In a press conference held at the BJP headquarters
The national spokesperson said that the Congress party tries to stop the rapidly growing economy even now, just as they (Congress) had ruined the country's economy till 2014. If we look at it from the perspective of the whole world, when the global economy is shrinking, only positive signals about India's economy are coming from the world's economists and international institutions. When people say that India is a shining star, Congress feels pain and this pain can be understood, because in 2004 when BJP handed over the economy to them, it was in very good condition. All macroeconomic parameters were good but in 2014 after 10 years when the same economy was returned to BJP, all parameters were in bad condition and the economy was in serious crisis. Either there was policy paralysis or the country was being identified only by scams and policy-decision paralysis and the growth rate was going down.
The BJP spokesperson said that after 18 years when the world is grappling with tariff issues and pricing challenges, the impact of pricing on the supply chain is collapsing the economy of many countries. At such a time, India's rating being upgraded from triple B minus to triple V flat and outlook very positive indicates that the country's economy is not only strong but very strong and in the right direction. The rating upgrade sends a positive message across the world. It is believed globally that the initiatives of the Indian government and structural reforms are the reason for continuity in development and economic stability. The credit for this also goes to the people of India, who elected a government that gave continuity and gave Prime Minister Narendra Modi a chance for the third time. This continuity has generated confidence in global institutions and investors. The upgrade of the rating agency will also give a big benefit to India on the pricing point. Especially it will have an impact on external debt, interest rates will fall and the country's economy will get direct benefit from it.
Syed Zafar Islam said that the weighted average growth rate of India in the last years has been 8 percent. This figure puts India at number one in the category of the world's fastest growing large economy. No large economy has grown so fast in the last three years. If we talk about the current year, the RBI has estimated a growth of 6.5 percent. More importantly, the IMF has recently revised its outlook and increased the projected growth rate from 6.2 percent to 6.4 percent, while the world is grappling with tariffs and other uncertainties. Inflation, which was 9.74 percent in 2013, has come down to 1.55 percent this month and the average inflation during the Congress Party's tenure of 7.4 percent has been less than 4 percent in the last 10 years. This time inflation is expected to be around 3 percent. This will be the first time after 1989 that inflation will come down to such a low level.
The national spokesperson said that if we look at the global perspective today, inflation in countries like America and Britain is much higher than in India. The whole world is grappling with inflation, but in India it is under control. Especially food inflation, on which the Congress repeatedly used to raise a hue and cry that the prices of onion, tomato and potato have increased. The truth is that food inflation is 1.6 percent, that is, the prices of food items have fallen. Sometimes prices increase due to seasonal reasons, but as soon as the new crop arrives, the prices automatically stabilize. Today, the agriculture sector has a huge contribution. The BJP government has increased the capital allocation five times as compared to before 2014. The result of this is that India has not only become self-sufficient in food grains but is also trying to bring about a change in the production of many products and the income of farmers has also increased by 8 percent. The income of farmers is increasing, their production is increasing, their earnings are increasing and they are also getting every kind of assistance from the government.
The national spokesperson said that if we look at the facts, then in 2014, India's economy was 2.4 trillion dollars, which has now increased to 4.3 trillion dollars, that is, the size of the Indian economy has more than doubled. Per capita income has also more than doubled than before. The Indian economy has jumped from the 11th position to the fourth position, which is a proof of our economic strength. Even if we look at exports, the service sector is growing very fast. GCC Pani Global's Pacy Centers are an example of this.
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