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By:

Devendra Fadnavis

9 June 2026 at 5:42:34 pm

Trust, Development and India’s Rise

The story of India’s rise in the last decade has been marked by economic reform, infrastructure expansion and renewed national confidence When a public journey completes twelve years, it is often seen as a significant milestone marked by perseverance, dedication and an unwavering commitment to a larger goal. Therefore, as Prime Minister Narendra Modi completes twelve years of leadership, this period must be assessed through the lens of sustained effort, transformative governance and...

Trust, Development and India’s Rise

The story of India’s rise in the last decade has been marked by economic reform, infrastructure expansion and renewed national confidence When a public journey completes twelve years, it is often seen as a significant milestone marked by perseverance, dedication and an unwavering commitment to a larger goal. Therefore, as Prime Minister Narendra Modi completes twelve years of leadership, this period must be assessed through the lens of sustained effort, transformative governance and measurable outcomes. Viewed from this perspective, these years represent a remarkable era of service, commitment and good governance. Every enduring journey has two dimensions. When it is undertaken for the welfare of society, its benefits ultimately reach society itself and positively impact diverse sections of the population. The outcomes of Prime Minister Modi’s efforts are visible in the unprecedented transformation witnessed in the lives of ordinary citizens. From 2014 to 2026, his twelve-year tenure has emerged as a defining phase in India's contemporary history. It has not merely been a period of political leadership, but a unique confluence of trust, development, good governance, cultural resurgence and public welfare. Global Leader Today marks another significant milestone. As an elected Prime Minister, Narendra Modi has completed 4,399 consecutive days in office, surpassing the record set by Jawaharlal Nehru. Some may argue that comparisons between Nehru and Modi are inappropriate. However, when Nehru assumed office, there was a widespread perception that he had no political alternative. By contrast, when Modi became Prime Minister, Indian democracy had matured considerably. Citizens understood both the power and significance of their vote. They were aware of their aspirations and expectations, and recognised that governments exist to serve public welfare. It was under these circumstances that Modi assumed office in 2014. The electorate entrusted him with responsibilities that successive Congress governments had failed to fulfil over five decades. Accepting that challenge, he articulated the vision of “Sabka Saath, Sabka Vikas,” which later evolved into “Sabka Vishwas, Sabka Prayas.” After securing victories in 2014, 2019 and 2024, he today stands at the forefront of India’s emergence as a global leader. The mandate of 2024, following the decisive verdicts of 2014 and 2019, was not merely an electoral victory. It represented a renewed endorsement of development, good governance and stable leadership. Modi became the first leader since 1962 to serve a third consecutive term as Prime Minister. At a time when many democracies across the world are grappling with political instability, India chose continuity, stability and decisive governance. Over the past decade, the country has strengthened its position through economic reforms, social transformation, infrastructure development, national security and an assertive foreign policy. The more than twenty-four highest civilian honours conferred upon him by nations around the world reflect this growing global recognition. This has not been the journey of a single leader alone; it has been a collective national endeavour. As a result, India’s economy has expanded from approximately $2 trillion to $4.18 trillion, making it the world’s fourth-largest economy. Economic prosperity is indispensable for achieving social justice. Modi not only recognised this reality but also worked consistently to realise it. Initiatives such as Make in India and Atmanirbhar Bharat instilled confidence among Indians and enhanced global trust in Indian products. Today, demand for indigenous defence equipment has risen so sharply that projected production for the next decade may struggle to meet requirements. This reflects the true strength of a self-reliant India. Historic Achievements One of the government’s historic achievements has been the substantial reduction of Left-Wing Extremism across twelve affected states. Regions that remained untouched by development for decades are now witnessing tangible progress. Nearly 20 crore people had long lived under the shadow of fear and deprivation. Naxalism stalled development and adversely affected thousands of young lives. Today, the situation is changing. Industrial projects, including steel plants, are being established in areas such as Gadchiroli. Universities, medical colleges and major educational institutions are being set up. The voice of development is gradually replacing the sound of conflict. Over the last twelve years, India has witnessed unprecedented growth in infrastructure development. The national highway