Saturday

08


April , 2023
World Bank predicts India’s growth rate third best (after China & the US) by 2024
00:51 am

Buroshiva Dasgupta


If it is a matter of concern for the world when according to the World Bank’s prediction for 2024, China tops the growth chart leaving behind the US. It is also a matter of pride that India, according to the same prediction, gets a third position just after the US. Undaunted by the pandemic, India seems to be forging ahead in global perceptions, despite setbacks like the Hindenburg reports and suspension of the MP-ship of the opposition leader Rahul Gandhi.

Somehow, while the internal politics at present in India does not quite evoke confidence, India’s performance in economy one cannot just ignore. When the pandemic was on, there were several critics who predicted starvation for Indians. Not a single person died of starvation. Instead, free rations came as a big relief; distribution of food grain from the FCI godowns was effectively organised. Then came the distribution of the vaccines, both within the country and abroad. Even the enemies grudgingly admitted its success. Despite the pressures on the exchequer, the Indian economy attained newer heights, when stable economies like the US and UK were tottering by the impact of the pandemic. The recovery of the Indian economy was surprisingly fast, so much so that when Sri Lanka was going bankrupt, India came up with `20,000 crore immediate aid and many more thereafter.  The success of India’s foreign diplomacy soared and the British Minister chose to ignore the world’s complaints that India was not allowing the exhibition of a ‘negative document’ created by the UK's broadcasting corporation.

India has shown exemplary patience with China despite provocation from across the border. As the host of the G20 meeting, the Indian prime minister clearly announced that India will continue to treat the QUAD formation with Japan, the US and Australia merely as a cultural and trade platform.  India’s stand on this point goes against the world perception that QUAD is a military alliance (just like NATO in the west) formed to counter the aggression of China.  India still is an active member of BRICS where India shares a common friendly platform with China and turning QUAD into a military alliance (which the US continues to persist in) would be going against the very spirit of Indian diplomacy.

Even being critical of the handling of internal politics in India, one cannot but stand by with praise with India’s foreign affairs and its handling of economy. There may be a few points of concern like inflation along with prices of fuel and unemployment and in growth in manufacturing one cannot ignore the  budget’s  emphasis on infrastructure. The roadways in India have been improving rapidly, thanks to the golden quadrangle envisioned by Atal Behari Vajpayee.  The present government has been pumping in huge amounts for its fast implementation, with great electoral benefits. The railways is undergoing a metamorphosis and it is expected that this will add to the speed of transportation considerably. Many areas  like in the northeast which were earlier considered to be inaccessible  are being linked with railways. China may have plans to conquer the world through its ‘one belt, one road’ (OBOR) projects – building roads and railways through the tough terrains of Tibet and the Himalayas to reach out its trade to Europe. India on the other hand is building its road and railway networks internally across its vast territory. This will not only make life easier, but boost interstate exchange of resources much more effectively. India is looking inwards to make itself rich.

The linking of rivers project may have run into rough weather. But India can still replicate the international naval route planned by China in OBOR - again internally - along its vast river basins.  A beginning has been made in the Varanasi - Guwahati route through the Ganges, via Kolkata and Bangladesh.

 

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