New Delhi: BJP national vice president M Chuba Ao has stated that India’s stature has gone up under Prime Minister Narendra Modi’s leadership and that the G-20 leadership by India in 2023 will be a “mega game-changer”.
“In the longer run, the shifting of global supply chains from China to other geographies holds promise for India to emerge as a manufacturing hub. Modi ji’s ‘Make in India’ is thus the most relevant mission of our time,” he said.
Agreeing with the recent statement made by External Affairs Minister Dr S Jaishankar in Parliament, Chuba Ao has said that it is aptly correct to state that India will provide “a stronger voice to the issues of interest of the developing world and of the Global South”.
“…..this is very much a part of our DNA. It was in evidence most recently during the Vaccine Maitri. India’s stature has gone up under Modi ji’s leadership. Our ‘New India’ is assertive India. The G-20 leadership by India in 2023 will be a mega gamechanger,” he wrote in an article.
In the recent past, he notes that the cost of living has increased due to Covid and its related global impact.
“Of course India is no exception, but the statistics would reveal how things were managed well at the macro level. Say food prices, according to recent data, it increased by Rs 15 in comparison to Rs 100 in India — but the fact of the matter is in the United States,the increase was by Rs 25, it was Rs 33 in Germany and Rs 18 in the United Kingdom. In Housing, the cost of price increased by Rs 6 for every Rs 100 in India; in the US the increase was by Rs 21.Germany also saw the same Rs 21 increase while the UK experienced the same by Rs 30. In the energy sector –the increase was a whopping Rs 93 in the UK and Rs 62 in Germany.”
However, he says, in India, the increase to every Rs 100 was by Rs 16 only.
“Now on a broader canvas, let us look at the seven top economies in the world. While the top on the list is the US, India ranks 5th with 7 percent growth figures and we are above the UK and France. China ranks second in the list but its salient feature can be described as — the moderate growth and low inflation.In contrast, India has recorded a high growth rate with moderate inflation. The growth rate in China has been 3.3 percent only”.
He says the situation looks much more challenging in the US, with just a 1.7 growth rate and as high as 8.1 % inflation.
Chuba, who hails from Nagaland, wrote: “There is something called human capital vis-a-vis demographic dividend. We all know, the human capital of India is young. This means that India is a hub of the maximum percentage of youth. This young population got mega encouragement when the PM’s vision of Sabka Saath, Sabka Vikas highlights skills and lays importance on training.”
India’s human capital will play a key role in maximizing the country’s growth prospects, he says.
Chuba articulated quite eloquently that the Indian economy has been projected and considered one of the world’s most stable economies.
“We should also realize that a recession in advanced economies globally will bring down the imported inflation risk for India as commodity prices cool. India imports more than 80% of its energy requirement and lower oil prices will have a cascading impact on other sectors as well,” he said, adding, “We all know that the RBI and the government have collectively taken steps to bring down inflation”.