As India prepares for the crucial Lok Sabha election results on June 5, 2024, the expectations are high. If the incumbent National Democratic Alliance (NDA) government secures another term, key sectors are poised for significant growth, driving the country’s economic progress and self-reliance.
Team findesh/JUNE 02, 2024
1. Manufacturing and Defense Sector
The NDA government’s flagship “Make in India” initiative has been a game-changer for the manufacturing sector, fostering an ecosystem that promotes domestic production, innovation, and self-sufficiency. Under the NDA’s leadership, the manufacturing sector’s contribution to India’s Gross Domestic Product (GDP) has witnessed a steady rise, reaching 17.4% in 2022-23, according to the Ministry of Statistics and Programme Implementation.
Furthermore, the government’s unwavering commitment to strengthening India’s defense capabilities has paved the way for a robust and self-reliant defense manufacturing sector. The introduction of policies such as the Defense Acquisition Procedure (DAP) 2020 and the Strategic Partnership (SP) model have facilitated greater participation of private players in defense production. As a result, India’s defense exports witnessed a remarkable growth of 34.8% in 2022-23, reaching a record high of ₹16,963 crore, as reported by the Ministry of Defense.
2. Technology and Financial Sector
The NDA government’s vision of a “Digital India” has catalysed the growth of the technology sector, positioning the country as a global hub for innovation and technological advancements. Initiatives like Digital India, Start-up India, and the National Education Policy 2020 have fostered an ecosystem conducive to the growth of entrepreneurship, skill development, and cutting-edge research.
Furthermore, the government’s push for financial inclusion and digitalization has transformed the financial sector. According to data from the Ministry of Finance, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has brought over 460 million unbanked individuals into the formal banking system, boosting financial literacy and accessibility. The Unified Payments Interface (UPI) has revolutionized digital payments, with a staggering 7.8 billion transactions worth ₹12.98 lakh crore recorded in April 2023 alone, as per the National Payments Corporation of India (NPCI).
3. Railway and Infrastructure Development
The NDA government’s commitment to infrastructure development has been a driving force behind India’s growth story. The Indian Railways, the country’s lifeline, has witnessed a paradigm shift under the NDA’s leadership. According to the Ministry of Railways, the government has sanctioned a record ₹2.84 lakh crore for the Indian Railways in the 2023-24 budget, with a focus on modernization, safety, and passenger amenities.
Additionally, the government’s flagship infrastructure projects, such as the Bharatmala Pariyojana, Sagarmala, and the ambitious ₹111 lakh crore National Infrastructure Pipeline, have laid the foundation for robust connectivity and economic growth. The Ministry of Road Transport and Highways reports that the length of National Highways has increased by 50% since 2014, reaching 1.41 lakh kilometers as of February 2023.
4. Renewal Energy and Power Sector
Recognizing the urgent need to address climate change and promote sustainable development, the NDA government has placed a strong emphasis on renewable energy sources. The ambitious target of achieving 500 Gigawatts (GW) of non-fossil fuel-based installed electricity capacity by 2030 has been a driving force behind the growth of the renewable energy sector.
According to the Ministry of New and Renewable Energy, India’s total installed renewable energy capacity (including hydro) has reached 168.96 GW as of April 2023, accounting for 42.5% of the total installed power capacity. The government’s initiatives, such as the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) scheme and the Production Linked Incentive (PLI) scheme for the manufacturing of high-efficiency solar photovoltaic (PV) modules, have significantly boosted the renewable energy sector.
5. Agriculture and Rural Development
The NDA government has placed a strong emphasis on the development of the agriculture and rural sectors, recognizing their pivotal role in India’s economic growth and self-reliance. Initiatives such as the Pradhan Mantri Fasal Bima Yojana (PMFBY), the Soil Health Card Scheme, and the e-National Agriculture Market (e-NAM) have empowered farmers and enhanced agricultural productivity.
Furthermore, the government’s focus on rural infrastructure development has been instrumental in bridging the urban-rural divide. The Pradhan Mantri Gram Sadak Yojana (PMGSY) has constructed over 7.35 lakh kilometers of rural roads, connecting remote villages and facilitating the seamless movement of goods and services, as reported by the Ministry of Rural Development.
As India enters a new phase of development and self-reliance, the NDA government’s vision and policies have created a conducive environment for the growth of key sectors. From manufacturing and defense to technology, infrastructure, renewable energy, and agriculture, the government’s initiatives have laid the foundation for a robust and sustainable future.
With the NDA’s anticipated mandate in the 2024 Lok Sabha elections, these sectors are poised to witness unprecedented growth, driving India’s economic progress and cementing its position as a global powerhouse. However, it is crucial for the government to maintain its commitment to reform, innovation, and inclusive development, ensuring that the benefits of growth permeate all segments of society.
As the nation embarks on this transformative journey, the collaboration between the government, industry, and citizens will be pivotal in realizing the aspirations of a self-reliant, prosperous, and sustainable India.
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