PM Modi’s four-pillar strategy driving India’s growth, says Ashwini Vaishnaw
India’s growth story is being propelled by Prime Minister Narendra Modi’s four-pillar strategy, even amidst global instability and geopolitical tensions, Union Minister Ashwini Vaishnaw said. Addressing the NDTV Indian of The Year event, Vaishnaw highlighted that the country’s sustained growth rate of 6-8% is a result of PM Modi’s strategic vision and well-structured plan.
The first pillar of this strategy is investment. Vaishnaw explained that India’s capital expenditure has surged from about Rs 3.5 lakh crore a decade ago to Rs 11 lakh crore this fiscal year, marking a significant rise in infrastructure and productivity. He pointed out that the country’s rail network has expanded by 31,000 km—more than the entire rail system of Germany—while 5,300 km were added in the last year alone, surpassing Switzerland’s total network.
Vaishnaw also emphasized the democratisation of e-payments, with street vendors now using digital payment systems. This reflects India’s leadership in technology, he said, contrasting it with past perceptions when India was seen as a follower.
On innovation, Vaishnaw highlighted the remarkable growth of India’s startup ecosystem, with over 1.2 lakh startups and more than 100 unicorns, positioning India among the top three global startup hubs. The ‘Make in India’ initiative, he noted, has positively impacted sectors ranging from engineering to defense.
The third pillar of inclusive growth addresses the economic disparities that arose from past policies. Vaishnaw credited PM Modi for integrating inclusive growth into all policies, benefiting people across society, particularly the underprivileged. He pointed out that 54 crore bank accounts have been opened, many of them for women, surpassing the population of Europe. Additionally, 4 crore people have received new homes, and 11 crore people’s cooking habits have shifted to using gas, a change benefiting populations greater than those of many countries.
Simplification of policies is the fourth pillar, with PM Modi’s government removing colonial-era laws that no longer served the country. Vaishnaw cited examples like the Telecom Act of 1885 and the reduction of the approval process for telecom towers from 217 days to seven. These reforms have drastically improved ease of doing business.
Vaishnaw concluded by stating that India’s focused efforts on infrastructure, technology, inclusivity, and simplification will ensure continued growth of 6-8% real growth and 10-14% nominal growth, with moderate inflation in the coming years. He noted that PM Modi’s leadership has contributed to a strong, stable government, securing the trust of the people for three consecutive terms, which reflects the significant transformation in their lives.
