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Amrit Festival of Independence: Journey of Independent India in the world of economics

Amrit Festival of Independence: Journey of Independent India in the world of economics

Amrit Festival of Independence: Journey of Independent India in the world of economics

As part of the Amrit Mahotsav of Azadi, we are starting a new series of articles that will attempt to provide an overview of the journey of the last seventy-five years in various fields.

In the first episode, R Jagannathan is analyzing the obstacles, challenges and successes of the economy.

India’s economy has got great successes from 1947 till today, but after big mistakes.

The biggest example of this was the process of economic liberalization that started in 1991, which laid the foundation for a big boom in the economy for the next 30 years.

Economic reforms were implemented in 1991 not because they were a symbol of the reformist thinking of the government of that time, but they came because at that time the country was on the verge of bankruptcy and the Chandrashekhar government, which lasted for a few months, was removed from foreign banks.

To get the loan, the country’s gold had to be mortgaged.

But before that, we should talk about other big successes that India has achieved. The first was the Green Revolution and the second was the White Revolution.

Amrit Festival of Independence: Journey of Independent India in the world of economics

The first started in the 1960s and the second several years later and took a long time to become successful.

After relying on food donated by America for a long time, in the sixties we adopted modern farming techniques along with the use of hybrid seeds and fertilizers.

This led to the Green Revolution in Haryana and Punjab. India became self-sufficient in the matter of food grains.

The second breakthrough came in milk production, in which we went from being a country producing less milk to a country with a milk abundance.

By promoting cooperative dairy in this area, almost all the states have adopted the model of Amul and today we are producing 22 per cent milk of the whole world.

But in 1991, the country’s treasury was emptied by a flood of liberal policies that brought us great successes over the next several years.

Amrit Festival of Independence: Journey of Independent India in the world of economics

Due to the lack of foreign exchange, India not only had to end the license permit raj but also put in place policies that gave huge tax benefits for 10 years to export-oriented industries like software and pharmaceuticals.

Because of these policies, Tata Consultancy Services, Infosys and Wipro became the world’s greatest companies. Of these, TCS and Infosys are worth more than $100 billion today.

Today we are the world’s largest manufacturer of generic medicines and vaccines.

Two of the world’s five largest manufacturers of generic medicines are Indian and India has become the world’s largest vaccine manufacturer.

Today, if we have been able to control Kovid-19 properly, then this is the reason for it.

The first large private bank was also launched after 1991 and today many of them are among the most valuable banks in the world.

In the next decade, almost all banks will be completely digital and Paytm Airtel and other digital banks like them will get a lot of booms.

The economic reforms of 1991 gave birth to the telecom revolution in the country, but due to high bidding during the auction, the consumer got expensive services and the growth rate of the companies was also low.

But this matter was also resolved during the tenure of Atal Bihari Vajpayee and only after that, the telephone revolution come into the country.

Amrit Festival of Independence: Journey of Independent India in the world of economics

Today there are 118 crore mobile connections in our country and 1.3 telephone connections per person in cities. Today, much of the growth potential is in rural areas, where teledensity is still less than one.

But the area where India is making a huge leap after China is digitization.

After demonetisation, the pressure to formalize business has increased and India today has the most progressive digital financial architecture in the world.

Last year, when America was sending checks to its citizens to overcome the economic loss caused to people by Kovid-19, India transferred 500 rupees a month to crores of women through digital transfer in their Jan Dhan accounts at the press of a button.

Three more major achievements – two of which are from Vajpayee’s era and one during Manmohan Singh’s rule.

These are the major investments in highways and rural roads, both of which started under Vajpayee, and the third is the rapid poverty reduction, which started during the UPA era.

The growth spurt during the UPA regime would not have been possible without a strong road transport infrastructure. During the 10 years of UPA rule, 271 crore Indians came above the poverty line.

Poverty has never decreased so rapidly in the history of India.

Along with these some big achievements were also achieved in the government sector, which has not been mentioned much till now.

Starting with the Kudremukh iron ore project, which began during the second reign of Indira Gandhi, India learned to complete large projects at a fixed cost and within a stipulated time frame.

Among these, Konkan Railway and Delhi Metro can be counted.

Amrit Festival of Independence: Journey of Independent India in the world of economics

After 1991, there were three more major changes – dematerialization or dematerialization of shares, the establishment of the National Stock Exchange and the formation of SEBI, the regulator of the stock market.

Because of this, India became the fastest-growing stock market in the world. Covid and digitization also changed the scenario.

There could not have been a better environment for start-up companies in India, as now work from home and app-based services have become the new norm.

Amrit Festival of Independence: Journey of Independent India in the world of economics

Overall, India has made great achievements from agriculture to the service sector.

It left the manufacturing stage in which many other countries were stuck. After a few years, it has to be seen how much impact the Production Linked Incentive (PLI) schemes promoting ‘Make in India’ of the Modi government had.

India’s story is unique in terms of economy and industrialization, as it has grown due to accidents and failures in the past.

Navya Chandravanshi

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AUTHORNishant Chandravanshi

Nishant Chandravanshi is the founder of The Magadha Times & Chandravanshi. Nishant Chandravanshi is Youtuber, Social Activist & Political Commentator.

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