Page 28 - Mann Ki Baat December 2022

The Route to Make Indian

Economy Self-reliant

of integration into the global
economy that we have achieved
in the past twenty years and the
impressive digital infrastructure
that Prime Minister Narendra Modi
has built in the past five years. In
the years to come, we must focus
on building and modernizing our
cities, dramatically improving
our educational institutions
at all levels, creating a world-
Dr. Arvind Panagariya class health and transportation
infrastructure and providing
Indian Economist
a business-friendly economic
environment.
Even amidst the alleged
2022 was a watershed year polycrisis that the world is facing,
for India, in which the country in the Indian context, recession
became the world’s fifth-largest and other challenges posed
economy, surpassing the United by the global economy, are the
Kingdom. India also emerged least of my worries. The global
as the world’s fastest-growing economy is extremely large and
economy and promises to any single economy willing to
remain so as it steadily moves set its house in order can take
towards becoming the world’s advantage of it. Vietnam and,
third-largest economy in the among larger economies, India
next five years. 2022 was also offer the latest examples. Even
the year in which the country with COVID-19 raging, the world
crossed the 2 billion COVID-19 merchandise trade grew from its
jabs mark and paved the way for $19 trillion pre-pandemic peak
the Indian diaspora like myself to to $22 trillion in 2021. If we could
be able to resume their frequent raise our share in world trade
visits yet again after a lapse of from 1.7% currently to 8% by 2047,
two-plus years. we would efficiently accomplish
As India moves into the new our goal of turning India into a
era of 'Amrit Kaal', the change in developed economy.
the next 25 years will, undoubtedly, Our long-term strategy
be far, far bigger than in the past must be to keep our confidence
75 years. The key factors in this and optimism high and stay
are a very substantial base of the the course by enhancing our
economy, a significant degree cities, educational institutions,

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