Bharatiya Janata Party’s Modi Government is now just a few days away from completing its ten years. Once again, the leaders of the country have to go to the public for the upcoming Lok Sabha elections in 2024. On one hand, the Opposition I.N.D.I Alliance is making efforts to stop the BJP from forming the Government at the Centre again, while on the other hand, the BJP wants to repeat its victory for the third consecutive time. Just a few days ago, when Prime Minister Narendra Modi was saying during the last session of Parliament that this time 400 will be crossed. We have set a target of winning 370 Lok Sabha seats for our party (BJP), then leaders of many other political parties and some of the political analysts were also saying that this is excessive confidence in PM Modi; they were taking his statement as a joke.
These people said that BJP can never get so many seats in the Lok Sabha. However, the mood of the country’s general public seems to be going in favour of the Modi Government due to its achievements. Today, the slogan of work for every hand and Modi’s guarantee have assured the common Indian citizen that the country has the right leadership, where there is no room for instability and chaos. Today, India is seen as a rapidly progressing economy of the world with higher gold reserves, foreign exchange reserves, 8.4 percent growth in GDP.
Much good news has been coming one after the other regarding the country’s economic growth. First, the Union Government released the Gross Domestic Product (GDP) data for the December quarter of the current financial year, which revealed how the GDP grew at a pace of 8.4 per cent. Then came the second news of the increase in foreign currency assets. Foreign currency assets (FCA) have increased by 2.41 billion dollars during the week ending February 23. Now, its FCA reserves have jumped to USD 548.188 billion. An increase has also been recorded in India’s gold reserves during the week ending of February 23. It has succeeded in registering an increase of 472 million dollars in gold reserves. Today India’s gold reserves have reached USD 47.848 billion.
Along with this, the Reserve Bank of India said that India’s Special Drawing Rights (SDR) has also increased. SDR has increased by 80 million dollars to 18.197 billion dollars. Today, the Reserve Bank is also saying that the country’s currency reserves kept with the International Monetary Fund (IMF) have also increased by USD 9 million during the week under review. Now, it has reached USD 4.839 billion.
GST collection increased by 12.5 per cent to more than Rs 1.68 lakh crore
A news has also emerged in the country in the form of excellent figures on Goods and Services Tax (GST) collection. Finance Ministry data shows that GST collection has increased by 12.5 per cent on an annual basis in February to more than Rs 1.68 lakh crore. Then, from the heights, the country’s stock market is touching today, it also seems that in the coming time, India will leave behind all the big economies of the world. Seeing this growth, many economic analysts also believe that India is currently surprising the world with its actions, and it seems that the 21st century will make India the top economic power in the world. In this way, India is surprising all the countries of the world.
Prahlad Sabnani, a well-known economic analyst and working in the banking sector for a long time, believes, “The growth rate of GDP during the third quarter of the financial year 2023-24 has surprised all the economic analysts of the world, including India. During this period, the GDP in India has achieved a growth of 8.4 per cent, whereas the growth rate during the first quarter was 7.8 per cent, and during the second quarter, it was 7.6 per cent. The growth rate during the same period last year was 4.4 per cent. Also, the credit rating institute ICRA had estimated a growth of 6 per cent in the third quarter of this year, and the State Bank of India also estimated a growth of 6.9 per cent. Overall, the GDP growth rate has been 8.4 per cent, defying the estimates of almost all financial institutions.
Sabnani says that one of the reasons for the economic growth today is “due to the continuous reforms in the economic sector by the Union Government and the continuous increase in capital expenditure, the Indian economy has been gaining momentum.” An amount of Rs 10 lakh crore has been spent in economic sectors by the Union Government in the financial year 2023-24, whereas an amount of Rs 7.5 lakh crore was spent on this in the financial year 2022-23. At the same time, in the budget for the financial year 2024-25, the amount of capital expenditure has been increased to Rs 11.11 lakh crore. Secondly, immense improvement is also visible in the collection of taxes (direct and indirect) in India. By simplifying the tax structure and improving compliance with related rules, an increase of around 20 per cent in tax collection has been achieved. ,
He told that, “In the country, the informal sector is also rapidly changing into the formal sector, due to which, along with tax collection, more employment opportunities are also being created in the formal sector and the employees working in manufacturing and service sector get additional economic benefits” are clearly visible. Overall, now Indians are continuously getting good news in the economic field as the country is seen making new records in one or other field every day. Thus, now Indians should make it a habit to listen to new economic records every day.
