Economy: Contribute in corrections, celebrate the achievements
October 18, 2026
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Home Bharat

Economy: Contribute in corrections, celebrate the achievements

From 1947 till today, Bharat has seen a record-breaking rise. From a nation where a large number of countrymen were steeped in poverty to a prosperous nation, Bharat’s development is laudable, as it has crossed multiple hurdles along the way. In mid-1960s, the republic saw food scarcity & today it has registered a historic milestone, surpassing historical output levels to become the world’s largest rice producer

Shaurya RitwikShaurya Ritwik
Aug 18, 2026, 08:30 pm IST
inBharat, Analysis
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There is a sound that Indians of a certain vintage recognise instantly and that their children have never once heard: the cough, splutter and settle of a diesel generator assuming the duties of a grid that had failed again. I was born in India in 1992. Full-time electricity service was rare. The generator in the courtyard was not a contingency, but the primary system, and the grid was the contingency. Millions of Indians then had far less. But scarcity was the governing assumption of the age, and a governing assumption is absorbed as a mother tongue is absorbed, without instruction and without appeal. What it taught a generation was the arithmetic of absence: how to plan around what would not arrive, and how to keep one’s expectations modest enough to survive their disappointment. Thirty-four years is a rounding error in the life of a civilisation. It has proved sufficient to render that arithmetic unintelligible to anyone now under twenty-five.

India has changed faster than the picture the world holds of it, and faster still than the picture many Indians hold. The image lags the fact by close to a decade, which is why visitors arrive expecting one country and depart having encountered another. The foreign correspondent’s India, forever composed of poverty, pageantry and paradox, has become a period piece, though nobody has yet informed the genre.

The record deserves a plain statement. Hundreds of millions have been lifted out of poverty within a single generation, and power, roads, water and connectivity now reach districts that had waited since 1947 for all four. What remains is not the residue of failure but the agenda of a country that has already settled its harder questions. Every large country carries an unfinished list. India’s distinction is the speed at which it is being closed.

Food Scarcity to Food Surplus

In the mid-1960s, the republic lived on what its own officials privately termed a ship-to-mouth existence, its dinner contingent upon American wheat and therefore upon the moods of a foreign legislature. India today feeds more than 1.4 billion people and is the largest exporter of rice on earth. The lesson is not agronomic: a society that cannot feed itself possesses no foreign policy worth the name, whatever its documents assert. That first sovereignty was won by agronomists and by farmers who had never heard of them.

The same logic governed harder domains. For decades India stood on the wrong side of the technology denial regimes, excluded from the club and lectured for aspiring to membership, a condescension delivered with such fluency that it was very nearly persuasive. The country might have made its peace with dependence. Instead it built, slowly and at first badly: nuclear capability under sanction, missiles, submarines, aircraft that were late and expensive and eventually flew. Defence exports have risen more than tenfold in a decade. The significance was never metallurgical. It lay in refusing to concede that certain capacities are the freehold of others.

Space displays this temperament most vividly. ISRO acquired the habit of first-rate science on a fraction of everyone else’s budget because no alternative was on offer, and in 2023 set a lander near the lunar South Pole for less than a moderately ambitious film about doing so would have cost. Frugality of that order was not a virtue elected but a constraint imposed. A constraint borne long enough ceases to be a limitation and becomes a method, and methods, unlike limitations, can be scaled.

The digital architecture may prove the most consequential of all. Aadhaar, the payments system and the wider public stack furnished a country of this magnitude with rails upon which private enterprise could run trains of its own devising. Hundreds of millions entered the formal economy within a decade. The insight was architectural rather than technological: the state laid the road and declined to own the traffic. Delegations now travel to Delhi to study the blueprint, a reversal of intellectual traffic that a republic accustomed to importing its templates might pause over.

Eligibility, not Arrival

The temptation on an Independence Day is to call all this arrival. It is nothing of the kind. It is eligibility. Seventy-nine years have qualified India for a competition it has scarcely entered. Growth we have broadly mastered. Depth we have not. A large market is not a creative economy; a talent pool is not a research culture. Demography furnishes labour and nothing further. Productivity is the issue of institutions, of capital patient enough to underwrite failure, of universities that do more than certify attendance. We graduate engineers in prodigious numbers and provide too few laboratories in which any might attempt something the world has not seen. The quarter century ahead must therefore concern a different quantity: not scale, which we possess, but sophistication, which we have barely begun to accumulate. The technological cycle now opening will not conduct itself like its predecessors. Artificial intelligence is not a sector to be entered but a substrate upon which productivity, medicine, defence, finance, discovery and Government will each be rewritten. Semiconductors will decide who manufactures the century. Quantum systems, robotics, advanced materials and biotechnology will separate the nations that produce the future from those obliged to buy it at retail.

India’s historic error was to acquire critical technologies late, once they had matured elsewhere and their margins had been collected by others. In the last cycle the habit was merely expensive. In this one it would be ruinous. Fabrication plants are rising, a national mission on artificial intelligence is under way, private launch companies exist where five years ago there were none. Begun is the honest word, and begun is not accomplished.

Something ought to be said of the civilisational dimension, and said without incense. India is a singular arrangement: a young constitutional republic seated upon an inheritance of extraordinary antiquity, and the democratic identity of the one stands in no tension with the age of the other. Properly construed, the civilisational claim is not a theological proposition. It is a proposition about time. Societies that remember themselves in millennia can invest across decades, precisely the horizon that semiconductors, fundamental science and institution-building require, and precisely the horizon that electoral cycles discourage.

There are moments when the variables governing a nation’s fortunes move in the same direction at once, and such moments are neither frequent nor durable. India is in one. The demographic dividend stands at its peak and will not survive the middle of the century. Domestic capital has deepened sufficiently that the country can finance its ambitions rather than petition for them. State capacity, uneven as it remains, has learned to build at scale. A generation is entering the workforce with no memory of scarcity and therefore no instinct for modesty. And the technological order is being rearranged in ways that briefly reopen positions long since closed. Most countries never see such an alignment. India has spent seventy-nine years assembling it.

What renders these decades decisive is that capability compounds. Industrial advantage accrued arithmetically, a factory at a time. In an order organised around computation, data and biology, small leads widen at rates that make late entry not merely difficult but pointless. Whoever establishes position in the next fifteen years will prove troublesome to dislodge for fifty. That is a sturdier argument for urgency than any target for gross domestic product. Notably,The third-largest economy is a milestone worth passing and an unworthy place to halt. Size is a fact about a country; consequence is a fact about the world. The proper ambition is that India become one of the places where the hardest problems of the species are solved, rather than one of the larger markets in which their solutions are sold. Independence secured our right to choose our own future. The labour that remains is to become a country the world cannot choose its own without.

Topics: ISROModi governmentThird largest economymid-1960sQuantum systemsIndia in 1992intellectual traffic
Shaurya Ritwik
Shaurya Ritwik
Managing Director International Institute for Sustainable Finance [Read more]
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