INDIA GROWTH STORY.
It promises to be exciting, challenging and very satisfying. Hope we have the good fortune to have the right leader in place to lead us during this period.
Bharat is certainly heading to be a great economy in the next decade or two, provided, of course we are not led by leaders who adorn ministries which are, ‘at that point of time’, money spinners. Who, grab huge amounts of national wealth and clandestinely move it out of our country to countries, where their stolen millions are not only safe, but the governments there, refuse to divulge information about their ill-gotten wealth. Examples are many:
One man named ‘King’ from Tamil Nadu robbed Indian Telecom industry of hundreds of millions in just selling spectrum in which mobile signals travel. Another daughter of 3rd wife of the then CM of Tamil Nadu made a couple of crores in the same scam. Even though these so-called ministers made hundred or two hundred crores as kickbacks in this deal, the amount of money, our country lost runs into thousands of crores, as these 2G spectrums were first sold to companies for ten or twenty billion dollars, which were then sold by these companies to foreign players for 40 or 50 billion dollars more than what they paid. Similar amounts were also lost by the country’s exchequer in the Coalgate scam, during the same regime. Again, an equal amount was lost in the Augusta Westland helicopter purchase deals, which one of the leaders of the grand old party, made during the same rule. In addition to all this, our country was being inundated with printed 1000 rupee and 500-rupee notes, from our neighbouring country. They, were using the very same currency printing machine that we were using, and the same company supplying us currency paper was also supplying to them. And our country’s homeminister hailing from Maharashtra and Finance Minister hailing from Tamil Nadu were fully conversant and involved in this act.
At present, all these leaks in our economy have been plugged and corrected by Modiji.With demonetisation, the parallel economy that sustained Pakistan at Bharat’s cost has been curtailed. With Modiji’s zero tolerance for corruption, not only new possible scams have been nipped in the bud, but huge hauls of ill-gotten currencies have been got back into nations mainstream economy. During the previous dispensation at Delhi from 2004-2014 total haul of black money by ED amounted to Rs. 5,346 lakhs, an amount that can be easily carried in a couple of primary school kids school bags. But during Modiji’s period from 2014-2024, a whopping Rs. 99,356 crores have been seized. This amount would easily require many trucks, just to carry it. All this money has been ploughed back into Indian economy, strengthening it further.
During the period from 2004-2014 many high-profile business men like, Vijay Mallya, Nirav Modi and many others, were given huge loans against their industries, which were already defaulting on their earlier borrowings. With these additional lending’s at the behest of Prime Ministers and finance ministers of the time, by nationalised banks, they were only reinforcing failures of these industries. But now, during Modiji’s period from 2014-2024, new legislations have been passed to freeze assets of these absconding industrialists. This has helped the banks to auction and recover complete value of pending loans, there by discouraging over borrowing by industrial houses.
At present, there is a misnomer, that big industrialists are being pampered with direct governmental support. With this as the target, we hear certain opposition ‘dumb heads’ shouting the names of Adani and Ambani in all their public utterances. But for a nation of our size, to rise up financially in the global hierarchy, it is essential for it to have a couple of Bill Gates, Steve Jobs and Elon Musks, both to provide employment inside and earn profits outside one’s nation. Our Adani, Ambani, Tatas, Mahendras, Cyrus and Adar Poonawallas are all exactly that.
IAN BREMMER
As a result of all the above-mentioned changes and improvements, India is drawing attention of some of the world’s leading industrialists and investors. Recently ‘Ian Bremmer,’ a US Political scientist, spoke at ‘India conclave’. There he mentioned in a roundabout manner, that India would be better off getting closer to America than with Russia, while Bharat is on its quest to becoming one of the top economic super powers in the world. According to him, it is a tough proposition, being close to Russia. He said, Prime Minister Narendra Modi is trying to establish the country as the leader of the global south, and he is also positioning India as a bridge to the West.
Addressing the question of current global risks and India’s rise, he agreed, that viewing India from outside, it was certainly one of the very few positive stories. He said, countries seem to want to get closer to India as they see India as having global strategy with global South and also with the West, though not so with China. He agreed that the world was becoming an increasingly multi polar world and one of those poles was India. While drawing parallels between the growth stories of India and China, he agreed that New Delhi’s ties with the rest of the world was somewhat more durable. He appreciated that Modi was not only trying to establish India as the leader of the global south, but was also positioning India as a bridge to the west. (Of course, with Canada being an exception.) On India establishing more durable relations with Europe, Japan and the United States simultaneously, he said, it was of great value. India, was thus trying to rise harmoniously, which is a sign of stability, as also India’s ideology not being anti colonial unlike China’s, who seems to be nursing, perceived grievances. He said, India’s was a spectacular growth story. He agreed that India’s leadership made India, one of the most attractive stories, that is attracting investments from far and wide, while global environment is also responsible for this change. This therefore spells the inevitability of India’s rise even with the enormous amount of uncertainty and volatility in the future of the global order. So, if India has to grow, there are some pre requisites that have to be fulfilled post haste. These are, we need to be more predictable, more transparent, have a more effective judicial system, better infra structure, a more efficient metro system, and more multinational corporates should get to know about the India story.
So, dear readers, India is poised to face massive challenges, in the coming years, during the process of its growth and yet it promises to bean exciting growth story that we are all destined to see.
Major Biddanda Nanjappa, Recipient of President’s Gold Medal
Convener FMCGT Forum.
The facts and views presented are of the author.
