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India Today
2 days ago
- Business
- India Today
From broken colony to economic giant: How India rewrote its destiny
In 1947, India was a nation on life support. The departing British Empire left behind a hollow shell: 75% of the population trapped in subsistence farming, literacy at a dismal 17%, and a per capita income of just 240. The colonial extraction machine had perfected the art of draining wealth, exporting raw materials whilst destroying local industries with cheap manufactured imports. Railways served ports, not people. Independence brought political freedom, but economically, India faced an existential that broken nation stands as the world's fourth-largest economy, with a GDP of $4.19 trillion. The transformation reads like an epic screenplay, but the journey was anything but smooth. The Socialist Years: Dreams and StagnationJawaharlal Nehru's vision was bold: a self-reliant India powered by state-led industrialisation. The Five-Year Plans became the blueprint for development, focusing on heavy industry, irrigation, and power generation. The Green Revolution of the 1960s banished food shortages, turning India from famine-prone to alongside achievements came the License Raj, a suffocating maze of permits and controls that strangled entrepreneurship. By the 1980s, India's modest 3.5% annual growth had earned the mocking label "Hindu rate of growth". The socialist dream was alive but sluggish, and cracks were showing in the Great Awakening: 1991 ReformsThe breaking point arrived in 1991 with a balance of payments crisis so severe that India had barely two weeks of import cover remaining. The government quietly pledged gold reserves to the IMF. Survival demanded radical Minister P.V. Narasimha Rao and Finance Minister Dr Manmohan Singh wielded the scalpel with precision. The License Raj was dismantled, tariffs slashed, and the rupee devalued. Foreign investment caps were lifted, loss-making public enterprises privatised. For the first time in decades, competition was embraced rather than results were electric. GDP growth shot up to 6-8% annually, foreign exchange reserves ballooned, and the IT revolution transformed Bangalore into a global technology hub. IT exports exploded from $565 million in 1991 to tens of billions within two Acceleration: 2000s and BeyondBetween 2003 and 2008, India achieved near-China levels of growth, clocking 7-9% annually. The 2008 global financial crisis tested its resilience, but stimulus measures cushioned the impact. The 2010s brought ambitious reforms: the 2016 demonetisation drive targeted black money, whilst the 2017 Goods and Services Tax unified India's chaotic taxation delivered a severe blow, shrinking GDP by 7.25% in 2020. Yet India bounced back remarkably, the crisis actually turbocharging its digital economy. UPI payments exploded, e-commerce became mainstream, and fintech startups Present RealityBy 2025, India had achieved the unthinkable, leapfrogging Japan to claim fourth place globally. Growth in 2024-25 reached 6.5%, the fastest among major economies. Exports hit a record $824.9 billion whilst inflation cooled to 2.82%. Policy initiatives like Make in India and Atmanirbhar Bharat supercharged manufacturing and technology challenges persist. Income inequality yawns wide between states, per capita GDP still lags developed nations, and job creation struggles to match youth aspirations. Agriculture employs nearly half the workforce whilst contributing less than 15% to Road AheadThe IMF predicts India will overtake Germany by 2028, potentially crossing $5 trillion in GDP. With a young population, digital dominance, and reform-hungry policies, the question isn't whether India can rise further but how quickly it can rewrite global league tables colonial plunder to planned stagnation, from socialist caution to capitalist ambition, India has shapeshifted through every storm. The fourth-largest economy tag isn't the finish line; it's merely the halfway mark in a marathon towards economic superpower status.- Ends
Hans India
16-07-2025
- Business
- Hans India
PV changed India's future: CM Naidu
New Delhi: Describing former prime minister PV Narasimha Rao as a remarkable intellectual and visionary with a reformist zeal, Andhra Pradesh Chief Minister Nara Chandrababu Naidu on Tuesday said that PV transformed India's future, and everyone today was enjoying fruits of his far-reaching economic reforms. Delivering the lecture on "The Life and Legacy of PV Narasimha Rao" at the Prime Minister's Museum and Library here, Naidu recalled his warm and respectful relationship with PV Narasimha Rao, rooted in their shared Telugu heritage, describing him as a 'shining example of balance and political maturity'. "I had a very good relationship with him and knew him very well. The Telugu community is proud of him. He was a true Telugu bidda who reshaped the destiny of our great nation," the Chief Minister said. Highlighting Rao's extraordinary intellect, Chief Minister Naidu noted, "He mastered 17 languages," embodying India's rich cultural diversity. He remarked that Rao's linguistic prowess serves as an inspiration in today's environment, where language often sparks debate. The Chief Minister emphasised that Rao was among the rare leaders with firsthand experience in navigating India's socio-economic and political challenges, both before and after economic liberalisation. Speaking about the pre-1991 economic landscape, the Chief Minister described a country shackled by the "License Raj," with growth stagnating at a mere 3-4 per cent. By 1991, India faced an unprecedented economic crisis, and foreign reserves had plummeted to dangerously low levels. He drew a parallel between PV Narasimha Rao's strategic courage and that of China's Deng Xiaoping, who initiated China's reforms in 1978. He underscored that a leader's public policy combined with the political will to execute it forms a powerful combination. Recognising the crisis as an opportunity, Rao launched the historic 1991 economic reforms, fundamentally transforming India's future. "We are all here today enjoying the fruits of the reforms he initiated," Naidu said. Praising PV Narasimha Rao's political acumen, the Chief Minister highlighted that despite leading a minority government, Rao achieved the 'near-impossible" by forging consensus among socialists, communists, and capitalists. He credited Rao's pivotal role in ending the License Raj, welcoming foreign investment, and setting the stage for India's IT revolution in the mid-1990s. "Thanks to his reforms, India overcame its balance of payments crisis, opened up its economy, and set the stage for future growth," he added. The Chief Minister reflected on the IT boom that followed economic liberalisation, crediting Rao for enabling India's "first-mover advantage." He emphasised India's strength in its demographic dividend, stating, "All countries are facing ageing problems. India has youngsters. I am 100 percent confident that India will become a global leader." Economic reforms, demographic dividend, and a first-mover advantage in IT continue to be India's greatest strengths, he observed. Naidu congratulated the Prime Minister's Museum and Library Committee for its efforts to preserve India's political legacy. He also called upon the youth to enter politics, asserting, "Politicians shape policy. Youth must participate to shape the future." The event concluded with the Chief Minister felicitating PV Prabhakar Rao, the former prime minister's son, and NV Subhash, his grandson. A question-and-answer session and prize distribution to young achievers followed.
