India is an Elephant that is starting to run!!

"India is like an Elephant that is starting to run" - IMF, quoted by Palki Sharma

In a world often dominated by negative headlines and cynicism, it's crucial to shift our focus to the remarkable strides India is making on the global stage. Just recently, I had the privilege of attending a conference where leaders like Deepak Bagla, head of Invest India, and Palki Sharma painted a vivid picture of India's unstoppable journey. Their insights were nothing short of inspiring, and here's why:

1. Transforming Lives at Unprecedented Scale

Deepak Bagla mentioned that in the past 3000 days, 250 million Indians have been lifted out of poverty. This year alone, 35 million more have joined this journey towards a better life. Such massive social transformation is unparalleled.

2. Economic Resilience and Growth

Bagla explained that despite global economic uncertainties, India contributes 16% to global growth. A decade ago, global financial withdrawals were rampant and investors were shying away from India, but today, India stands tall with robust economic activities, driven by resilience and innovation.

3. Unmatched Response to COVID-19

Bagla highlighted India’s response to the pandemic, showcasing its strength and solidarity:

- Provided food to 800 million people. Largest food distribution and support drive in history!

- Supported 125 countries with medical aid in 90 days. At day 0 we were importing everything. At day 75, we were self sufficient in PPE and ventilators. This is India's potential.

- Executed the world's largest COVID vaccination drive! On one particular day, we had vaccinated 30 Million people - while the world combined had done 5 Million.

4. Infrastructure and Digital Revolution

Bagla shared that during the pandemic, while we were in our homes, India ensured 90% of village households received direct water connections. Digital India, launched in July 2015, catapulted us to the top rank globally for per capita data consumption, surpassing China and the USA combined. Today, every second, three new people join the internet, with two of them from villages.

5. Empowering Through Digital Finance

Bagla noted that in the next six months, a billion Indians will have internet access, digital finance, and vast opportunities. Digital adoption in India stands at an impressive 87%, compared to the global average of 64%.

This coupled with access to data, liberates and enables people even in villages

6. Startup Ecosystem and Financial Inclusion

Bagla mentioned that since the launch of Startup India in January 2016, 50% of startup growth is seen in tier 2 and 3 cities, with 55% of these being women-led. Out of 775 districts, 720 have thriving startups. India boasts 65 million MSMEs, more than the entire Europe combined, driving bottom-up growth.

7. Pioneering Innovation

Bagla reminded us of India's ingenuity, terming "jugaad" not as frugal innovation but as a testament to doing the work regardless of resources. Our Mars mission, accomplished at one-tenth the cost, is a prime example of this spirit, and that too on our first try - not done by any other country

8. Vision 2047: A Trillion-Dollar Economy

Bagla explained that by 2047, India envisions a $55 trillion economy with multiple states achieving trillion-dollar status. This ambitious target is not just a dream but a roadmap of disciplined and strategic efforts. And this is his estimate that is very easy - achieved just by projecting every state's average growth over past 10 years.

9. Resilience and Determination

Bagla emphasized that the past year witnessed MSME microfinance growth at 100%, a testament to India's resilient spirit. He captured the nation's unyielding pursuit of progress with the phrase, "India - Resolute, Resilient, Relentless."

He mentioned that with digital finance, MSMEs now have access to capital at 12/14/16 % compared to 24% informally before. This will further their growth!

10. Invest India: A Beacon of Hope

Bagla proudly mentioned that in just 48 months after launch, Invest India became the world's number one in investment promotion. This achievement underscores the significant changes happening in our country, often overshadowed by momentary negatives. He mentioned how an IIM Ahmedabad gold medalist joined them at meager pay to further India's cause. This was just one among hundreds of youth who joined him and made it a success working relentlessly.

11. A Call to Action

Palki Sharma aptly summed it up, "93% of what India will be in 2047 will be built from now to then." She urged everyone to seize this unparalleled opportunity to be part of India's growth story.

The Path Ahead

Amidst the challenges and uncertainties, India stands at the cusp of a historic transformation. The change we need is not just in numbers but in our collective mindset. As we move forward, let's focus on the positives, the potential, and the promise that India holds.

"Every tomorrow will be better than today" – this is not just a hope but a testament to the unwavering spirit of India and its people. Let's embrace this journey and contribute to this incredible story of growth and resilience.