In her recent Republic Day address, President Droupadi Murmu emphasized the current epochal transformation in India. Drawing parallels with the Prime Minister’s assertion that it’s “Bharat’s time,” the President underlined the nation’s need to move forward. As we stand at the intersection of tradition and progress, she highlighted the importance of Fundamental Duties enshrined in the Constitution, particularly the duty to develop a scientific temper, humanism, and a spirit of inquiry and reform.
Economic Landscape
President Murmu expressed confidence in India’s economic trajectory, citing robust GDP growth rates that outpace other major economies. However, a closer look reveals a nuanced picture. While the recent years’ growth rate is commendable, it’s essential to acknowledge the slower growth of the past decade, with the average at 4.3 percent compared to 6.2 percent in the preceding ten years.
Global Trade Challenges
One of the critical challenges lies in India’s global trade performance. Despite merchandise exports reaching a record $456 billion in 2022-23, it only constituted 1.8 percent of the global total. Projections for 2023-24 suggest a shrinkage to $432 billion. The compounded aggregate growth rate for merchandise exports over the last decade is estimated to be around 5.1 percent. The reliance on high-value items like petroleum products and gem and jewelry underscores potential vulnerabilities in other sectors.
Services Export and Real Challenges
While services exports have seen growth, particularly after the 2020 income tax rate revision, concerns linger. The lack of tangible evidence, akin to the shipping bills for goods, raises questions about the authenticity and sustainability of the reported figures. Despite efforts to enhance infrastructure and reduce logistics costs, India has yet to achieve global competitiveness. Erecting more trade barriers is not the solution; A shift from the ‘self-reliant India’ model to a ‘competitive India’ approach is crucial for future success.
Striving for Competitiveness
To achieve the vision of a developed nation by 2047, India must reevaluate its strategies. Merely focusing on self-reliance is insufficient; embracing competitiveness is imperative. This involves a holistic approach encompassing innovation, efficient infrastructure, and an enabling environment for businesses. Ramping up efforts to eliminate bottlenecks and improve ease of doing business will be pivotal in enhancing India’s global trade standing.
As India stands at the cusp of transformative change, it’s crucial to heed President Murmu’s call for a competitive India. Acknowledging economic challenges and recalibrating strategies are essential steps toward achieving the dream of a developed nation by 2047. Through sustained efforts and a commitment to global competitiveness, India can navigate the complexities of the modern era and emerge as a beacon of progress on the world stage.
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I thank you sir for your wonderful guidance, because of you we are able to predict and trade in the market, you have taught so well we thank you so much for this great work you are doing