India’s Rise as a Major Global Economy
Addressing the gathering, the Vice-President said India’s economic story of the past decade has been one of resilience and reform. He noted that Bharat has now become the fourth-largest economy globally while maintaining its position as the fastest-growing major economy. According to him, this progress reflects a shift from incremental change to decisive governance.
He observed that the country has moved away from an era often associated with policy paralysis and uncertainty. Instead, India has adopted a governance model that prioritises clarity, speed and accountability, enabling long-term economic planning and execution.
Structural Reforms and Transparent Governance
The Vice-President pointed out that the book documents major structural reforms undertaken during the period, including insolvency and bankruptcy laws, digital governance mechanisms and improvements in the banking system. These reforms, he said, were aimed at addressing long-standing inefficiencies and eliminating systemic corruption.
He emphasised that the guiding philosophy of “Minimum Government, Maximum Governance” has evolved into a practical framework that improves service delivery and institutional efficiency. The focus has been on strengthening systems rather than expanding bureaucracy.
Direct Benefit Transfers and JAM Trinity
A key highlight of the address was the scale of direct benefit transfers made possible through the Jan Dhan–Aadhaar–Mobile, or JAM, trinity. The Vice-President said the government’s emphasis on ensuring that benefits reach every eligible citizen has transformed welfare delivery.
He noted that over ₹47 lakh crore has been transferred directly into beneficiaries’ bank accounts so far, significantly reducing leakages and enhancing transparency. This approach, he said, has strengthened public trust in governance and ensured that welfare schemes achieve their intended impact.
GST and the Unified National Market
The Vice-President described the Goods and Services Tax as one of the most significant economic reforms in independent India. He said GST simplified the country’s complex tax structure and helped create a unified national market by removing internal trade barriers.
According to him, the removal of interstate check posts streamlined the movement of goods, saved countless man-hours and reduced fuel consumption. He added that GST has also strengthened cooperative federalism by bringing the Centre and states together under a common taxation framework.
Inclusion Through Digital and Entrepreneurial Initiatives
India’s economic empowerment, the Vice-President said, has been driven by a strong focus on inclusion. Flagship initiatives such as Digital India, Make in India and Startup India have expanded opportunities for citizens, entrepreneurs and small businesses across the country.
The rapid expansion of digital payment systems, particularly UPI, has further deepened financial inclusion and enabled seamless transactions even in remote areas. These initiatives, he said, have empowered ordinary citizens to participate more actively in the formal economy.
Aatma Nirbhar Bharat and Viksit Bharat@2047
Highlighting the vision of Aatma Nirbhar Bharat, the Vice-President said India has made a decisive shift from dependence to self-reliance while positioning itself as a reliable partner in global supply chains. This approach balances domestic capability building with global engagement.
He said this journey aligns with the broader aspiration of Viksit Bharat@2047, where economic growth goes hand in hand with social justice, environmental sustainability and technological advancement. The transformation, he added, reflects a mindset change from poverty to prosperity.
Calling upon citizens to celebrate a confident and compassionate new Bharat, the Vice-President said the nation’s economic progress over the past decade provides a strong foundation for the future.
