“Nothing else in the world, not all the armies are as powerful as an idea whose time has come” these lines by Victor Hugo holds true even for a nation.
When India gained Independence from British rule in 1947, we were an unsettled nation of 34 crore population displaced due to riots, partition, and poverty. India’s glorious past was gone. We were no longer a crowned jewel of British Empire.
We had to choose our own path for the future. “Two roads diverged in a wood, and I took the one less travelled by, And that made all the difference.” -Robert Frost
India chose to have a democratic form of government with universal adult franchise which enabled every adult citizen of the country to participate in electing the government. The idea was restricted to advance nations and skeptics thought India will not be able to manage. We have proved our skeptics wrong. Today We are the largest and most vibrant democracies in the world.
Similar policies with respect to Industrialisation, Education, Poverty Eradication, Literacy, and growth were taken. Though All did not work in nation’s favour.
In 1990s, our policy makers realised it the hard way that what got us here will not take us where we aspire to be as a nation. India took bold economic reform measures and liberalised our economy. It turned out to be a decisive moment.
Our GDP has grown from $266 bn in 1991 to $3 tn in last 30 years, over 1100% increase. Per Capita Income has gone up from $368 to close to $2000.
The world has seen a new rising India in recent years. We are one of the fastest growing major economies of the world. A nation with an average age of 30 years, we are one of the youngest nations globally.
With literacy rate of youth in our country over 90%, we have made unprecedented progress in technology and digital infrastructure. India’s start-up ecosystem ranks among the best in the world, we are home to 100 plus Unicorns.
We are making similar strides in sports too. We are no longer a docile nation. We play to win. The killer instinct which our athletes and sportsmen show reflect the mood and the spirit of the nation.
Our youth from grassroot levels and humble background are rising to the top in their professions be it sports, medicine, technology. Young first-generation entrepreneurs are becoming billionaires with their own perseverance, skill, and efforts.
In terms of defence, infrastructure, healthcare, space technology we are way ahead than many advanced nations.
The bold reforms of 1991 also included Capital Market reforms. We took a leap of faith and adopted to Electronic Trading when most of the advanced economies were still having open outcry method of trading.
Our regulations governing capital markets are one of the best globally. Youth today have realised that investing in financial asset classes is far more transparent and beneficial as a result Demat account base has more than doubled over last 3 years and is growing.
Foreign Investors find our economy to be among the best investment destinations globally.
In the hindsight the road less travelled which we took in form of Democracy, is proving to be the differentiating factor which brings trust and confidence among foreign investors.
As we commemorate 75th year of Independence, we remember the contributions of our freedom fighters, leaders, and policy makers whose sacrifices, vision and bold initiatives has brought us where we are today as the 6th largest economy globally.
Next 25 years belong to India, a nation which has been the bedrock of civilisation, inventions, cultural assimilation; a nation which has stood back time and again after being plundered, looted, and ignored; a nation which has found its lost place and is now ready to take on the world; a nation, whose time has come.
Let each one of us do our bit to make India, the 3rd largest economy of the World.
A Proud Indian. Jai Hind!!
(Views expressed are personal)