India is a global economic leader: Now the big agencies of the world have also started saying that India is emerging as the ‘leader’ of the world economy. According to a report by the International Monetary Fund (IMF), India’s growth rate was 6.3 percent in October 2023, while the rate was less than two percent in many developed countries, including the United States. Two major American banks, Signature Bank and Silicon Valley Bank became defaulters, China’s largest real estate company Evergrande became defaulter. This is the situation of the two largest economies of the world, but is there any such example in India? The answer is no… it shows both the strength and growth of the Indian economy. We will discuss this in detail here-
The government is closely monitoring the country’s economy.
The IMF has said China’s GDP at eight percent, America’s GDP at 5.1 percent and India’s projected growth at 11.5 percent could lead the world economy. This means we are emerging as leaders of the global economy. It should be understood that this situation has come about due to the slow growth rate of major economies like USA and China due to various policies of the central government and Prime Minister Narendra Modi.
Instead of China, India will become the growth engine of Asia.
With the increase in the number of mobile phones, the decrease in the import of mobile phone sets and the increase in the number of vehicles, it is now being discussed that India will emerge as the growth engine of Asia instead of China. Last month, during the Diwali and Chhath festivals, the country spent Rs 4 lakh crore, which included purchases of small items, household items, utensils and gold and jewellery. In the last nine years, Prime Minister Narendra Modi has made systematic policies. In this context, it is important to mention the amount deposited in Jan Dhan accounts which was a game changer scheme.
In 1991, India’s foreign exchange reserves dwindled to one billion dollars.
In the Rajya Sabha on Tuesday, BJP member Sidhanshu Trivedi recalled India’s foreign exchange reserves falling to $1 billion in 1991 and gold being pledged, saying, “91 was Diwali…that too was a Diwali.” . There was a desolate garden and a weeping garden, and this is also Diwali when there was a fragrant garden and the light was unique.” We should also note that the Reserve Bank of India had said that the country would grow at 6.2 percent in the second quarter, but the actual growth was 7.6 percent. This is the result of progress.”
India is on the path of rapid development.
Referring to the reports of many famous foreign agencies including IMF, he said that India is on the path of rapid growth while other economies of the world are going downhill. Taking part in the debate, BJP member Sushil Modi said that if the effect of development is not visible, how did the mandate go in favor of BJP in the assembly elections of three states?
The growth of India’s economy is commendable.
Siddhanshu Trivedi of Bharatiya Janata Party (BJP) drew attention to the current global scenario in the Rajya Sabha and said that millions of people have come out on the streets around the world against inflation but this has not happened in India because we have inflation. . People here also know the causes of inflation. BJP leader Sushil Modi said that petroleum products, edible oil, fertilizers, pulses etc. are the main cause of inflation and we import them. He said that “petrol and diesel prices have not increased in two years, but the price of petrol in opposition-ruled states is much higher than in BJP-ruled states.”
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