@KhalidBaig85 Manusmriti has deeply influenced casteist thinking for generations. This is a ridiculous defense to say no one reads it now. Besides the point - its poison is already sewn deep into everyday practices. To root it out, we have to get to the source
Ten years ago on this date, August 25, 2016, UPI went live. And we need to thank Dr Manmohan Singh for his visionary work. This needs to be told because many people don’t know where and how this actually started. NPCI, the body that built UPI, was set up in December 2008 under Congress led UPA Government, under a payments law that same government had passed in 2007. The idea was to give every bank in the country one shared digital backbone so money could move as easily as a text message.
Raghuram Rajan was RBI Governor when the UPI pilot launched in April 2016. He was appointed to that post by the Congress led UPA government in 2013. He was instrumental in getting the vision of Congress party rolled out flawlessly. The technical vision behind UPI, one identity, any bank, instant transfer, came out of that same institutional thinking.
Look at where it has reached. Over 24,000 crore transactions last year, worth close to 314 lakh crore rupees. In 2024, UPI alone accounted for roughly half of all real time digital payments processed anywhere in the world.
Ten years later, other countries study UPI as a model. And this is one more reason to remember the legacy of Dr Manmohan Singh and what he had built with his vision.
@talk4talking@kingkapoor72 I also agree he shouldn’t have been made PM like that. He didn’t even want to be PM. But he was and he did the job. Sajjan Kumar deserved jail time- so does Tytler
@talk4talking@kingkapoor72 Rajiv was barely PM or even in control then. He had his mom’s funeral and had other matters to deal with. He was sworn in after violence started and intervened with army almost immediately to stop the violence. Nonsense post
@jai_a_dehadrai Perfect - and now you tell us that the entire Congress which led the freedom struggle of the country is anti-national, and the chaddiwalas are the real heroes. Great propaganda
It is not that India has not been progressing. But we are simply running to stay in the same place.
Where we stand globally is one way of looking at it.
At the time of independence, our GDP stood at 9th place. Now we are at 6th place.
Most important is GDP per capita. From 97th rank in 1960, we are now at 147th. The 147th rank not only indicates how poor we are; given the huge inequality, probably 80% of the population is simply struggling to survive.
As I pointed out the other day, even if you adjust for Purchasing Power Parity, our rank is still 125th.
We have completely missed the manufacturing bus. In 1950, manufacturing was 12% of GVA and now it is 14%.
Except for Tamil Nadu and Gujarat, where manufacturing is growing on par with how China used to grow in its peak years, our manufacturing story is yet to begin.
Lee Kuan Yew once said:
“India cannot grow into a major economy on services alone. Since the industrial revolution, no country has become a major economy without becoming an industrial power.”
What was obvious about India to Singapore policymakers did not hit the vision of our policymakers.
Our share of global merchandise exports was 1.85% in 1950. After 75 years, we are still stuck at 1.69%.
And for nearly the last five decades, our GDP per capita growth has been only around 4.5% annualised, barely sufficient to move the needle from such a low base.
That is why we are still at $2,800 GDP per capita, a low income country ranked 147th globally.
The Centre and every single state have an enormous amount of work to do in numerous areas. This is not to become a superpower or a rich nation, but to achieve a decent GDP per capita of $10,000 around 2050.
As I pointed out the other day, despite whatever narrative we set, the crux is this:
During the last 12 years, our GDP has just doubled and our GDP per capita has not even doubled.
Those who ask why we should look at the numbers in dollars need to understand that the exchange rate itself reflects productivity, competitiveness, and capital flows.