Union Minister Rajeev Chandrasekhar took a swipe on the earlier Congress-led UPA
New Delhi:
Morgan Stanley’s report on how India beneath Prime Minister Narendra Modi has reworked and gained a place on the planet order in lower than a decade is the “greatest and sharpest indictment” of the Congress-led UPA’s “misplaced decade between 2004 and 2014”, Union Minister Rajeev Chandrasekhar stated on Wednesday.
Talking to PTI, he stated the report reminds Indians how the Congress-led UPA had in 2014 left “a shattered economic system”. 9 years later, India has emerged as one of many fastest-growing economies on the planet with report FDI, the minister stated.
“This report that claims how India is reworked in lower than a decade beneath Prime Minister Narendra Modi is in my view the perfect and sharpest indictment of the UPA’s misplaced decade between 2004 and 2014,” he stated.
Within the report, Morgan Stanley stated vital scepticism about India, significantly with abroad traders, ignores the numerous adjustments which have taken place in India, particularly since 2014.
Rejecting criticism that India has not delivered its potential (regardless of it being the second-fastest-growing economic system and among the many top-performing inventory markets over the previous 25 years) and that fairness valuations are too wealthy, saying such a view ignores the systematic reforms within the final 9 years.
Chandrasekhar stated, “The report goes into particulars and it reminds Indians that how in 2014 the Congress’ UPA had left a shattered economic system, virtually 14 quarters of runaway inflation, 12 quarters of decline in economic system and industrial manufacturing, traders operating away from the nation, a damaged monetary sector that was characterised by crony corrupt lending by banks, and worldwide large traders like Telenor, Nokia operating away from India.” “That was the state of affairs in 2014 that this report has rightfully captured,” he advised PTI.
The Union minister stated India has come by the Covid pandemic, one of many “most disruptive occasions” within the historical past of the world, and emerged as a stronger nation that has earned “all of the respect of the world”.
“Whether or not it’s the formalisation of the economic system, tax charges which are comparative with the world, and infrastructure… Now we have change into the biggest infrastructure on the planet right now.
“We’re the quickest rising innovation economic system on the planet. We have gotten a know-how energy on the planet… Most significantly, from the eleventh largest economic system on the planet, we now have change into the fifth in a brief span of 9 years beneath Prime Minister Narendra Modi,” he added.
Chandrasekhar stated the report signifies that Prime Minister Modi has not solely been working for the expansion of the nation however he has expanded the economic system and introduced stability and safety.
“He has created good governance although in 2014 the UPA and the Congress authorities had left a complete mess for Prime Minister Modi ji to inherit,” he added.
(Aside from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
