Published on: September 23, 2025 6:23 PM

The Contradiction at the Heart of Modi’s Message
India’s GDP grew from $390 billion in 1990 to nearly $4 trillion in 2025—one of the world’s great success stories.

This rise was not born of isolation or nationalist slogans, but of courageous reforms that opened the country to the world. That is why Prime Minister Modi’s recent call to “go vocal for local” and boycott foreign goods is so jarring.

You cannot extend one hand to the world in search of investment and markets while clenching the other in nationalist boycotts.

Even Modi’s 160 foreign trips—including his announcement of a $500 billion U.S. investment target as recently as February 2025—were premised on integration. India’s rise has been built not on retreat but on engagement.

The Four Sacred Threads of Growth

India’s $4 trillion economy rests on four interconnected threads:

1. Trade (Exports and Imports): Exports grew from $22 billion in 1990 to nearly $825 billion in 2025. Imports expanded in parallel to $915 billion, covering oil, electronics, APIs, fertilisers, and solar components. Imports feed exports: India’s pharmaceutical sector imports 70% of its APIs from China. Without those, the $25 pharma exports would collapse.

2. Foreign Direct Investment (FDI): Annual inflows average $70 billion, reflecting investor confidence. The Bombay Stock Exchange has surged from $50 market cap in 1990 to nearly $5 trillion today.

3. Remittances: India receives $125 billion annually, the world’s largest inflow. 75% comes from GCC nations—ties that cannot be risked without grave cost.

4. Energy & Solar Dependency: Despite building module assembly, India imports the majority of polysilicon and wafers for solar panels. Over 60–70% of the solar supply........

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