Fri Dec 06 14:17:34 UTC 2024: ## India’s Growth Story: A Beacon of Hope Amidst Global Turmoil

**New Delhi** – Amidst global economic uncertainty and geopolitical tensions, India stands out as a beacon of hope, fueled by a robust growth story built on four key pillars, according to Union Minister Ashwini Vaishnaw. Speaking at the NDTV Indian Of The Year awards, Vaishnaw highlighted India’s sustained 6-8% growth rate as a testament to Prime Minister Narendra Modi’s economic vision.

Vaishnaw attributed this success to four pillars: massive public investment in infrastructure (social, physical, and digital); a strong focus on manufacturing and innovation; inclusive growth policies; and significant regulatory simplification. He cited impressive statistics to illustrate the impact of these pillars. Capital expenditure has soared from ₹3.5 lakh crore a decade ago to ₹11 lakh crore currently. The number of airports has doubled, and over 31,000 km of new railway lines have been added – exceeding Germany’s entire rail network. Furthermore, the number of AIIMS and IITs have also doubled in the last ten years.

The minister emphasized the transformative impact of inclusive growth, pointing to the opening of over 54 crore bank accounts – more than the entire population of Europe – with half held by women. He also highlighted the provision of housing for nearly 4 crore people and the shift to LPG cooking for 11 crore, illustrating the government’s reach to the most vulnerable populations.

Vaishnaw also underscored the success of the “Make in India” initiative, fostering a thriving startup ecosystem with over 1.2 lakh startups and more than 100 unicorns. Significant regulatory simplification, including the removal of over 1,500 obsolete laws and streamlined processes, has further boosted economic activity. The minister stated that the average time to obtain permission for a telecom tower has been reduced from 217 days to just seven days.

In a world grappling with the economic consequences of the COVID-19 pandemic and ongoing geopolitical conflicts, Vaishnaw asserted that India’s consistent growth and moderate inflation offer a much-needed source of optimism. He attributed the Prime Minister’s re-election for a third term to the tangible improvements in the lives of ordinary Indians. This continued strong growth, he projected, is expected to continue for the next five years.

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