network has expanded from approximately 91,000 kilometres to nearly 1.46 lakh kilometres. Highways are being constructed at an average pace of 34 kilometres per day. Under the Pradhan Mantri Gram Sadak Yojana, millions of kilometres of rural roads have transformed the lives of farmers, students and rural communities. Railway electrification has accelerated significantly, while initiatives such as Vande Bharat Express and the Amrit Bharat Station Scheme have redefined the image of Indian Railways. The country’s metro network has grown from 248 kilometres to more than 1,095 kilometres. The Modi government has placed the farmer at the centre of the development agenda. Through the Pradhan Mantri Kisan Samman Nidhi, direct financial assistance has been extended to more than 11 crore farmers. Significantly, the first file cleared during the government’s third term pertained to farmer welfare, underscoring this priority. Under the Pradhan Mantri Krishi Sinchai Yojana, the “Per Drop More Crop” initiative has brought millions of hectares under micro-irrigation. Agricultural output has reached record levels, and India has emerged as the world’s largest producer of milk. Through the Pradhan Mantri Garib Kalyan Anna Yojana, free food grains have been provided to 81 crore citizens. More than four crore families have received permanent homes under the Pradhan Mantri Awas Yojana. The Ujjwala scheme has enabled over eleven crore women to access LPG connections. Under Ayushman Bharat, millions of citizens have benefited from free health insurance coverage. The Jal Jeevan Mission has ensured access to clean drinking water for more than sixteen crore households. Women’s empowerment has occupied a central place in government policy. Women account for a significant share of Jan Dhan account holders. The Lakhpati Didi initiative has helped millions of women achieve greater economic independence. Programmes such as Sukanya Samriddhi Yojana, maternity benefits, the strengthening of self-help groups and the growing participation of women in the armed forces have advanced the vision of women-led development. Digital Transformation India has also scripted a new chapter in digital transformation. Through the JAM trinity—Jan Dhan, Aadhaar and Mobile—lakhs of crores of rupees have been transferred directly to beneficiaries. India has emerged as a global leader in UPI transactions. BharatNet has connected lakhs of gram panchayats through optical fibre networks. Digital governance, faceless taxation and the Government e-Marketplace (GeM) have enhanced transparency and efficiency in public administration. India today engages with the world on the basis of equality and mutual respect. The nation seeks trade, investment and technology, but without compromising its dignity or self-respect. During the Russia–Ukraine conflict, India demonstrated its ability to pursue an independent foreign policy, placing national interests above external pressures. Today, India is the world’s fourth-largest economy. Initiatives such as Make in India, Startup India and the Production-Linked Incentive (PLI) scheme have accelerated manufacturing growth. India has become the world’s second-largest mobile phone manufacturer. Electronics production has increased manifold. Significant investments have been attracted for semiconductor manufacturing, and the country is rapidly positioning itself as a global manufacturing hub. Encouraged by policy support, India’s startup ecosystem has grown to more than two lakh startups and hundreds of unicorns. During these twelve years, India has also reaffirmed its cultural identity with renewed confidence. The construction of the Ram Temple in Ayodhya, the Kashi Vishwanath Corridor, Mahakal Lok and the redevelopment of Kedarnath have infused new energy into the nation’s spiritual consciousness. Modi, who began his public life by paying homage to Chhatrapati Shivaji Maharaj, has also advanced initiatives such as the Panchteerth dedicated to Dr B.R. Ambedkar, the observance of Birsa Munda Jayanti as Janjatiya Gaurav Divas, the Statue of Unity honouring Sardar Vallabhbhai Patel, commemorative initiatives for Netaji Subhas Chandra Bose, Kartavya Path and the new Parliament building—each symbolising national pride and identity. Maharashtra has been among the principal beneficiaries of this development trajectory. Prime Minister Modi has extended support to the state in addressing its major developmental needs and challenges. From facilitating land for the Indu Mill Memorial to supporting projects such as the Amravati Textile Park, Vadhvan Port, Navi Mumbai International Airport, Samruddhi Mahamarg, Atal Setu, the Coastal Road and metro rail networks, his backing has been instrumental in advancing key infrastructure initiatives. Today, the world no longer views India merely as a large market. It increasingly recognises India as a reliable, responsible nation capable of contributing solutions to global challenges. India stands confidently on the world stage. These twelve years have laid a strong foundation for the vision of Viksit Bharat 2047. The journey of trust, development and people’s participation is poised to gather even greater momentum in the years ahead—a belief shared by millions of Indians. (The writer is the Chief Minister of Maharashtra.)

