With all the challenges that the world has been dealing with due to the pandemic, India has consistently been in the limelight. It’s not just about reinstating its image, but it has also managed to raise its profile on the global platform and is now prepared to take charge both economically and in terms of humanitarian efforts.
Over the last few years, foreign investments in India’s infrastructure sector have been particularly noteworthy. Countries like the USA, Canada, and Singapore have made significant investments. Sectors such as renewable energy, roads and logistics, telecom, and communications have accounted for more than half of the total foreign infrastructure development in the past five years. As a result, the inflow of FDI has played a pivotal role in the country’s economic development, making India a highly favored destination for investments.
Over the past two years, India has successfully navigated the economic challenges caused by the pandemic. As a result, India has gained recognition for its institutional strength and welcoming nature. India’s generosity and assistance during this critical time have contributed to its current status as a powerful nation. In addition to protecting its own citizens, India has also distributed billions of vaccines to other countries, making a significant impact on the global community. This has earned India recognition and respect worldwide for its positive influence.
Another breakthrough is the G20 summit and its presidency, which India has acquired through its hard work and dedication. It has not just raised the stature of India, but it has also raised the bar of the very G20 meet. The country’s motto of “Vasudhaiva Kutumbakam” emphasizes the belief that the world is one big family, and India is striving to create a more prosperous, futuristic, and inclusive society that is centered around people. As a result, the G20 summit marks the beginning of the “Amritkaal” envisioned by leaders.
The effects of COVID-19 still lingering throughout the global economy, food shortage, foreign debts, energy insecurities, geopolitical tensions, civil war, climate change, and inflation need to be addressed. To actively counter the crisis, India is attempting to pragmatically find solutions.
Along with other global issues, inflation is on the rise and is impacting both advanced and emerging nations. Therefore, the countries need to implement policies to combat inflation without having a negative impact on other countries.
Moreover, the prime minister, Modi, has claimed, despite many issues, that the government has been taking required measures to curb the inflation rate by two percent lower than that of the average inflation of the rest of the world. Amidst all adversities, India has managed to become the fifth-largest economy and is striving to become the third-largest by 2027. Adding on to this, Modi said, “The way our country did it, I think, is as important. It is a fact achieved because there is a government that is trusted by the people, and in turn, the government too trusts the capabilities of the people,”.
Hence, political stability is the basis for the structural reforms of India.
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