Prime Minister Narendra Modi recently addressed the centenary celebrations of Shri Ram College of Commerce (SRCC) in Delhi, where he celebrated India's impressive 7.8% quarterly GDP growth. Modi used the occasion to directly challenge critics, stating that those who once pushed India into the 'Fragile Five' category now find these positive economic figures difficult to accept.
Modi recalled the economic climate of 2013, a period marked by significant concerns including a weak rupee, high inflation, a substantial current account deficit, slowing industrial growth, widespread corruption allegations, and a sense of 'policy paralysis.' He contrasted this with India's current standing as the fastest-growing major economy globally.
India's Economic Strength Amidst Global Headwinds
The Prime Minister underscored that achieving 7.8% quarterly growth is a testament to India's economic strength, especially considering ongoing geopolitical tensions and various global trade-related challenges. He pointed out recent positive developments, including an upgrade to India's credit rating by a Japanese agency, which further boosted national confidence.
Modi remarked, "The world was calling India one of the 'Fragile Five.' Today, the world is watching India become the fastest-growing major economy. This 7.8 per cent growth has come at a time when the war in West Asia is ongoing and there have been several trade-related challenges. Achieving such growth under these circumstances shows India's strength and potential."
Critics and the 'Half-Empty Glass' Mentality
The Prime Minister acknowledged that certain groups, whom he referred to as those "who became infamous for pushing India into the 'Fragile Five'," are struggling to reconcile with these strong economic indicators. He likened their perspective to always seeing the glass as half-empty, even when the nation is clearly progressing and creating new employment opportunities.
Modi concluded by asserting that the data speaks for itself, demonstrating India's significant strides in economic development and its ability to overcome adverse global conditions.