11 Years of the Modi Government – Laying the foundations of a developed India
By Sanjeev Oak
When the Narendra Modi government came to power with a stable majority in 2014, India’s economic policy acquired clarity, direction and a long-term vision. More importantly, decisive implementation began. Concepts such as Make in India, Atmanirbhar Bharat, and Vocal for Local moved from rhetoric to the bedrock of policy and progress.
A decade of rapid expansion
In the past 11 years, India’s growth story has surprised the world. While Western economies have wrestled with recessionary pressures, India has emerged as the world’s fourth-largest economy, and is poised—by the World Bank and IMF’s own projections—to overtake Japan and become the third-largest by next year.
“India today is the fastest-growing large economy in the world. The momentum is not just GDP-led; it is rooted in manufacturing, services, exports and the digital revolution.”
Domestic demand, coupled with India’s reputation as the world’s largest consumer market, has powered this surge.
Manufacturing: A new industrial revolution
India’s manufacturing sector has been the backbone of this transformation. Since 2014, industrial policy has revolved around a triad: Make in India, Atmanirbhar Bharat, and Vocal for Local. The aim was never just import substitution—it was to make India a trusted node in global supply chains.
The Production-Linked Incentive (PLI) schemes have attracted unprecedented investment in mobile phones, electronics, pharma, automobiles, batteries and solar energy. In 2014, India was a marginal player in mobile manufacturing; today, it is the world’s second-largest producer, with Apple, Samsung and Xiaomi using India not only as a base for production but also for exports. Mobile exports crossed $15 billion in 2024, a milestone unimaginable a decade ago.
In pharmaceuticals, India reinforced its identity as the “Pharmacy of the World.” During the pandemic, it supplied medicines and vaccines to over 150 countries, winning both trade and global trust.
In defence, India has moved from being an importer to becoming a net exporter. Systems like BrahMos, Akash missiles and Tejas fighter aircraft have found buyers in over 85 countries, with defence exports touching ₹23,600 crore in 2023-24.
Green energy has been another focus, with Indian conglomerates like Reliance and Adani announcing global-scale projects in solar, hydrogen and lithium-ion batteries.
Riding global shifts
The China+1 strategy of global companies has worked to India’s advantage. Political stability, competitive costs, skilled manpower and a huge domestic market have positioned India as a reliable partner. FDI touched $71 billion in 2023-24, with a growing share directed into manufacturing.
Exports surged from $314 billion in 2014 to $770 billion in 2024, driven by petroleum products, engineering goods, electronics, gems and jewellery, and agricultural commodities.
Energy and defence synergy
India’s energy diplomacy has been pragmatic. By importing Russian crude at discounted rates, refining it, and exporting petroleum products, India not only reduced domestic fuel costs but also strengthened foreign exchange reserves.
On the defence front, operations such as Sindhur demonstrated the precision of indigenous systems, further boosting demand for Indian weaponry abroad.
“India has shown that it can turn global crises—from the pandemic to the Ukraine war—into opportunities to strengthen its economic resilience.”
Policy backbone: GST and digital infrastructure
The rollout of GST in 2017 created a unified domestic market, curbed tax evasion, and increased transparency. Parallelly, India’s digital stack—UPI, Aadhaar-linked KYC, and online licensing—has transformed business transactions into seamless, secure processes.
Start-up India has given rise to over 110,000 start-ups and 100+ unicorns, placing India firmly in the global innovation map.
The road ahead: Developed India by 2047
The government has set 2047—India’s centenary of Independence—as the year by which the nation aspires to join the league of developed countries. This vision is not confined to GDP numbers but extends to human development, infrastructure, technology, energy security and social inclusion.
Challenges remain—skilling, reducing logistics costs, and embracing green production models. Yet, the structural reforms of the past 11 years have laid a foundation that could carry India into the ranks of global economic leaders.
“The ambition of a Viksit Bharat is not just political—it is a social, economic and civilisational commitment tied to India’s centenary of Independence.”
Conclusion
From Make in India to global free trade agreements, from discounted Russian oil to start-up unicorns, the Modi government’s 11 years have not only delivered statistical growth but also reshaped India’s global positioning.
India is no longer just a participant in multilateral forums like G20 and BRICS—it is increasingly seen as a policy-shaper. The past decade, then, may well be remembered as the period when India laid the foundations of its ambition to be a developed nation by 2047.