India Has Emerged as an Economic Power, But Recent Reforms Are Superficial

Eleven years after the NDA government came to power, economic growth is strong, inflation is low, the rupee is stable, the external sector is strong, the fiscal position is better, and the bad loan problem has also ended.

- PROF. S.S. SOMRA

Though there are many global constraints and uncertainties created by tariff barriers and worsening geopolitical tensions, India has emerged as an economic power, which is important. But we have failed to push forward quality employment, manufacturing, and next-generation economic reforms.

The economic growth rate from 2000 to 2014 was driven more by private investment and the economic growth rate from 2014 to the present is driven more by government investment. But the common man did not get much benefit from these reforms. Certainly, GDP is growing, and we have moved ahead. Today we are a four-trillion-dollar economy. In 2014, we were ranked 11th. Today we are the fourth-largest economy in the world and in 2027 we will be the third largest. But GDP is just a measure. As we know, we are a big economy; we have a population of 1.4 billion.