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India beats the UK to seal the spot for the world’s 5th largest economy

Amid the recessional economic pressure, India has fared better than the UK which has resulted in India’s uplifted economic prosperity.


With the introduction to the constructive in the summary, we now dig deep into the details of how this magnificent feat was achieved.


Now starting with the first constructive wherein we understand the establishment of SIT for the removal of black money.

Special Investigation Team (SIT) on black money has induced a cap on keeping cash at home and suggested that seized unaccounted cash by law and enforcement agencies be deposited in the Consolidated Fund of India (CFI) during investigations. The government's objective for setting up such harsh policies was to make corrupted officials and people face severe consequences for holding black money.


Our honourable Prime Minister Shri Narendra Modi Ji revolutionised the RERA Act which stands for Real Estate Regulatory Authority Act. It defines transparency in the real estate industry. It made builders accountable for their commitments. He introduced a transparent auction process to eradicate corruption in the mining sector. Poor households were brought to justice whose everything was taken away by the chit funds.


The economy and the banking sector go hand in hand. Hence, radical reforms were introduced where GST replaced the maze of taxes, fraudulent shell companies were shut down and the insolvency law de-stressed the banks’ financial statements. The government took a bold step by infusing capital in underwhelming Public Sector Banks and also made disinvestments wherever necessary.


The vision of Atma Nirbhar Bharat gave birth to a new India which was led by projects like start-up India and Make in India. The outcomes of these initiatives were well recognised all over the world. India became the world’s second-largest mobile manufacturer and the electronics industry grew to a humongous 80 billion USD. India’s exports crossed the monumental 600 billion USD mark.

People never imagined that India would be the start-up hub of the world. But now we are home to 75000 start-ups with more than 100 ones being valued as unicorns now.


India’s economy is expected to cross 5 trillion dollars in 2026. The youth of the country coupled with the government’s support is going to reach heights that the world could have never conceptualised.


Do You Know?

The size of the Indian economy concerning ‘nominal’ cash stood at USD 854.7 billion during the March quarter whereas it was USD 814 billion for the UK.




BY:

Mannat Kaur & Pranav Goel


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