Lauding the 9-year rule of the central government under the leadership of Prime Minister Narendra Modi, Union Minister Rajeev Chandrasekhar on Wednesday said that India is now aspiring to be the world's third-largest economy.
Speaking on Morgan Stanley's 'Transformation' Report on India, Minister Chandrasekhar said, "...He (PM Modi) has brought India from the depths of 2014, from being the 11th or 12th largest economy in the world to the 5th largest economy. We are now aspiring to be the 3rd largest economy. For the first time in the history of modern India, we are looking to the future to become a developed nation..."
He further said that the report talks about the fact that India has undergone an unprecedented transformation in the last nine years and "we are today the fastest-growing economy in the world".
"Even as the world struggles with the European conflict, post-COVID consequences, India has become a nation now whose economy has demonstrated resilience and is now demonstrating unprecedented growth and expansion," Chandrasekhar said.
He added that the Congress-led UPA government had left the economy in tatters in 2014, with 14 quarters of runaway inflation.
"They had left an economy with twelve quarters of declining growth and industrial production. They had left an economy where the financial sector and the economy had been battered and the banking sector was being borne down by the weight of NPAs due to crony lending, corrupt lending investors were running away from the country. Every day there was a new scam. This was the situation in 2014," he added.
He added that PM Modi's systematic work and determination through the 9 years made this growth possible.
"This is what Prime Minister Narendra Modiji inherited in 2014 and over the last nine years, systematically, with hard work, determination, and integrity, not allowing corruption anywhere near the government, he has not only rebuilt the economy, he has made the Indian economy the pride and the showcase for the world as becoming the fastest growing major economy in the world. We are the third-largest innovation economy in the world. We have the largest number of start-ups being created and unicorns being created compared to any other country in the world", the Union minister said.
Chandrasekhar said that the country is at a point where "this is the most exciting period for Indians all over who are concerned about the future of the country".
"We as Indians, the government, and the prime minister are looking to the future to become a developed nation. That is why I say the Morgan-style report confirms India has transformed in a manner unprecedented in history as an independent nation and we are at the point where this is the most exciting period for Indians all over who are concerned about the future of the country. This is the most exciting period in the history of modern India," he added.
Morgan Stanley Research, in a report, said that 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.
The report, 'India Equity Strategy and Economics: How India Has Transformed in Less than a Decade', highlights the 10 big changes, mostly because of India's policy choices, and their implications for its economy and market.
"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. We present a snapshot of these changes and their implications," the report said.
It added, "We run into significant scepticism about India, particularly with overseas investors, who say that India has not delivered its potential (despite its 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."
"However, such a view ignores the significant changes that have taken place in India, especially since 2014," it added.
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