On January 6, Antoinette Sayeh, the Deputy Managing Director of the International Monetary Fund (IMF), described India as a relative bright spot in the global economy, growing at rates substantially above those of its peers.India is emerging as a bright spot among these gathering economic gloom, with its growth anticipated to be greater than that of other significant economies. This is also corroborated by the latest official data. The first advance estimates for 2022-23 released by the National Statistical Office (NSO) on Friday estimated Gross Domestic Product (GDP) growth at 7%, which is higher than 6.8% estimated by the Reserve Bank of India (RBI) last month. The fact that inflation is under control is another important element in India’s favour. When most of the world, including large advanced countries, were unable to manage inflation, the Narendra Modi government used nimble, flexible, and targeted policy measures to do so.
Source: GoodreadsHowever, Modinomics is not simply about growth. It aims to promote equitable growth and a just economy. The PM’s phrase, sabka saath, sabka vikas, is a mantra for policymakers who want to foster prosperity and equity. The foundation of Modinomics, which places an emphasis on economic development rather than just growth, is made up of the guiding principles established by the Modi government. Every component of this talisman is actual-either complete or in the progress. A well-known industrialist Mr. Gautam Adani also applauded the government’s measures for the growth of the economy on a recent episode of Rajat Sharma’s Aapki Adalat, saying that the Indian economy is expanding at a very good rate and has a very bright future.What do you think about these policies? Let us know in comments.
