India's 'growing economy' is matter of pride, but Congress making fun : FM Nirmala Sitharaman

India's 'growing economy' is matter of pride, but Congress making fun : FM Nirmala Sitharaman

(The Indian economy was certainly in the ICU during the UPA regime and India was kept in 'fragile five', said the FM and insisted that the economic situation is much better now and thecountry is ranked fifth among the seven top global economies.) 

New Delhi 

Union Finance Minister Nirmala Sitharaman on Monday, Dec 12, lambasted the oppositionCongress for trying to 'mock' the country and the government when India is at present'the fastest-growing economy under Prime Minister Narendra Modi'.

 "Despite the pandemic and Russia-Ukraine war, India is the fastest growing economy today. 

This is a matter of pride. But they are making fun of it," she said in Lok Sabha responding to Congress member from Telangana A Revanth Reddy's remarks after he raised the issue of alleged depreciation of the rupee against the dollar  

"It's sad that they talk such things out of jealousy when our economy is doing well. Today these people are standing against the Indian economy," she said.

The Finance Minister said it is well known that the US dollar is getting "stronger and stronger" due to "the policy adopted by the US" but she hastened to add, India's foreign reserves have gone up because of the flow of FDIs and FIIs. 

"The fact remains that the reserves are going up. That's why, at this time, talks about foreign exchange, rupee depreciation, reserves coming down or investors running away are actually not proven by data," she said.

Of course, there are various data revelations and views of the experts to suggest that things are changing fast under the stewardship of Narendra Modi as the Prime Minister.

In fact, it is well known that among the seven top economies in the world, while the top on the list is the US, India ranks 5th with 7 percent growth figures.

And India stands above the UK and France. 

Experts say while China ranks second in the list, but its salient feature can be described as -- the moderate growth and low inflation.

In contrast, India has recorded a high growth rate with moderate inflation. The growth rate in China has been 3.3 percent

only. 

Even global media like 'The Economist' has recently said that India will continue to remain a "bright spot" in the year 2023.

'The Economist' further says that in 'domestic investment and manufacturing', India's performance has been relatively better with the west. 

While India under PM Modi has emerged stronger post the Covid crisis, a few neighbouring countries such as Pakistan, Sri Lanka and Bangladesh were faced with bigger challenges and almost

looked in turmoil. 

ends