(Commonwealth_India) In a quiet room in Mumbai, away from the buzz of markets and political debates, former Reserve Bank of India deputy governor Michael Patra spoke with a kind of grounded calm that’s rare in conversations about the economy. He wasn’t throwing around big promises or complex jargon. Instead, he shared something honest, something quietly powerful: India, he said, is growing not because of handouts or foreign help, but because of its people.
“India self-finances its growth,” Patra said simply. In other words, foreign investors or loans from abroad do not prop up the country’s progress. It’s being built, day by day, by the hands and efforts of its citizens, by the small shopkeeper who saves for his child’s education, the young entrepreneur starting a business with limited capital, the farmer investing in a second-hand tractor, and the countless families putting away a little every month for a better tomorrow.
In a world where so many developing countries rely heavily on foreign capital to survive—to build roads, fund schools, or keep their currencies stable—India is choosing a harder but more sustainable path: standing on its own two feet. That, Patra said, is one of the country’s biggest strengths.
He pointed to something called the “current account deficit”, basically the difference between what India earns from the world and what it spends. At just 1% of GDP, it’s low, which means India isn’t living beyond its means. India is not burdened with excessive debt. India is maintaining financial stability while simultaneously pursuing ambitious goals.
This kind of economic independence may not make headlines, but it matters. This is particularly crucial in the current unpredictable global climate. Trade wars, like those triggered by tariffs, have made the world a tougher place to navigate. Foreign money can come in fast and leave just as quickly. In that kind of world, relying too much on others can be risky.
But India, Patra said, is different. It’s managing to grow not by chasing international capital, but by drawing on its strength, its savings, its investments, and its people’s hard work and resilience.
This isn’t to say India’s path has been easy. This is far from the case. Millions still struggle, and inequality remains a major challenge. But what Patra was pointing out was something more hopeful: that despite these challenges, the country’s foundation is strong. And that strength comes from within.
Imagine a scenario where a family, instead of taking out a large loan, gradually saves money to send their child to college. It takes longer. It’s harder. But it builds a deeper kind of security and pride. That’s what India is doing at scale.
Patra wasn’t boasting. He did not present an overly optimistic image. What he offered was a quiet confidence, a belief that India’s journey is unique, and that its ability to grow without depending too much on others is not just an economic win but a human one. It reflects the spirit of a country that, despite setbacks, keeps pushing forward, slowly, steadily, and on its terms.
In the end, what he said wasn’t really about numbers. It was about trust. Trust in people, in communities, and in a country that’s learning, more and more, that it doesn’t need to look outward to move ahead. The strength it needs, it already has.
