‘India different under Modi’: Rajeev Chandrasekhar hails Morgan Stanley report | Latest News India - Hindustan Times
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‘India different under PM Modi’: Rajeev Chandrasekhar hails Morgan Stanley report

Jun 01, 2023 07:16 AM IST

PM Modi rebuilt the economy with hard work and determination, by not allowing corruption anywhere near the government, union minister Rajeev Chandrasekhar said.

Reacting to the Morgan Stanley report which hailed PM Narendra Modi’s nine years of governance, union minister for information technology Rajeev Chandrasekhar said on Wednesday said India is now very different from the ‘corruption-ridden, fragile economy’ left by the Congress-UPA governance from 2004-2014.

Union minister Rajeev Chandrasekhar attacked the 2004-2014 Congress government for weighing down the banking sector with non-performing assets due to crony and corrupt lending. (ANI)
Union minister Rajeev Chandrasekhar attacked the 2004-2014 Congress government for weighing down the banking sector with non-performing assets due to crony and corrupt lending. (ANI)

Read: ‘To tear down India’: Rajeev Chandrasekhar on Rahul Gandhi's US visit

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Speaking to news agency ANI, Chandrasekhar said that despite the European conflict and post-Covid consequences, the Indian economy has demonstrated resilience, unprecedented growth and expansion thanks to PM Modi’s efforts. “We are the fastest growing economy in the world now. The lost decade from 2004 - 14 was beset with 14 quarters of runaway inflation and 12 quarters of decline in growth and industrial production leading to a collapse of the financial sector and economy,” he continued.

Read: Morgan Stanley makes big prediction on Emerging and Asian stocks: Report

The minister attacked the Congress government for weighing down the banking sector with non-performing assets due to crony and corrupt lending. He added that multiple scams emerging daily had prompted global firms and investors like Nokia, Etisalat and Telenor to run away from the country. Modi systematically rebuilt the economy with integrity, hard work and determination, by not allowing corruption anywhere near the government, he said.

The PM should be credited for improving India’s position from 11th largest economy to the fifth rank and currently aspiring to be the third largest, Chandrasekhar asserted.

Calling it the most exciting period for Indians all over the world, who are concerned about the future of the country, he said, “We are the third largest innovation economy in the world with the largest number of startups and unicorns. Our country creates more infrastructure than any other nation and is formalising the economy at a rate never before seen in the history of India. For the first time, we are looking forward to becoming a developed nation.”

What does the report say

The report titled ‘India Equity Strategy and Economics: How India Has Transformed in Less than a Decade’ said significant scepticism about India, particularly with overseas investors, ignores the significant changes that have taken place in the country since 2014. Rejecting criticism that India has not delivered its potential (despite it being the second-fastest-growing economy and among the top-performing stock markets over the past 25 years) and that equity valuations are too rich, saying such a view ignores the systematic reforms in the last nine years.

"This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook," it said. "India has transformed in less than a decade."

Listing the 10 big changes that have happened since PM Modi took office in 2014, the brokerage said bringing corporate tax at par with peers and infrastructure investment picking pace are one of the biggest supply-side policy reforms.

India's FY23 GDP beats estimates

India's economy grew 6.1% in the January-March quarter from a year earlier, accelerating from 4.4% in the previous quarter, government data showed on Wednesday. The Indian economy grew at 7.2% in the fiscal year 2022-23, positively surprising most analysts and exceeding the government’s own projection of 7% GDP growth.

The unexpected upside in the GDP numbers is a result of a better-than-expected performance in the last quarter of the fiscal, and powered by services, exports, and agriculture.

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