‘Economist PM’, ‘Know-it-all’ Finance Minister ruined economy: PM Modi on the “unbelievable” decay caused to the Indian economy


Hon’ble Prime Minister Narendra Modi recently said that his government has driven the Indian economy out of “unbelievable” decay caused by the previous government. He blamed it on “economist prime minister and a ‘know-it-all’ finance minister” from the previous government.

PM Modi said that the country is progressing towards further growth and is becoming the fastest growing large economy in the world.

On being asked about the dearth of jobs in the country, PM Modi gave a very intelligent and practical reply in which he said that if every state is creating a good number of jobs, how is it that Centre could be creating joblessness?

While Karnataka government claimed to have created 53 lakh jobs, the West Bengal government claimed to have created 68 lakh jobs in the last term, he said.

He then noted that there was creation of 3 lakh village-level common service centres, 15,000 start-ups, registration of 48 lakh new enterprises. Not only this, 41 lakh formal jobs were created from September 2017 to April 2017 as reflected in EPFO payroll data. Also, many people got jobs due to the multiplicity of construction activities from houses to highways and railways.

The second question he posed was that of the failure of banking system due to fugitive businessmen. He then noted the introduction of Insolvency and Bankruptcy Code which was implemented by his government to mitigate the issue. He said that in 2014 itself, the government withdrew its interference in sanctioning of bank loans.

Talking about the state of the Indian economy when he assumed power in 2013, he said, “Things were terrible. Even the budget figures were suspicious.”

He reiterated that he opted for ‘rashtraneeti’ (putting the interests of India first) and not ‘rajneeti’ (political considerations), as he ceased the release of the white paper on the state of the economy in 2014. PM Modi said: “We preferred to think of ‘India First.” “We focused on reforming, strengthening and transforming the Indian economy,” he added.

Flourishing FDI, multiple benefits of GST, Unprecedented ease of doing business, are only some of the many accomplishments of the BJP government. As the future will unfold, the BJP government will bring to pass many other unbelievable dreams of the BJP government. House for all Indians and doubled farmer’s income are a few things BJP government has promised till 2022. With the tireless ministers and their impeccable governance, these dreams don’t look like a far cry.