India's budget will be ray of hope for the world! : Modi
Prime Minister Narendra Modi’s face graced the cover of a prestigious Time Magazine edition in 2012. He had not moved to Delhi’s 10, Lok Kalyan Marg till then. The title of the story, “Modi Means Business,” reflected his working style during his 11-year tenure as Gujarat’s Chief Minister and served as an endorsement of the Gujarat model of development.
However, the sub-header just below the headline raised eyebrows, asking if he could lead India. Nearly a decade after his ascension to power at the centre, the question has been settled, and in hindsight, the aspersion only reveals Time Magazine’s failure to assess his capabilities.
Today, Narendra Modi is not only India’s tallest leader but also a symbol of global aspirations and hopes. The latest aviation deal, considered the world’s largest, is yet another example of his prowess. Under the agreement, Air India will purchase 470 aeroplanes from US-based Boeing and French corporation Airbus, providing a historic opportunity for the global aviation sector to reverse its current slowdown. While many people still see the US, UK, and France as dream destinations for realizing their ambitions, the leaders of these countries have thanked India for creating new opportunities for their people through this pact.
US President Joe Biden aptly termed the deal as historic, while his French counterpart Emmanuel Macron has sung paeans for PM Modi’s trust in his country’s manufacturing sector. Indian-origin UK PM has also echoed these sentiments, as the British company Rolls-Royce will be manufacturing engines for the aeroplanes.
Such praises hold significance in global affairs, particularly from the capitals of rich nations. This “mother of all aviation deals” is likely to give a fresh impetus to the ailing US, UK, and French economies. The US, in particular, faces a major economic slowdown, with nearly 3 lakh people losing their jobs during the past year. Many analysts predict that at least six out of ten US companies, on average, may be forced to retrench staff in the coming days. The estimated creation of 10 lakh jobs across 44 US states through this deal is an incentive that the Biden administration can hardly ignore. Similarly, the UK economy is expected to grow only by a meagre 0.3% in 2023-24, and the Air India deal is anticipated to generate lakhs of jobs there as well.
It is a source of great pride for all Indians that an Indian company, under Indian leadership, is making a significant contribution to the global economy. This was evident when the US and French Presidents expressed their elation to PM Modi while the UK Prime Minister searched for appropriate words of gratitude for him. Additionally, this deal is highly beneficial for India, which is currently on track to become a $5 trillion economy and is expected to become the world’s third-largest aviation market soon. Indian aviation companies are set to add 2,000 new aeroplanes to their fleets over the next 15 years, while the number of airports has increased from 74 to 174 in just eight years. The UDAN scheme is linking remote areas to the aviation network, which will further promote economic and social development in those regions. The “Make in India – Make for the World” vision is also opening up new opportunities in various manufacturing sectors.
Under PM Modi’s leadership, the world has realized that India means business. It is the world’s fastest-growing large economy and the largest consumer of smartphone data, as well as the second-largest user of the internet. India ranks second in the Global Retail Index and has the world’s third-largest start-up ecosystem. The record foreign investment in India last year is further evidence of the world’s growing faith in the country.
Indian vaccines played a crucial role in preventing even greater losses from Covid-19 globally, and India’s diplomacy is seen as a beacon of hope in balancing the interests of competing global powers. Countries such as Japan and Australia, along with the US, rely on India to counter the Chinese threat, while India has helped its close neighbour Sri Lanka from an economic catastrophe. The Modi government’s prompt response to the Turkey earthquake has also been widely appreciated.
Even mega-deals such as the one mentioned in the article are now concluded without any suspicion of corruption. This is a significant improvement from the previous government when most trade and defence deals were mired in corruption scandals. The speed at which this deal was expedited is unprecedented in India’s history, according to many highly-placed sources.
The new India is daring to dream big and is committed to achieving those dreams. Gone are the days when India was known for poverty and foreign aid. This 21st-century nation knows its place in the world and is confidently moving forward to regain it. The Modi government continues to invest in infrastructure despite a global slowdown, demonstrating its commitment to the country’s goal of becoming a developed economy. It is remarkable that the same America that once referred to India as a “country of beggars” while providing sub-standard wheat is now relying on India to create jobs for its people. The transformation is remarkable.
