There is no better way to shut your cynic than to let your work do the talk. Amid the disruptions in the global supply chains due to the Covid pandemic and the Ukraine-Russia war, the whole world is witnessing a massive spike in energy prices. This is directly impacting their economies badly. But with a pragmatic foreign policy and decisive policies in the internal domain, India is achieving new milestones and reclaiming its stature in the Economic sphere as well as the global geopolitical order.
GDP data gives a tight slap to seasonal Economists
It has been a habit of the Modi government to prove their naysayers wrong. At the time when Covid was creating havoc, many ungrounded clique experts predicted doomsday scenarios in both the domain of life and livelihood. While the timely decisions of lockdown, speedy inoculation and PM Gareeb Kalyan Yojana saved the lives of the poor, the reformist policies and scientific manner in drafting norms for running Industries proved to be a boon for the economy. This has been vindicated by the Gross Domestic Product (GDP) data for FY 2021-2022 released by the National Statistical Office (NSO).
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As per the provisional data released by NSO, the growth in GDP during FY 2021-22 is estimated at 8.7 per cent as compared to a contraction of 6.6 per cent in 2020-21. This massive growth in the GDP is the highest in 22 years. The Real GDP or GDP at Constant (2011-12) Prices in the year 2021-22 is estimated to attain a level of Rs 147.36 lakh crore as against the First RE of Rs 135.58 lakh crore for the year 2020-21. Nominal GDP or GDP at Current Prices in the year 2021-22 is estimated to attain a level of Rs 236.65 lakh crore, as against Rs 198.01 lakh crore in 2020-21. This shows a humongous growth rate of 19.5 per cent.
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The data on the Fiscal deficit is also on the positive side. As, the fiscal deficit for FY 2021-22 worked out to be 6.71 per cent of the GDP, lower than the projected 6.9 per cent by the Finance Ministry in the revised Budget Estimates.
India registers highest growth among major economies of the World
The latest GDP growth rate also shows that India is way ahead of all other major economies. The GDP of the USA at the same time grew at 5.7%, the UK at 7.4%, France at 7% and the Chinese grew at 8.1%. Some major economies grew at a very sluggish pace as Japan only grew at 1.6% and Germany at 2.8%.
Upwards and Onwards!
India becomes the world's fastest-growing economy with a GDP growth rate of 8.7%. #IndiaBouncesBack pic.twitter.com/kbRXG3sZ4N— MyGovIndia (@mygovindia) May 31, 2022
This has been possible because of the decisive and independent foreign policy as well as the reform-oriented mindset in framing Internal Schemes and policies. Additionally, the government has created an investment-friendly environment. That is why India has been continuously registering new milestones in the Start-up sphere. Also, owing to the clear vision and clarity in drafting policies, India has been incessantly registering the highest inflow of Foreign Direct Investment (FDI) and witnessed an inflow of $ 83.57 billion in FY 2021-22.
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The story of the constant rise of India is hard to digest for the western media outlets, seasonal economists and cynics of India. So this gives a clear answer to their ill-fed stereotyping of Indians as backward and whatnot. The new India is resurgent to chart a new development path, and that will in itself bust all their propaganda and myths about India. India believes in letting its work talk rather than ungrounded moral speeches. So, the world should hear this resurgent Indian response. These loud and clear numbers are enough to shut their cynicism.