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Steering India Towards a Brighter Future

As Narendra Modi embarks on his third term as Prime Minister, India stands on the cusp of transformative changes

Narendra Modi, the charismatic and dynamic leader, has embarked on his third term as the Prime Minister of India. As the head of the world’s most populous country, Modi faces the monumental task of steering India towards unprecedented socio-economic and cultural development. The new government has to focus on economic resilience, socio-cultural development, and leveraging ancient wisdom to provide a robust framework for future growth.

A REALM OF OPPORTUNITIES AND HURDLES

India's economy, the fifth largest in the world, has shown remarkable resilience in the face of global challenges. Post-pandemic recovery has been robust, with a revised GDP growth rate according to the UN’s World Economic Situation and Prospects report of 6.9 per cent for 2024. The government’s focus on infrastructure development, digitalisation, and manufacturing under the 'Make in India' initiative has spurred economic activity. However, inflation remains a concern, driven by volatile global energy prices and supply chain disruptions.

The previous BJP-led NDA governments have laid a strong foundation for Modi's third term. The implementation of the Goods and Services Tax (GST) has streamlined tax structures and boosted revenue. The Insolvency and Bankruptcy Code (IBC) has improved the resolution of non-performing assets, thereby strengthening the banking sector. Social welfare schemes like the Pradhan Mantri Jan Dhan Yojana, and the Ayushman Bharat scheme, have had a profound impact on the socio-economic fabric of the country. The government’s emphasis on building a digital economy has led to widespread internet penetration, fostering innovation and entrepreneurship. Initiatives like Digital India and Startup India have empowered millions of young Indians to create new enterprises, thus boosting job creation.

Moreover, the focus on renewable energy has positioned India as a leader in the global fight against climate change. The International Solar Alliance, an initiative led by India, aims to harness solar energy on a global scale, reducing dependency on fossil fuels and promoting sustainable development.

The country's strategic partnerships with major economies, its active role in international forums like the G20, and its contributions to global peacekeeping missions underscore its growing influence. India's demographic dividend, with a young and dynamic population, is a significant asset that, if harnessed correctly, can propel the nation to new heights.

WISDOM FROM THE AGES

India's ancient wisdom, embodied in texts like the Vedas and the Upanishads, provides a philosophical underpinning for modern governance. A profound illustration of this is found in the Bhagavad Gita, which begins with the unique phrase: ‘Dharmakshetre Kurukshetre.’ This phrase translates to ‘the field of dharma and the field of karma,’ underscoring the inseparable nature of righteousness (dharma) and action (karma). This duality is a guiding principle in the life of Narendra Modi, who embodies a harmonious blend of spiritual seeking (saadhana) and decisive governance (shasana).

Concepts like 'Vasudhaiva Kutumbakam' (the world is one family) and 'Sarve Bhavantu Sukhinah' (may all be happy) resonate with the idea of inclusive growth and global cooperation.

Moreover, ancient Indian practices like Yoga and Ayurveda are gaining global acceptance, enhancing India's cultural influence, and showcasing its soft power. These timeless principles not only provide a moral compass but also offer pragmatic solutions for contemporary governance, promoting holistic and sustainable development.

UNITED FOR A PROSPEROUS FUTURE

Despite these positive strides, several challenges loom large. The agrarian crisis remains unresolved, with farmers demanding better prices and more support. Urbanisation is straining infrastructure in cities, leading to congestion and pollution. Social inequality, particularly regarding caste and gender, still hinders inclusive growth.

While challenges remain, the positive steps taken by previous BJP-led NDA governments offer a strong foundation to build upon. Modi 3.0, though a coalition government, benefits from Narendra Modi's strong individual leadership and his practical and astute political acumen. His spiritual practices imbue him with a sense of non-attachment, allowing him to lead with clarity and resolve. With the full support of his coalition partners and a collective national effort, India is poised to emerge as a global powerhouse. Let us congratulate and applaud Team Modi for their relentless pursuit of a prosperous and inclusive India.

— Nazeer Veliyil is Chief Executive Officer of BorgRollsWarner (UK) Limited.