Mumbai /New Delhi / Washington / Beijing – : India has witnessed a remarkable transformation under the visionary leadership of Prime Minister Narendra Modi, and its journey toward establishing a significant place in the world order is gaining momentum. This revelation comes to light in a comprehensive report by a renowned American brokerage company, which highlights India’s potential to play a pivotal role in Asian and global growth.
Skepticism and Ignoring India’s Remarkable Changes
Despite India’s standing as the world’s second-fastest-growing economy and boasting the best-performing stock market in the last 25 years, skepticism has lingered, especially among foreign investors. However, the report emphasizes that overlooking the profound changes that have unfolded since 2014 would be an oversight of monumental proportions.
The report squarely refutes the criticism that India has failed to fulfill its potential. It asserts that India has undergone a profound metamorphosis in less than a decade, transforming into an entirely different nation from what it was in 2013. With each passing year, India has solidified its position in the global system, making significant strides in various domains.
India’s Transformation in Less Than a Decade
Over the past ten years, India has witnessed a monumental shift, both economically and socially. The country has experienced a remarkable evolution, leaving an indelible mark on its trajectory. Let’s delve into the major changes that have propelled India forward since Prime Minister Modi assumed office in 2014.
1. Corporate Tax Rate Alignment: One of the significant changes has been the alignment of India’s corporate tax rate with other countries. This move has attracted investment and bolstered the business environment, positioning India as an attractive destination for global enterprises.
2. Increased Investment in Infrastructure: Another crucial aspect of India’s transformation has been the substantial increase in investment in infrastructure development. This focus on enhancing connectivity, building modern amenities, and expanding transportation networks has laid the foundation for sustained economic growth.
3. Growth in Goods and Services Tax (GST) Collection: The implementation of the Goods and Services Tax (GST) has been a game-changer for India. The report highlights the continuous growth in GST collection, reflecting the success of this unified tax system and the formalization of the economy.
4. Rising Prominence of Digital Transactions: As a testament to India’s evolving landscape, the percentage of digital transactions in relation to the gross domestic product (GDP) is witnessing a steady increase. This surge indicates a shift toward a more organized and digitalized economy.
India’s Role in the World System
The report unequivocally underscores India’s current position in the world order. With its ongoing transformation and burgeoning potential, India is poised to play an instrumental role in shaping Asian and global growth. The country’s economic prowess, vast market, and demographic dividend have propelled it to the forefront, attracting attention from international investors and stakeholders alike.
India’s rise on the global stage is not a mere coincidence but a result of the relentless efforts, reforms, and strategic policies implemented under Prime Minister Modi’s leadership. The country’s trajectory toward progress and development is setting the stage for a prosperous future, both domestically and on the international front.
In the span of just ten years, India has witnessed a transformative journey, rewriting its narrative and defying conventional expectations. Under the dynamic leadership of Prime Minister Narendra Modi, India has emerged as a force to be reckoned with, surpassing barriers and scaling new heights.
The report by the American brokerage company stands as a testament to India’s exceptional growth and potential. It showcases the myriad of changes that have reshaped the country and established its presence in the world system. With India’s significant advancements in multiple sectors, the future holds immense promise and opportunities for the nation and its people.
FAQ 1: How has PM Modi contributed to India’s transformation?
Prime Minister Narendra Modi has played a pivotal role in India’s transformation by introducing numerous reforms and initiatives. His focus on economic development, infrastructure, digitalization, and social welfare programs has propelled India’s growth and brought about significant positive changes.
FAQ 2: What are the key factors behind India’s economic growth?
India’s economic growth can be attributed to various factors, including government reforms, increased foreign direct investment, a young and dynamic workforce, robust technological advancements, infrastructure development, and market potential across diverse sectors.
FAQ 3: How has India’s corporate tax rate changed in recent years?
India has aligned its corporate tax rate with global standards to attract foreign investment and promote business growth. The government has taken significant steps to reduce corporate tax rates, making India more competitive and fostering a favorable environment for businesses.
FAQ 4: What role does infrastructure play in India’s development?
Infrastructure development plays a crucial role in India’s growth story. Investments in transportation, logistics, energy, and digital connectivity have bolstered economic activities, improved efficiency, and laid the foundation for sustained progress across various sectors.
FAQ 5: How has digitalization impacted India’s economy?
Digitalization has had a profound impact on India’s economy. It has facilitated financial inclusion, streamlined governance processes, enhanced access to services, and fostered innovation. Digital transactions have witnessed substantial growth, indicating a shift towards a modern, technology-driven economy.