From Fragile 5 to top performance: PM Modi highlights India’s economic progress since 2013
Prime Minister Narendra Modi, speaking at the centenary celebrations of Delhi University’s Shri Ram College of Commerce, compared India’s economic position in 2013 with its current situation.
Modi said India had been described as one of the world’s “fragile five” economies in 2013, whereas the country’s GDP growth has now reached 7.8 per cent. He used the comparison to highlight what he described as India’s progress over the past 13 years.
Referring to the challenges faced by the country in 2013, he mentioned issues such as economic difficulties, corruption and concerns over policy paralysis. He also referred to major incidents and crises that affected India during earlier years.
The Prime Minister pointed to changes in banking and manufacturing as examples of development. He said that in 2014, more than half of India’s population did not have bank accounts, while the country has since expanded financial access.
He also highlighted India’s transformation from being heavily dependent on imported mobile phones to becoming an exporter of mobile devices. He said similar efforts had been made to strengthen domestic defence manufacturing and create a stronger defence industry.
Looking ahead, Modi said India could become a major global manufacturing centre and a leading exporter of agricultural products. He also expressed confidence that India would eventually host an Olympics that would attract global attention.
During his speech, he referred to several challenges faced by India, including the Kedarnath disaster, the 2008 Mumbai terror attacks, the COVID-19 pandemic, the Russia-Ukraine conflict and the West Asia crisis.
He credited India’s resilience to the country’s strength and the support of its people. The Prime Minister was speaking at an event marking 100 years of SRCC, which also coincided with Teachers’ Day celebrations.