Barrels and Balancing Acts

India is turning oil dependency into strategic advantage through deft diplomacy and diversification.

When the Reserve Bank of India unveiled a front-loaded monetary policy on June 5 to stimulate growth, few anticipated that events unfolding thousands of miles away would soon test the country’s economic mettle. Within days, Iran launched airstrikes on Israel, stoking fears of escalation across the Middle East. Tehran’s threat to blockade the Strait of Hormuz—a chokepoint for a fifth of the world’s crude oil and nearly half of India’s imports—jolted global energy markets. Yet, unlike in past crises, India remained largely unfazed.


This surprising resilience was not accidental. It reflects the steady recalibration of India’s energy strategy: from vulnerable dependency to a deliberate assertion of sovereignty over its oil lifeline.


India’s appetite for crude has grown voracious, fuelled by galloping industrialisation and swelling middle-class consumption. Domestic production, however, remains anaemic, just 28.7 million metric tonnes (MMT) in the face of a record 242.4 MMT of annual consumption. More than 90 percent of the country’s oil demand is met via imports, a figure that should signal national anxiety. And yet, markets remained calm. Investors and policymakers alike were reassured by India's evolving strategy to de-risk its oil supply chain.


Over decades, India has cultivated a formidable refining ecosystem. With 23 facilities and a total capacity of 256.8 MMT, it is the world’s fourth-largest refiner. Public sector enterprises account for two-thirds of this, while private giants like Reliance Industries and Nayara Energy hold the rest. This infrastructure, coupled with a Strategic Petroleum Reserve (SPR) of 5.33 MMT and 64.5 days of commercial stocks, gives India a crude cushion of around 74 days, buffering its economy against short-term global disruptions.


But India’s real achievement lies in how it has diversified its supply sources while leveraging refining strength into export competitiveness.


For decades, the Middle East was India’s energy umbilical cord. However, the region’s geopolitical volatility—from the Gulf War in 1991 to the more recent Houthi attacks in the Red Sea—has repeatedly unsettled Indian policymaking. It took the Russian invasion of Ukraine in 2022 to catalyse a historic shift. In the months that followed, Russian oil, once negligible in India’s energy mix, rose to account for nearly 40 percent of imports. Steep discounts on Russian Urals crude, up to 20 percent below global benchmarks, made it an economic no-brainer. Even as discounts narrowed to $2–5 per barrel, Moscow remained Delhi’s top supplier.


Crucially, India’s pivot to Russia wasn’t just about price. The Chennai–Vladivostok corridor has become an emerging artery of energy logistics, slashing delivery times and adding a durable new node to India’s supply map.


None of this has come at the expense of traditional Gulf partners. Iraq, Saudi Arabia and the UAE still jointly account for over half of Indian crude purchases. Rather than a substitution, Delhi has pursued a hedging strategy by deepening ties across blocs to ensure energy security on its own terms. A notable success is India’s strategic alliance with the UAE, which includes joint investments in storage, technology exchanges, and even renewables. Abu Dhabi National Oil Company’s decision in 2017 to store crude in India’s SPR marked a turning point in bilateral trust and logistical integration.


Energy diplomacy also extends across oceans. The United States now provides 10 percent of India’s oil, complementing its shale-rich profile with long-haul stability. Taken together, this mosaic of suppliers underscores India’s mantra: energy pragmatism over ideological purity. As External Affairs Minister S. Jaishankar bluntly put it, India buys oil, not ideology.


Yet India is not content with being a passive importer. With an expanding refining complex and the technical capacity to process varied crude grades, India has emerged as a petro-products export powerhouse. In FY2024–25, it exported 64.7 MMT of petroleum products. Diesel is the crown jewel, shipped mostly to Europe, while aviation turbine fuel (ATF) and motor spirit find eager buyers across Africa and Asia. The export basket is both diverse and globally aligned: diesel and ATF comprise over half of it, while petrol and liquefied petroleum gas (LPG) add another third.


This ability to refine and re-export not only offsets import bills but also projects India as a regional hub for energy value addition. The UAE, Singapore and the Netherlands are among the top importers of Indian petroleum, helping India convert crude vulnerability into geopolitical leverage.


Still, oil is a double-edged sword. A $10 spike in prices can raise India’s import bill by $1.6 billion, widen the current account deficit by $2.5 billion, and weaken the rupee. Inflation, too, is oil-sensitive: a 10 percent sustained rise in global prices can push up consumer price inflation by nearly 2.7 percent. The knock-on effects ripple through transport, manufacturing and food, impacting the poorest households hardest.


India’s decarbonisation drive is as much about security as sustainability. The ethanol blending programme, which is up from 1.5 percent in 2013–14 to 13 percent in 2023–24, aims for 20 percent by 2025–26, saving Rs. 1 trillion in forex, cutting 544 million tonnes of emissions and boosting rural demand by monetising surplus crops. Every 100 crore litres blended saves Rs. 6,000 crore.


Meanwhile, biogas, biodiesel and green hydrogen are being scaled up, aligned with India’s target of 500 GW of renewable energy by 2030. Domestic exploration and operational upgrades are also on the agenda. Digitised supply chains, smart metering, bulk shipping, and SPR digitisation are making the energy network nimbler and more responsive.


By hedging its imports, expanding its exports, and building future-ready domestic capacity, India is signalling a quiet confidence in managing its economic destiny.


(The author is a Chartered Accountant with a leading company in Mumbai. Views personal.)

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