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Amid global turmoil and geopolitical tensions, the world has hopes from India and one of the key reasons for this is the country's growth story, which is based on four pillars that have been the focus for PM Narendra Modi, Union Minister Ashwini Vaishnaw has said.
Delivering the keynote address at the News Agency Indian Of The Year on Friday, Mr Vaishnaw - who holds the Railways, Information and Broadcasting, and Electronics and Information Technology portfolios - also said that more bank accounts have been opened in India than the entire population of Europe.
Beginning his address, Mr Vaishnaw appreciated News Agency for recognising people who don't normally feature on screens and don't make headlines.
Speaking about global geopolitical and technological changes, he said the Western world and the rich countries took on a debt of $9 trillion - "unprecedented in the history of human beings" - during the Covid period alone, and the effects of Artificial Intelligence (AI) are being felt in every aspect of life.
On geopolitical shifts, he said that the economic centre of gravity is shifting towards Asia, which has generated a lot of friction between countries that have been financial leaders for a century or more.
"So if you look at these factors together, the world is in a state of turmoil, in a sense. Two wars are on, we have seen supply chain disruptions... Amid all this, if there is one country that the world has hope from, it is India. It is not a coincidence that we are growing at a sustained rate of 6-8%. PM Modi's considered thought process and a clearly laid out plan is behind our consistent growth and moderate inflation," Mr Vaiishnaw said.
"If we analyse this growth and statements like the International Monetary Fund saying 'India is the only bright spot', four key factors are behind this. PM Modi's economic thinking, social thinking and political strategy rest on four pillars - massive public investments in social, physical and digital infrastructure; big focus on manufacturing and innovation; inclusive growth; and simplification," he emphasised.
Airports Doubled, Rail Network Addition
Elaborating on the first pillar of investments, Mr Vaishnaw said India's capital expenditure has grown from roughly Rs 3.5 lakh crore 10 years ago to Rs 11 lakh crore in the current fiscal, which is "humongous and unheard of in Independent India".
"This is leading to productivity improvement and employment growth in practically every sector. Airports have doubled and 31,000 km of railway lines have been constructed, which is more than Germany's entire network. In the last year alone, 5,300 km of railway lines have been built, more than the network of Switzerland. AIIMS and IITs have also been doubled in the past ten years," he pointed out.
Speaking about the democratisation of e-payments and how even street vendors use them, the minister cited an example and said he was asked by a man from "one of the richest countries" at an international forum since India has moved so far ahead, when does it plan to do something for other nations that have been left behind.
"So, the feeling now is that India is a leader in several fields of technology, unlike the past, when it used to be a follower," he said.
'Unimaginable Tasks Made Possible'
On innovation and manufacturing, the minister said India has 1.2 lakh startups, up from 300-400 ten years ago, and over 100 unicorns, which make the country one of the world's top three startup ecosystems. The 'Make In India' scheme, he said, has impacted everything from the engineering goods sector to the defence sector.
The third pillar of inclusive growth, Mr Vaishnaw, said was very important to address the economic inequality that arose because of the policies which were followed for 50-60 years. He said PM Modi made inclusive growth an integral part of every policy and this benefited everyone, especially those at the bottom of the pyramid.
"As many as 54 crore bank accounts were opened, half of which are held by women. The number is significant because the entire population of Europe is 45 crore. So, bringing a population that is higher than the population of Europe into the banking system was an unimaginable task, but it was made possible. Nearly 4 crore people have got new houses and the cooking habits of 11 crore people have changed to gas -- the entire population of Japan is 11 crore, Germany's population is 8 crore. The PM's inclusive policies have benefited more people than the population of many countries," he said.
Focus On Simplification
Simplification, the Railways Minister, said was brought about by policies like getting rid of colonial laws that have no relevance now.
"India's telecom sector was regulated using a law from 1885 - the Telegraph Act. As many as 1,500 laws have been removed from the statute books. New laws have been made. Steps were also taken towards compliance reduction - for instance, getting permissions for a telecom tower earlier took 217 days on average, which has been reduced to seven days because of a reform brought in by PM Modi in 2021. Even among these, 89% are such that you get the permissions the moment you press the 'Enter' button," he said.
Mr Vaishnaw said the scale and scope of work has expanded and PM Modi is focused on the poor and the middle class.
"Because of all this, we can say with a high degree of confidence that India will continue to grow at 6-8% real growth, 10-14% nominal growth and a very moderate inflation for the coming five years. That's the reason why when there is anti-incumbency across the world, a vibrant and vocal democracy like India has elected a government and a Prime Minister for three consecutive terms for the first time. This is because people have seen a change and transformation in their lives, which is a feeling that will also be reflected in the News Agency Indian Of The Year awards," he said.