Prime Minister Narendra Modi on Saturday hit out at critics questioning India’s latest gross domestic product (GDP) growth figures, saying those who had pushed the country into the “Fragile Five” were now finding 7.8 per cent quarterly growth difficult to digest.

 

Addressing the centenary celebrations of Shri Ram College of Commerce (SRCC) in Delhi, PM Modi said the growth figure had boosted confidence in the economy despite the war in West Asia and global trade challenges.

 

He said those who saw the glass as half empty in 2013 continued to do so.

 

“For them, the glass will always be half empty. I am talking about the glass, not about anything else remaining empty,” he said.

 

PM Modi then recalled the economic and political conditions in 2013, when he had addressed students at SRCC.

“There is a gang that will take what I am saying, break it into small pieces and put it in my account. So, let me warn you in advance about this. Let me tell you what used to dominate the media during that period in 2013,” Modi said.

 

He cited several developments from that period, including Indian soldiers being killed along the Line of Control (LoC), a reduction in the World Bank’s GDP growth forecast, a record current account deficit and inflation of around 10 per cent.

“The industrial sector was in the grip of a slowdown. Corruption in the helicopter deal had been exposed. There were bomb blasts in Hyderabad. These were all headlines at that time,” he said.

Modi also referred to the discussion around policy paralysis and said the global perception of India at the time included the “Fragile Five”.

“Growth was at the bottom, while inflation was at the peak. Scams were at their height, and the corrupt were moving around fearlessly. The economy was in distress. There was discussion everywhere about policy paralysis. The world was counting India among the ‘Fragile Five’,” he said.

‘Change in practice’ after 2014

Modi also recalled his 2013 address at SRCC, when he spoke about “P2G2”, or Pro-People Good Governance.

“In 2013, while speaking here at SRCC, I also discussed P2G2, which stands for Pro-People Good Governance,” he said.

“Those who governed the country for a long time had a particular style: wake up only when there is a fire, and dig a well only when there is a drought. I had spoken about changing this approach. And after our government was formed in 2014, we demonstrated that change in practice,” Modi said.

He also criticised those who opposed efforts to expand access to banking services.

“Think about those who were also opposing efforts to connect crores of people to the banking system. In fact, such people enjoy seeing the glass half full so that ordinary, poor citizens of the country continue to depend on them. This is the ‘mai-baap’ culture they have been running for decades,” he said.

‘Report card’ of the government

Modi also referred to his earlier remarks on “Made in India” and said the idea was not understood by some at the time.

“This is Modi. He stands like a rock in front of those who favour the ‘mai-baap’ culture. I have the courage, which is why I am reminding you of what I said that day. I have come before you with my report card,” he said.

“At the same programme in 2013, when I said that we needed to work towards ‘Made in India,’ people from the ecosystem of that time simply could not understand it. They believed that Made in India was impossible during that period of despair,” Modi said.

He added that those who held that view continued to make fun of the initiative. “But today you can see the brand value of Make in India,” he said.