Why India and Narendra Modi will be the leaders of the new world order

world started a new dece in 2020 A.D. little realising that A.D. will be flipped to B.C. We w look back at life in 2020 as BC (Before Coronavirus) and After Coronavirus. Coronavirus will transform  personal and professional life of every individual. Coronavirus has impacted ecomy of each & every Country. Global ecomic order has been substantially altered. This is bound to give rise to a new world order post-Coronavirus crisis. 

However, in every crisis also lies an opportunity for country to take a giant leap forward, and as Prime Minister Narendra Modi aptly stated, this is time for all of us to rise and seize that opportunity. Even in this global crisis, Prime Minister Narendra Modi has shown inspiring leership and visionary statesmanship. Citizens and Institutions have responded to clarion call of PM to unite in fight against Corona. Thus India is among nations with lowest percent of infected persons and lowest mortality rate if one considers entire population. Coronavirus is biggest challenge to humanity and this crisis should bring out best in all of us. We are fortunate that in Narendra Modi we have a PM who is leing by example and inspiring all sections of society to give ir best to overcome this crisis.

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PM Modi's strong track record

true character of individuals and nations is reflected in such emergent times. Even in se critical times, India has sent life-saving medicines and medical supplies to more than 60 countries across world. President Trump, UN Secretary-General, and several top global leers have applauded India’s efforts to help humanity. India has earned miration and respect of  entire world which also echos India's growing position in new world order.

Prime Minister Narendra Modi has a strong track record of transforming a crisis into an opportunity for nation and time and again he has proven his crisis manment skills.  devastating earthquake in Bhuj in 2001 killed more than 20,000 people and lakhs were injured. About half-a-million structures were turned into dust. ecomy was devastated and so was morale of people. However, as n Gujarat Chief Minister, Modi transformed Bhuj and Gujarat from being an epicenter of earthquake to an epicenter of development.

Anticipating opportunity to transform country, PM Modi has alrey asked New India to find invative solutions to take le in post-COVID world. He has also given a romap for new rmal and coined new vowels in post-COVID world to be aptability, Efficiency, Inclusivity, Opportunity & Universalism. 

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Centre's ecomic measures

In a bid to relieve pressure on an ecomy, Central Government and central bank have injected funds amounting to around 8 lakh crore which is about 4% of GDP to tackle liquidity situation. Central Government and RBI will take furr measures to maintain equate liquidity in system and to facilitate and incentivize bank credit flows, ease financial stress, and enable rmal functioning of markets. RBI also reduced reverse repo rate by 25 basis points and TLTRO of Rs 50,000 crore to ensure that small and mid-sized corporates, including n-banking financial companies and microfinance institutions, get eugh liquidity.

During this period of national lockdown, about 33 crore beneficiaries have received money in ir bank accounts totaling to 30,000 crore by direct benefit transfer scheme. Rs.15000 crore has been given to 8 crore farmer families under PM Kisan scheme during lockdown. Rs.10,000 crore has been disbursed to 20 crore women Jan Dhan account holders. 1 crore free cylinders have been given under Ujjwala Yojana. 6 crore poor have alrey received free ration under Garib Kalyan Ann Yojana. This aptly reflects astute handling of this crisis and overall ecomy in leership of Prime Minister Narendra Modi.

India will remain fastest-growing ecomy in world

According to IMF’s latest global projections, post-Coronavirus crisis world ecomy is expected to plunge into worst recession since great depression. global GDP will reduce by 3% negative growth. USA will have (-5.9%) negative growth and Europe (-7.5%) negative growth. total estimated loss to global GDP over 2020 and 2021 is over $9 Trillion which is much greater than ecomies of Japan and Germany combined toger. Over 170 countries will experience negative growth this year. bleak outlook applies to vanced and developing ecomies alike and this crisis kws boundaries.

only shining light in this gloom is India which will remain to be fastest-growing world ecomy and engine of global ecomic growth. India is among a few nations with China which will have a positive GDP growth rate. International Monetary Fund's projection of 1.9 percent GDP growth for India is highest among G20 nations while China is projected to grow at 1.6% this year. However, IMF has projected a sharp V-shaped recovery for India to around 9% GDP growth rate for next year.

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India poised to be factory of world

Internationally, a clear trend has been emerging where major US, European & Japanese companies are making strategic plans to move ir supply chain and manufacturing out of China. It is secret that this sentiment has greatly multiplied because of Corona crisis originating and spreing from China and crippling global ecomy. A few weeks ago, a bill was introduced in US Senate to permanently end US dependence on Chinese manufactured pharma in two years' time. Several European corporations have issued a mandate to partner companies to reduce dependence on China to less than 10% in next two years.

Debt to GDP ratio for China is one of highest in world and debt bubble is waiting to burst. Wasteful expenditure like pouring billions into OBOR and redundant investments in Africa for expansionists and extraneous reasons have all created huge debt.  Shutting factories, shifting supply chains with most companies seeking safer & cheaper markets than China will mean a severely dented Chinese ecomy. servicing of debt will need Chinese ecomy and supply chains to run full throttle which does t seem feasible in present circumstances. Thus, debt bubble for China is real and its ecomic disintegration is a possibility given ambitious splurge that happened in last dece.

new world ecomic order will see a diminished role for China due to possibility of this debt bubble and aversion of or countries to tre. China will longer remain only factory of World and back office of world. India is w also poised to become factory of world also.

India’s core values of democracy and transparency are cherished globally and most conducive to business and investments.  world’s faith in leership of Prime Minister Narendra Modi and Indians, in general, has become even stronger with exceptional handling of Coronavirus crisis. wonder that India alrey has been top foreign direct investment destination since May 2014. India being engine of global ecomic growth and lone safe and bright spot in this time of crisis, global investments, supply chains, and manufacturing is bound to shift to India. Furr, widely ackwledged demographic dividend, skillful and diligent people who have shown exemplary discipline and resilience in such a crisis have strengned miration for India globally and as a stable and safe investment destination. 

Decisive momentum to Indian ecomy will be provided by crashing prices of crude oil. This will versely impact OPEC and or oil-producing countries but will benefit oil guzzling nations like India as we will reduce our Oil import bill by half. This provides India a rare opportunity to pump billions of dollars to give furr impetus to our ecomy and attract global investments.

India has waited for centuries for a rare opportunity to reclaim its status as a world leer. This Coronavirus crisis provides us a long-awaited opportunity to make India leer of new world order. It is w for all of us to rise to occasion and seize this golden opportunity and ensure that India gets its deserving place as a global leer in committee of nations.

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Author of this article, Aman Sinha is a Senior vocate practicing in Supreme Court of India and National Spokesperson of BJP. 

( views and opinions expressed within article are personal opinions of author. facts, analysis, assumptions and perspective appearing do t reflect views of Republic TV/ Republic World/ ARG Outlier Media Pvt. Ltd.)