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 remodeled and gained a place on the earth order in lower than a decade is the “finest and sharpest indictment” of the Congress-led UPA’s “misplaced decade between 2004 and 2014”, Union Minister Rajeev Chandrasekhar mentioned on Wednesday.
Talking to PTI, he mentioned the report reminds Indians how the Congress-led UPA had in 2014 left “a shattered financial system”. 9 years later, India has emerged as one of many fastest-growing economies on the earth with file FDI, the minister mentioned.
“This report that claims how India is remodeled in lower than a decade beneath Prime Minister Narendra Modi is for my part the very best and sharpest indictment of the UPA’s misplaced decade between 2004 and 2014,” he mentioned.
Within the report, Morgan Stanley mentioned vital scepticism about India, notably with abroad buyers, 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 financial 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 mentioned, “The report goes into particulars and it reminds Indians that how in 2014 the Congress’ UPA had left a shattered financial system, virtually 14 quarters of runaway inflation, 12 quarters of decline in financial system and industrial manufacturing, buyers operating away from the nation, a damaged monetary sector that was characterised by crony corrupt lending by banks, and worldwide large buyers 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 mentioned 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 financial system, tax charges which can be comparative with the world, and infrastructure… We have now grow to be the most important infrastructure on the earth at present.
“We’re the quickest rising innovation financial system on the earth. We have gotten a know-how energy on the earth… Most significantly, from the eleventh largest financial system on the earth, we’ve got grow to be the fifth in a brief span of 9 years beneath Prime Minister Narendra Modi,” he added.
Chandrasekhar mentioned the report signifies that Prime Minister Modi has not solely been working for the expansion of the nation however he has expanded the financial 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 workers and is revealed from a syndicated feed.)
