Bullish on India: Political stability is key for growth, says senior advocate Rakesh Dwivedi

Rakesh Dwivedi says that despite the size of its population and the diversity, India has become the fifth largest economy, globally

Political stability is a key driver of India’s growth, according to Senior Advocate Rakesh Dwivedi, who is bullish on India. Dwivedi notes that the political stability has ensured that the confidence of investors is kept intact. He says, “Sometimes people say that if there is one party in power continuously, it is a threat to democracy, however such things are not possible because we have a strong Constitution.”

Speaking of how political stability has improved the strength of India’s defence as well, Dwivedi cites how India is successfully able to maintain peace at both the Chinese and Pakistani borders.

Ease of doing business:
The senior advocate notes that the increase in foreign investments and foreign currency reserves are proof that the nation’s policies and laws are business and investor friendly. Dwivedi hailed the government’s efforts towards removing colonial era laws and their compliances as the intention of colonial laws were not to support the growth of the country.

He says that despite the size of its population and the diversity, India has become the fifth largest economy, globally. He said “For a consistent growth and steadier growth we need to have some support from law, such as quick clearance of licenses and easier access to credit facilities. Such laws are now being passed.”

During the monsoon session, Parliament passed the Jan Vishwas bill which reduced compliances and decriminalised archaic offences. The bill seeks to decriminalise 183 provisions in 42 different laws, replacing imprisonment with monetary penalties, reducing compliance burden on businesses.

These factors, he says, made him bullish about India’s future. Dwivedi, however, cautions that the country should not be focused only on obtaining foreign investments but should also concentrate on generating local investments. “Banking totally on Foreign Direct Investments (FDI) would mean drifting into financial imperialism,” he says.

Nationalistic spirit leading to growth:
Dwivedi feels, “There is a nationalistic spirit in the country now wherein every person living in the country wants the nation to grow. To have such a spirit, every person must have faith in the nation, this depends on which government is in power.” Dwivedi also notes that the introduction of new laws have made sure that the nation keeps up with the new kinds of crimes such as data theft and other cybercrimes.

Areas of focus:
Speaking on what the nation’s focus areas should be, Dwivedi says the population should strengthen the patriotic and cultural spirit. Urging the nation to focus on improving standards of education, Dwivedi says, “Scientific education should be treated as an asset.”