India is moving rapidly towards achieving a growth rate of 10 per cent per annum
Sabnani clearly says, “Looking at the figures of growth rate of GDP, especially in the industry sector and service sector, in the third quarter of the financial year 2023-24, it can now be said with confidence that India will come forward.” It is moving rapidly towards achieving a growth rate of 10 per cent per annum in the coming years and will become the third-largest economy in the world within the next four years. At present, India is the fifth largest economy in the world. Also the Indian stock market will also move from the current fourth position in the world to the third position in terms of market capitalisation. Because of the rapid pace of economic growth in India, both foreign investors and foreign investment institutions will definitely increase their investment in the Indian capital market. ,
Religious tourism and culture contribute a lot to India’s economic growth rate
Along with this, they also believe that the reason behind India achieving a growth rate much higher than the estimates in the third quarter of the financial year 2023-24 is actually the changes taking place in the economic sector as well as in the cultural and spiritual sectors in recent times. Although they seem to be playing a major role, generally foreign economists and financial institutions are not paying attention to this. In recent times, various festivals are now being celebrated with great enthusiasm in India. There is an immense increase in expenditure due to these festivals and weddings. The entire money of this expenditure is coming into the Indian economy, due to which the economic growth rate has been showing increase. Secondly, in recent times, there has been a huge increase in religious tourism in India. For example, an immense increase in tourist flow is visible at religious places like Ayodhya , Varanasi, Ujjain, Haridwar, Vrindavan, etc. Since the laying of the foundation stone of Bhagwan Sri Ram’s Mandir in Ayodhya, on average, more than 2 lakh tourists visit Ayodhya every day. This is boosting not only the local economy but also the economy of Uttar Pradesh. In the field of religious tourism, the situation is similar in other States of the country.
Schemes like one district and one product are creating new employment in the country
Puneet Kumar Dwivedi, Group Director and Professor at Modern Group of Institutions, fully believes in the willpower of the Union Government for the economic development of the country and all the schemes which the Modi Government is determined to implement even after enduring many protests. And has been successful in implementing them on practical grounds. Today, the unemployment rate in the country has been reduced due to various economic schemes, such as one district and one product.
Professor Puneet Kumar says, “GST collection in this Government in itself has proved to be a catalyst for the progress of all the small and big industrial units of the country. Due to this, very fast growth has been recorded in the MSME sector today. This is a pool of funds for the industry. Just as water evaporates from sunlight and then comes down from above and satisfies everyone, the country’s GST collection is similar today. Due to this, the pace of development is being seen all around the country. New small-scale industries are emerging in various places today. Infrastructure-related development is also taking place quickly.
Pro Puneet Kumar says that the Finance Ministry has just informed that due to an increase in domestic transactions, GST collection in February 2024 has increased by 12.5 per cent to more than Rs 1.68 lakh crore. With this, the total gross GST collection in the first 11 months of the current financial year has reached Rs 18.40 lakh crore. This is 11.7 per cent more than the tax collection during the same period of the last financial year. Of course, when GST collections increase, the Government will have more money, which it will use to fund various programs and schemes.
World investors’ confidence in the Indian economy increased
Dr. Dwivedi also says that the current growth of India can be easily gauged from the fact that the confidence of investors living in the countries of the world has increased towards the Indian economy. This is the reason why today India’s foreign currency assets appear to be continuously increasing. An increase of 2.41 billion dollars is being seen in these foreign currency assets. India’s FCA reserves have increased to USD 548.188 billion. It is worth noting here that this is when India releases its economic survey and data, taking into account the impact of appreciation or decline in non-US currencies such as the Euro, Pound and Yen in foreign currency assets denominated in dollars.
To a large extent, one of the reasons for India’s development is the removal of regional disparities.
He says that overall, all the economic or other schemes going on today under the leadership of Prime Minister Narendra Modi are India-centric. Due to their being nation-centric, development is seen in every area. This Government has achieved immense success in removing regional disparities. That is why today, there is confidence among the common people of the country about their success. Along with this, they also believe that if India continues to grow like this in the future, then it will be ahead of everyone as the world’s biggest superpower.
