What Key Factors Are Driving India's Growth According to PM Modi?
Synopsis
Key Takeaways
- India's growth is driven by scale, skill, and self-reliance.
- The nation boasts a youthful demographic with two-thirds under 35.
- India accounted for over 16% of global growth last year.
- RBI's GDP forecast for FY26 stands at 6.8%.
- GST collections reflect strong domestic consumption trends.
New Delhi, Oct 13 (NationPress) Prime Minister Narendra Modi on Monday emphasized an article authored by Union Minister Hardeep Singh Puri, showcasing India's unique strategy for development through scale, skill, and self-reliance.
In the publication shared by the Prime Minister’s Office (PMO) on the X social media platform, Puri remarks that “while developed nations are turning inward, India is following a distinct path, propelled by reforms, digital advancement, and the vigor of its youthful populace—elements fueling the nation’s emergence as the globe’s growth powerhouse.”
This article, released ahead of the auspicious festival of Diwali, articulates: “As lamps illuminate the landscape of India, a timeless episode from the Ramayana resonates with our current moment. Hanuman stands at the ocean’s frontier, doubtful of his capabilities, until Jambavan reminds him of his inherent strength. The subsequent leap is not a miracle; it is a testament to self-confidence. This is what Prime Minister Narendra Modi is preparing the Indian economy for—a journey that taps into its intrinsic strength to navigate global challenges. As the world retreats with new visa restrictions and tariffs, India under Modi is projecting its confidence outward, converting challenges into opportunities.”
The article also highlights that in recent months, the United States has introduced a $100,000 fee for new H-1B visa applications and a 100% tariff on branded and patented pharmaceutical imports. While these measures are framed as job safeguarding, they reveal a more profound trend: the resurgence of protectionism and demographic concerns in developed nations.
“India’s response under Prime Minister Modi has been to fortify three pillars that no tariff can affect: Scale, Skill, and Self-reliance,” the article notes.
The stark contrast with global trends is evident. China is experiencing rapid population aging, with its median age surpassing 40, while India’s median age remains below 29. Two-thirds of India's population is under 35.
This youthful dynamism, channeled through education and entrepreneurship, positions India as the engine of global economic growth. It is not merely a slogan when global institutions report that India accounted for over 16% of the world’s growth last year. This achievement stems from a decade of reforms, investments, and infrastructure developments under the Prime Minister’s guidance.
Furthermore, the RBI has upgraded India's GDP forecast for FY26 to 6.8%, citing robust domestic consumption, steady investment inflows, and a favorable monsoon outlook. GST collections in September surpassed Rs 1.89 lakh crore, marking the ninth consecutive month exceeding Rs 1.8 lakh crore, indicative of strong consumption and an expanding tax base.
Foreign exchange reserves have reached $700 billion, sufficient to cover nearly 11 months of imports, while remittances in the June quarter amounted to $33.2 billion, significantly higher than last year’s figures. The manufacturing PMI remained strong at 57.7, with services at 60.9, reaffirming India’s position as the world’s fastest-growing major economy.