Amid global turmoil and geopolitical tensions, the world has hopes from India and one of the key reasons for this is the country’s growth story, which is based on four pillars that have been the focus for PM Narendra Modi, Union Minister Ashwini Vaishnaw has said.

Delivering the keynote address at the NDTV Indian Of The Year on Friday, Mr Vaishnaw – who holds the Railways, Information and Broadcasting, and Electronics and Information Technology portfolios – also said that more bank accounts have been opened in India than the entire population of Europe. 

Beginning his address, Mr Vaishnaw appreciated NDTV for recognising people who don’t normally feature on screens and don’t make headlines. 

Speaking about global geopolitical and technological changes, he said the Western world and the rich countries took on a debt of $9 trillion – “unprecedented in the history of human beings” –  during the Covid period alone, and the effects of Artificial Intelligence (AI) are being felt in every aspect of life. 

On geopolitical shifts, he said that the economic centre of gravity is shifting towards Asia, which has generated a lot of friction between countries that have been financial leaders for a century or more. 

“So if you look at these factors together, the world is in a state of turmoil, in a sense. Two wars are on, we have seen supply chain disruptions… Amid all this, if there is one country that the world has hope from, it is India. It is not a coincidence that we are growing at a sustained rate of 6-8%. PM Modi’s considered thought process and a clearly laid out plan is behind our consistent growth and moderate inflation,” Mr Vaiishnaw said.

“If we analyse this growth and statements like the International Monetary Fund saying ‘India is the only bright spot’, four key factors are behind this. PM Modi’s economic thinking, social thinking and political strategy rest on four pillars – massive public investments in social, physical and digital infrastructure; big focus on manufacturing and innovation; inclusive growth; and simplification,” he emphasised.  

Airports Doubled, Rail Network Addition

Elaborating on the first pillar of investments, Mr Vaishnaw said India’s capital expenditure has grown from roughly Rs 3.5 lakh crore 10 years ago to Rs 11 lakh crore in the current fiscal, which is “humongous and unheard of in Independent India”.

“This is leading to productivity improvement and employment growth in practically every sector. Airports have doubled and 31,000 km of railway lines have been constructed, which is more than Germany’s entire network. In the last year alone, 5,300 km of railway lines have been built, more than the network of Switzerland. AIIMS and IITs have also been doubled in the past ten years,” he pointed out.

Speaking about the democratisation of e-payments and how even street vendors use them, the minister cited an example and said he was asked by a man from “one of the richest countries” at an international forum since India has moved so far ahead, when does it plan to do something for other nations that have been left behind.

“So, the feeling now is that India is a leader in several fields of technology, unlike the past, when it used to be a follower,” he said.