Viksit Bharat: Bridging Rhetoric with Reality

One of the ironies in India is the divergence in political ideology and convergence of economic philosophy of the two principal national parties— the Bharatiya Janata Party (BJP) and the Congress. Economic liberalisation and freeing the market from centralised control was kickstarted by the Congress in 1991 when Dr Manmohan Singh as the Finance Minister invoked Victor Hugo’s iconic lines: ‘No power on earth can stop a moment whose time has come.’1 The power of the free market by 2000 nearly doubled savings and exports as per cent GDP, and most importantly transformed the private sector from sidekicks of public sector as ‘new temples of Modern India’, with the state acting as an enabler rather than a controller.

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