The Hindu
16-07-2025
- Business
- The Hindu
Andhra Pradesh CM Naidu defends Hindi in schools, says P.V. Narasimha Rao, a scholar in 17 languages, is an example
Amid the ongoing row over alleged imposition of Hindi in schools through the National Education Policy (NEP), Andhra Pradesh Chief Minister N. Chandrababu Naidu has defended the Union government's proposal, saying that the former Prime Minister, P.V. Narasimha Rao, has become a famed scholar by learning 17 languages. 'P.V. Narasimha Rao was a scholar, fluent in 17 language. Now, we are talking why should we learn Hindi. Narasimha Rao had become a great man as he not only learnt Hindi but other languages too,' Mr. Naidu said while delivering the sixth of the PMs' lecture series on the topic, 'The life and legacy of P.V. Narasimha Rao', at the Prime Ministers' Museum and Library, in New Delhi on Tuesday. Deputy Chief Minister K. Pawan Kalyan and HRD Minister N. Lokesh had already unequivocally supported promoting Hindi as a language. Mr. Pawan Kalyan's Jana Sena Party and Mr. Naidu-led TDP are partners in the NDA from South India. Recalling Narasimha Rao's contribution in nation-building, Mr. Naidu, 'I had a very good equation with him and knew him very well. The Telugu community is proud of him. He was a true 'Telugu Bidda' who had reshaped the destiny of our great nation,' Mr. Naidu observed. Speaking about the pre-1991 economic scenario, Mr. Naidu outlined how the country had been shackled under the 'License Raj', with growth stagnating at 3-4%. By 1991, India was saddled in an unprecedented economic crisis, and foreign reserves dropped dangerously low, he said. Comparing Narasimha Rao's strategic courage to that of Deng Xiaoping of China, who initiated China's reforms in 1978, Mr. Naidu said the former Prime Minister had recognised crisis as an opportunity and launched the historic 1991 economic reforms, decisively transforming India's future. 'We are all here today enjoying the fruits of the reforms he initiated,' Mr. Naidu asserted. Praising the political acumen of Narasimha Rao, the Chief Minister said, despite leading a minority government, he had achieved the near-impossible by forging consensus among Socialists, Communists, and Capitalists alike. Narasimha Rao had played a key role in ending the License Raj and welcoming foreign investment, and setting the stage for India's IT revolution in the mid-1990s. 'Thanks to his reforms, India overcame its balance of payments crisis, opened up its economy, and set the stage for future growth,' Mr. Naidu said. He credited Narasimha Rao with the IT boom that was witnessed after the economic liberalisation. The Chief Minister also recalled his association with the former Prime Minister, Atal Bihari Vajpayee, recognising his vision in building India's infrastructure and telecom backbone. Further, Mr. Naidu described 2014 as a turning point, and credited Prime Minister Narendra Modi with ushering in a new era of bold, decisive leadership. 'Under Mr. Modi's stewardship, India rose from the 11th to the 4th largest economy, with a clear trajectory to become the 3rd largest by 2028,' Mr. Naidu emphasised. 'Mr. Modi is as a leader who instills national pride, global respect, and strong foreign relations,' he said. Drawing comparisons to other economies, he remarked that 'the goal is not just to grow fast, but to grow fairly, where every citizen, every region, and every sector shares fruits of progress, rightly called Sabka Sath, Sabka Vikas, Sabka Vishwas.' He also noted that according to the World Bank, India was among the top four most income-equal countries, lifting over 17.1 crore Indians out of poverty in the last decade. 'Public policy must serve the people. For it to work effectively, we need stable governments and visionary leaders,' Mr. Naidu asserted. He highlighted India's global recognition in space, healthcare, entrepreneurship, and the rise of Indian billionaires as symbols of this transformation. Later, Mr. Naidu took questions from the audience during which he elaborated his vision for Andhra Pradesh, particularly in the technology sector. He said that the Quantum Valley initiative was in line with the National Quantum Mission, aiming to create India's answer to Silicon Valley. He highlighted curriculum reforms, youth leadership in his party, and a conscious effort to bring young, educated MLAs into governance. On agriculture, he said, 'We must handhold agriculture as our traditional occupations evolve.' On equitable wealth distribution, he emphasised the need to align the aspirations of farmers with broader policy reforms. Mr. Naidu added, 'I am 100% confident that by 2047, India will be the No. 1 country in the world. When we celebrate 100 years of Independence, Indians will lead the world.' The Chief Minister felicitated the former Prime Minister's son, P.V. Prabhakar Rao, and grandson N.V. Subhash on the occasion.
