June 10, 2026, marked a defining moment in India’s democratic journey. Prime Minister Narendra Modi became the longest continuously serving elected Prime Minister, completing 4,399 days and twelve continued years in office. This milestone represents a sustained period of policy continuity, delivery-focused governance, and structural reforms that have fundamentally reshaped India’s economic trajectory.
The last twelve years have seen a transformation of the underlying architecture of growth. India has moved from managing scarcity to building scale, from fragmented policymaking to integrated execution, and from being viewed primarily as an attractive market to being recognised as a trusted global economic partner.
This government’s industrial legacy rests on a series of foundational reforms that have strengthened competitiveness and improved the ease of doing business. The GST unified millions of taxpayers into a single national market, reducing logistics costs and eliminating cascading taxation. The Insolvency and Bankruptcy Code transformed credit markets by creating a time-bound framework for resolution. Average recovery rates have increased from nearly 15–20% earlier to around 30%, while resolution timelines have reduced from nearly 6–8 years to about 2 years. This has enabled recoveries of over `4 lakh crore. Decriminalisation of hundreds of laws and the Jan Vishwas reforms have reduced regulatory burdens, while the digitisation of compliance requirements has improved transparency and reduced transaction costs.
Infrastructure development has been another defining pillar. Over the last twelve years, the length of National highways has increased by 61%, from 91,287 km in FY14 to 1,46,566 km in March 2026. Railway electrification has expanded by nearly 70,000 route kilometres, and more than 164 high-speed modern Vande Bharat trains are operating on various routes connecting major cities. Airports have increased from 74 to 165, while metro rail networks have expanded rapidly across cities.
Integrated Infrastructure Networks
Importantly, infrastructure is no longer viewed merely as a public utility but as a strategic economic multiplier. Through initiatives such as PM Gati Shakti and the National Logistics Policy, India has adopted an integrated approach to planning roads, railways, ports, airports, and digital networks. These investments are reducing logistics costs, improving supply chain efficiency, integrating markets, and unlocking new geographies for investment.
India’s energy transformation has been equally remarkable. Renewable energy capacity has expanded significantly with over 280 GW of installed capacity from non-fossil fuel sources, and universal village electrification has been achieved. These investments have strengthened energy security while supporting India’s commitment to sustainable development.\
The manufacturing story has also gained momentum. Production-Linked Incentive schemes have attracted cumulative investments exceeding Rs 2 lakh crore across fourteen sectors and generated substantial employment. At a time when global companies are diversifying supply chains, India’s combination of scale, stability, democratic institutions, and reform orientation presents a compelling proposition.
India’s growing global stature has further reinforced this economic transformation. The spurt of recently signed FTAs, many with advanced countries, have opened new opportunities for businesses. We must now work towards effective utilisation of these FTAs to bring tangible benefits for the economy.
The government’s focus on inclusive development has strengthened India’s human capital base. Nearly 58 crore Jan Dhan accounts, more than 140 crore Aadhaar enrolments, and the rapid expansion of UPI have revolutionised the interface between government, citizens, and businesses. Direct Benefit Transfers have improved welfare delivery, while digital platforms have accelerated financial inclusion, formalisation, and access to credit.
Ayushman Bharat now provides healthcare protection to millions of citizens, Swachh Bharat has transformed sanitation outcomes; PM Awas Yojana has expanded housing access, and PM Ujjwala Yojana has improved energy access for vulnerable households. These initiatives are long-term investments in productivity, dignity, and economic participation.
Unfinished Journey
Yet, as India celebrates these achievements, the journey towards Viksit Bharat remains unfinished. We must maintain GDP growth of over 8% to realise the potential. Further impetus to manufacturing is required to enhance its share to 25 per cent of GDP from the current 17-18%. Ease of doing business improvements need to penetrate more deeply at the state and local levels. Most importantly, India must move beyond assembly-led growth towards innovation-driven competitiveness.
R&D expenditure needs to significantly scale up from the current 0.7% of GDP. The next phase of industrial transformation must be driven by a stronger partnership between government, industry, and academia. This triple-helix model should focus on building indigenous capabilities in semiconductors, pharmaceuticals, aerospace, advanced mat erials, artificial intelligence, and quantum technologies.
The challenge before India now is to scale what has worked, deepen reforms where gaps remain, and sustain the momentum that has transformed India over the past twelve years. With the same determination that built highways through mountains, brought banking to villages, and positioned India at the forefront of the digital revolution, we can convert this decade of transformation into a century-defining era of prosperity.
(The author is the president of FICCI)
Disclaimer: The views expressed are the author’s own and do not reflect the official policy or position of Financial Express.