inequality and unemployment.
Policy Reforms
Modi, including the notorious demonetization in 2016, instituted various policy reforms. Touted to curb black money and enhance digital transactions.
The government also introduced GST 2017, a unified indirect tax system to form a national market. The intended purpose of these proposals was to increase transparency and efficiency in the economy.
The Global Economic Position
The ambition for India to become a developed nation by 2047 is replete with challenges, including unemployment and a slowing growth rate. According to economists, a growth rate of about 8% each year must be maintained to lift millions out of poverty and achieve developed nation status.
The government has acknowledged this reality and insisted on combining reforms and strategic planning to overcome these challenges.
Political Landscape
Undoubtedly, there are also political landscapes where Modi’s government and electoral windfall were experienced. Majorly after becoming the ruling party in 2014, they became the clear majority in 2019.
This party’s policies are focused on economic reforms, infrastructure development, and national security. However, the socio-economic repercussions of these policies are being widely debated.
Shah’s Take on the Progress
Amit Shah’s assertions endorse the government’s perspective of being inconceivably far ahead in that region when looking at the last decade of India’s development. It cannot be hidden that some tangible achievements have been made in the previous decade. This includes transport, infrastructure, and financial services.
However, the apparent challenges of income inequality and unemployment continue to remain. Henceforth, it provides heft to the need to evolve for balanced, coherent, and inclusive growth strategies for this dream economy.
