Union Finance Minister Nirmala Sitharaman, on Monday, Dec 12, criticized the opposition. Congress for trying to ‘mock’ the country and the government when India is at present ‘the fastest-growing economy under Prime Minister Narendra Modi’.
“Despite the pandemic and Russia-Ukraine war, India is the fastest growing economy today. This is a matter of pride. But they are making fun of it,” she said in Lok Sabha, responding to Congress member from Telangana A Revanth Reddy’s remarks after he raised the issue of alleged depreciation of the rupee against the dollar “It’s sad that they talk such things out of jealousy when our economy is doing well. Today these people are standing against the Indian economy,” she said.
The Finance Minister said it is well known that the US dollar is getting “stronger and stronger” due to “the policy adopted by the US”, but she hastened to add India’s foreign reserves have gone up because of the Flow of FDIs and FIIs.
“The fact remains that the reserves are going up. That’s why, at this time, talks about foreign exchange, the rupee depreciation, reserves coming down or investors running away are not proven by data,” she said. Of course, various data revelations and views of the experts suggest that Things are changing fast under the stewardship of Narendra Modi as the Prime Minister.
It is well known that among the seven top economies in the world, while the top on the list is the US, India ranks 5th with 7 per cent growth figures. And India stands above the UK and France. While China ranks second in the list, its salient feature can be moderate growth and low inflation. In contrast, India has recorded a high growth rate with average inflation. The growth rate in China has been only 3.3 per cent.
Even global media like ‘The Economist’ has recently said that India will remain a “bright spot” in 2023.’ The Economist further states that in ‘domestic investment and manufacturing, India’s performance has been relatively better than the west.
While India under PM Modi has emerged more robust post the Covid crisis, a few neighbouring countries such as Pakistan, Sri Lanka and Bangladesh faced more significant challenges and almost looked into turmoil.