Over the past decade, India has undergone a transformation that is increasingly being recognised by global institutions such as the World Bank, the International Monetary Fund (IMF), the International Labour Organization (ILO), and S&P Global. Their reports and assessments point to a nation that is not merely growing, but steadily evolving into a development model worthy of global attention.
India today stands at a unique intersection of economic expansion, social upliftment, and digital empowerment. Few countries of comparable size and complexity—home to over 1.4 billion people—have managed such large-scale progress within such a relatively short period.
The Rise of the Indian Middle Class
One of the clearest indicators of this transformation is the expansion of the Indian middle class and its growing economic power. Over the last decade, the income tax zero-percent slab has increased significantly—from ₹2.5 lakh to up to ₹12 lakh under the revised tax regime—reflecting both inflation adjustments and a policy intent to reduce the burden on lower- and middle-income earners.
What is particularly noteworthy is that despite higher exemption limits, the number of individuals filing income tax returns has more than doubled. In FY 2013–14, approximately 3.8 crore Indians filed income tax returns. By FY 2023–24, this figure had risen to over 8.6 crore.
This trend indicates not only rising incomes, but also increased formalisation of the economy, improved tax compliance, and broader participation in the financial system. A widening tax base alongside growing consumption power is a strong signal of an increasingly confident and aspirational middle class.
Historic Reduction in Extreme Poverty
India has also witnessed a significant reduction in extreme poverty. According to estimates by international institutions, including the World Bank, India’s extreme poverty rate has fallen sharply over the past decade—from over 16% to low single-digit levels—lifting an estimated 170 million people out of extreme poverty.
This progress has been driven by a combination of sustained economic growth, targeted welfare programmes, rural income support, and improved access to basic services such as housing, sanitation, electricity, and banking. Direct benefit transfers and financial inclusion initiatives have helped ensure that welfare reaches intended beneficiaries more efficiently.
Beyond statistics, these changes are increasingly visible on the ground. During my own visits to cities such as Mumbai, Ahmedabad, and Vadodara, the reduction in roadside homelessness and open defecation is striking. For a country of India’s scale and diversity, such improvements represent a significant administrative and social achievement.
Digital Governance and Economic Confidence
India’s rapid development of digital public infrastructure has further accelerated inclusion and efficiency. Digital identity systems, online banking, direct benefit transfers, and real-time digital payments have reduced leakages, increased transparency, and empowered citizens—particularly in rural and semi-urban areas.
Global institutions now frequently cite India as an example of how technology can be leveraged to deliver governance and public services at scale, combining welfare delivery with digital innovation.
A Decade of Confidence and Capability
India’s progress over the last ten years has not been accidental. It reflects long-term vision, policy continuity, and institutional reform. While challenges remain—as they do in every nation—the overall direction of travel is clearly forward.
At a time when many parts of the world face economic uncertainty, demographic pressures, and social fragmentation, India presents a contrasting narrative: one of youthful energy, rising aspirations, and growing global relevance.
We should be proud of what India has achieved in the last decade—not with complacency, but with confidence. Confidence that India’s story is no longer just about potential, but about performance.