NDTV
14-07-2025
- Business
- NDTV
Delhi Cuts Approval Time From 120 Days To 20 For Green Industries
The Delhi Government has slashed the approval time for Consent to Operate (CTO) from 120 days to just 20 days for Green Category industries. Applications will now be deemed approved if no action is taken within that period - a move government says will end long-standing delays and procedural bottlenecks. The announcement was made on Monday by Environment and Industries Minister Manjinder Singh Sirsa who called the reform "historic," claiming it will benefit more than 65 categories of low-pollution industries operating in the capital. "This is a long-awaited change. We've done what could not be done in the last 50 years," the Minister said at a press conference, thanking Lieutenant Governor Vinai Kumar Saxena and Chief Minister Rekha Gupta for backing the reform. "Most of these sectors are driven by small and medium enterprises, and they've been trapped in red tape for far too long." The move is aimed at simplifying operations for non-polluting units such as apparel manufacturers, cold storage facilities, ayurvedic medicine producers (without boilers), packaging, furniture, toys, and aluminium product makers, among others. Under the new rules, the Delhi Pollution Control Committee (DPCC) will have 20 days to decide on a CTO application. If no response comes within that time, the clearance will be granted automatically - no further follow-ups or documentation required. The reform will take effect from August 2025. According to the Minister, the change is part of a broader push to streamline governance and improve ease of doing business in the capital. A Single Window System is also being rolled out across departments to integrate approvals and cut down manual processes. "This is the end of the old License Raj mentality," Mr Sirsa said. "We are shifting to a trust-based, time-bound model that gives businesses the confidence to invest and expand." Industry representatives have welcomed the announcement but feel implementation on the ground would be key. The reform also aligns with the Centre's push for Ease of Doing Business and is being projected by the BJP-led Delhi government as part of its commitment to make the capital more business-friendly - especially for the MSME sector. For small and medium-sized industries, long caught in approval limbo, this could be the break they've been waiting for. But as the deadline-driven model replaces months of paperwork, one question hangs in the air - will it work as promised when the first applications hit the system?
India Gazette
28-06-2025
- Politics
- India Gazette
"A visionary who transformed the country's economic condition": YS Reddy pays tribute to Narasimha Rao on his birth anniversary
Amaravathi (Andhra Pradesh) [India], June 28 (ANI): YSR Congress Party (YSRCP) chief YS Jagan Mohan Reddy on Saturday paid tribute to former Prime Minister PV Narasimha Rao on his 104th birth anniversary. Former Andhra Chief Minister Reddy remembered Bharat Ratna PV Narasimha Rao as a visionary leader who revolutionised India's economic landscape through his reforms. In an X post, the Reddy wrote, 'The visionary who transformed the country's economic condition with reforms, Bharat Ratna PV Narasimha Rao. On the occasion of the birth anniversary of PV, who provided numerous remarkable services to the nation as India's first Telugu Prime Minister, we pay our tributes.' Former Prime Minister PV Narasimha Rao was posthumously conferred with the Bharat Ratna, India's highest civilian award, by President Droupadi Murmu on March 30, 2024. Born on June 28, 1921, in Karimnagar, Telangana, as an agriculturist and an advocate, Narasimha Rao entered politics and held several important portfolios. He served as the Minister of Law and Information, 1962-64; Law and Endowments, 1964-67; Health and Medicine, 1967; and Education, 1968-71, Government of Andhra Pradesh. Rao, the ninth Prime Minister of India, assumed office in June 1991 and stayed in power till May 1996. He is credited with bringing many economic reforms to the country, particularly for dismantling the License Raj. Rao took over the post of Home Minister on July 19, 1984, and was re-appointed to this post, with the additional charge of the Ministry of Planning, on November 5, 1984. He was appointed as the Minister of Defence from December 31, 1984, to September 25, 1985. On September 25, 1985, he took over as the Minister of Human Resource Development. He was the Chief Minister of Andhra Pradesh from 1971 to 1973 and General Secretary of the All India Congress Committee from 1975 to 1976. (ANI)
