Remember that time, about 33 years ago, when PV Narasimha Rao was the Prime Minister of the country and Manmohan Singh was the Finance Minister of the country. The duo gave that direction to the country’s economy by linking it with globalisation. So all the doors of the world were opened for the country. Along with this, it became easier for those foreign companies and those powerful people of the global economy, who see India as a big market, to enter India. After that, the country never looked back. After that, the Prime Minister of the country can be Atal Bihari Vajpayee, or later, the UPA government for 10 years. Which was led by none other than Manmohan Singh, who brought liberalisation to the country. During that time the growth rate of the country was going like a rocket.
Then came the era of Narendra Modi. During the first 10 years of his rule, he gave a new direction to the country’s economy and shaped the image of the country on the world stage. In which it seemed that only India could become the growth engine of the world. Today, the country is seen as leaving many developed countries of the world behind on the basis of Digital India. UPI, which is not even 10 years old, has become the largest alternative payment system in the world. Apple, the largest company in the world, is leaving China and manufacturing its products in India. From Facebook to Google and Microsoft, many companies are investing in India and helping to make India a country that no one had ever imagined.
The question is whether anyone ever thought that India, which in 1990 was lagging behind the United States, Europe and even many Asian countries, has now become the fifth largest economy in the world. It is on the verge of becoming the third largest economy in the world in the next few years. Yes, for those who saw and understood the era of 1990, perhaps the current reality is like a dream. But when we talk about 1990, then we open the pages of history again and remember what the country’s GDP was during that time. At that time, the two largest countries in the European Union, the United Kingdom and France, were ahead of India in terms of GDP.
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The current situation is exactly the opposite. The United Kingdom may not be a member of the European Union today, but today it is proud of itself by signing a free trade agreement with India. France, which was discussed among the developed countries of the world, is now far behind India in terms of GDP. Let us try to understand in the language of statistics what the situation was in India and these two countries in the year 1990. Where are these three countries now?
India was once four times behind
In the 1990s, the country’s GDP was not even 500 billion dollars. Yes, this is true. If we look at the figures for that year, the country’s GDP was 320 billion dollars, i.e. 0.32 trillion dollars. While both Britain and France had surpassed the trillion-dollar economy. According to statistics, at that time the British economy amounted to 1.2 trillion dollars. While the figure for the French economy was close to 1.27 trillion dollars. This means that the British economy was 3.75 times ahead of India. While France had an economy 3.96 times larger. That means that there was a huge gap between India, Britain and France. Which was impossible to bridge according to the thinking of that time.
In the current situation, India is ahead.
Now the current situation has become completely opposite. India’s economy is now worth about $4 trillion. If we talk about exact figures, India has reached $3.94 trillion in terms of GDP. If we talk about the UK, its GDP is $3.5 trillion. This is $440 billion less than India’s GDP. On the other hand, if we talk about France, its GDP is just over $3 trillion. This means that it currently amounts to $3.13 trillion. This means that France is currently $810 billion behind India’s GDP. We can now understand how fast India’s GDP has grown after globalization in 1991.
Now just look at the growth.
When the question of growth has come to the fore, let us examine it as well. Talking about India, there has been a growth of more than 12 times in 34 years. This means that the country’s GDP has seen an increase of 12.31 times. Now, if we talk about Great Britain, the GDP growth here has been almost 3 times higher. France, one of the largest countries in Europe, has seen a significant increase in its GDP. In 34 years, France’s GDP growth is less than two and a half times, i.e. 2.46 times. Now you can understand why India is considered the engine of the global economy today.
India gives no chance
If we look ahead, India is not giving Britain and France any chance of progress. According to experts, the country’s economy can reach $7 trillion and become the third largest economy in the world behind Germany and Japan. If we talk about economic growth, it has been more than 7 percent in the last few years, which is not the case in any country in the world. Be it the World Bank or the IMF, both estimate that the growth for the current financial year will be around 7 percent. This too when the global economy is going through a crisis. The world’s largest economy, the United States and then China, are both in financial crisis.
India’s development goal
Indian Prime Minister Narendra Modi had talked about developing the country by 2047 before the 2024 Lok Sabha elections. The youth of the country is dreaming of a developed India. The dreams of the current youth are linked in this dream. The vision document for the development of the country has also been seen in the budget of July 2024. Of which the government is only giving a glimpse. According to experts, the economic growth of the country should be maintained at around 9 percent till 2047. Also, millions of jobs need to be created in the country. On which the government seems to be working rapidly. China and the US are also watching this growth of India. They do not want to lose their crown at all. But the Indian economy has started moving on that path. Who has the power to leave everyone behind. And those who are behind have no chance to get ahead of India.
