I grew up in India, a country that had just secured its independence and was struggling to meet essential needs like food, fuel, and foreign exchange. However, India has made significant progress since then. It is now the world’s second-largest food producer and a net food exporter. It has also started harnessing solar and wind power, although it still imports fuel. India's foreign-exchange reserves are at an all-time high.
It has become the world’s fifth-largest economy, and some analysts predict it could be the third-largest by 2027. While India was once seen as a country with great potential that would never fully realize it, it has proven this perception wrong in recent years. The balance-of-payments crisis in 1991-93 was a turning point for macroeconomic stability and structural reforms. Under the leadership of Atal Bihari Vajpayee, significant changes were made in telecommunications and road networks, which boosted productivity and stimulated competition in Indian manufacturing. The Fiscal Responsibility and Budget Management (FRBM) Act of 2003 further emphasized the importance of economic stability for private investment. Although reforms slowed from 2004 to 2014, India has made significant progress in the past ten years