From ‘Fragile Five’ To Fastest-Growing Major Economy: PM Modi’s SRCC Economic Pitch

Prime Minister Narendra Modi highlighted India’s economic progress while contrasting it with the challenges the country faced before 2014. He was speaking at the centenary celebrations of Shri Ram College of Commerce (SRCC) in Delhi on Saturday.

PM Modi said the world now recognises India as the fastest-growing major economy. He cited several recent indicators, including 7.8 per cent quarterly GDP growth, an upgrade in India’s credit rating by a Japanese agency and a nine per cent rise in power generation.

The Prime Minister pointed to a 20 per cent rise in vehicle sales, with two-wheeler sales increasing by around 20 per cent and three-wheeler sales rising nearly 30 per cent. He said these figures reflected the growing strength of India’s economy and consumer demand.

Recalling 2013, PM Modi cited weak GDP growth, a strained current account deficit and inflation close to 10 per cent. He referred to industrial stagnation, the helicopter scam and alleged bribery linked to deals involving Saudi Arabia.

The Prime Minister recalled security challenges, including the killing of Indian soldiers along the Line of Control and bomb blasts in Hyderabad.

“Growth was on the floor, and inflation and corruption were at their peak,” PM Modi said. He added that terrorists were rampant and there was ‘nothing but despair’.

PM Modi called the period one of ‘policy paralysis’ and said India ranked among the ‘fragile five’ economies.

PM Modi recalled SRCC’s modest beginnings in Daryaganj and its growth into a leading institution producing professionals, leaders, artists, lawyers and entrepreneurs. He further recalled his 2013 address at SRCC as then Gujarat Chief Minister, when he presented his vision for India.

Using the metaphor of a glass half-filled with water and half with air, PM Modi highlighted India’s resilience. He said the country’s ability to withstand global disruptions reflects the strength of its economy.

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