Salient points of the press conference : BJP National Spokesperson Syed Zafar Islam

 

Salient Points of BJP National Spokesperson and former Rajya Sabha MP Syed Zafar Islam’s Press Conference

 

Global rating agency S&P has upgraded India's economy from stable to positive, indicating that Hon’ble Prime Minister Shri Narendra Modi Ji has constructed a robust foundation for ‘Viksit Bharat’ over the past decade

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Opposition parties may have their vision obscured, but global agencies are clearly acknowledging India's emerging economy

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Under the previous government, inflation, which was out of control and in double digits, is now under control and hovering around just 4%

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Until 2014, India's performance in all aspects of macroeconomic stability was weak, but under the effective leadership of Hon’ble Prime Minister Shri Narendra Modi, these indicators have now strengthened

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Renowned financial institutions worldwide now recognize that due to the foundation laid by Hon’ble Prime Minister Shri Narendra Modi over the past decade, the pace of India's GDP growth will accelerate and no global force can impede India's advancement

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Between 2004 and 2014, ease of doing business in India was deemed highly intricate and the nation's economy ranked among the five most fragile worldwide. However, today, India stands among the top five economies globally, with a consistent rise in foreign direct investment in the country

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According to global agencies, inflation volatility has decreased in the country, private investment is growing rapidly and India is moving swiftly towards becoming a manufacturing hub

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Over the next five years, the nation's economy is poised to strengthen, with a rise in per capita income, establishing ‘Modi-nomics’ as a model for the entire world, as the Ayushman Bharat Yojana

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Bharatiya Janata Party National Spokesperson and Former Rajya Sabha MP Syed Zafar Islam addressed a press conference at the party’s headquarters in New Delhi on Thursday. During the conference, Syed Islam highlighted the news from the international rating agency S&P, which declared India's economy to have shifted from stable to positive. He praised the policy reforms initiated by Hon’ble Prime Minister Shri Narendra Modi Ji over the past decade for strengthening the economy.

 

Syed Islam emphasized that during the elections from 2014 to 2019 and then from 2019 to 2024, the Bharatiya Janata Party engaged with the public by presenting their respective report cards. Over the course of a decade, the BJP has provided a comprehensive account of the nation's progress and the upliftment of its citizens. The manner in which Hon’ble Prime Minister Shri Narendra Modi Ji has effectively led the nation over the past 10 years has been communicated to the people. It's widely acknowledged that Hon’ble Prime Minister Shri Narendra Modi Ji has considered all 140 crore Indians as his own family and worked tirelessly for their advancement and the strengthening of the nation.

 

BJP National Spokesperson stated that prior to 2014, particularly during the period from 2004 to 2014, ease of doing business was a challenging aspect in India due to prevalent issues such as corruption, scams and policy paralysis. As a result, India's economy was categorized among the ‘fragile five’ economies. However, when Hon’ble Prime Minister Shri Narendra Modi Ji assumed office in 2014, he took the reins of the country and realized that to strengthen the economy, numerous policy measures, initiatives and especially structural reforms needed to be implemented. Hon’ble Prime Minister Shri Narendra Modi ji demonstrated such initiatives over the past 10 years. Concerns of opposition parties including the Congress, have been only limited to their own families rather than the welfare of the nation's people. Especially during times like COVID, Hon’ble Prime Minister Shri Narendra Modi Ji's decisive actions have been notable. If one assesses the economies of the entire world and that of India, it can be today observed that the policy decisions taken by the Indian government during the COVID period are propelling India forward rapidly, while the economies of other countries are currently faltering. Amidst various global crises like the Russia-Ukraine war, the government, considering the strength of the nation, has made thoughtful decisions under Hon’ble Prime Minister Shri Narendra Modi Ji’s leadership for the welfare of the country.

 

Syed Islam mentioned that India's economy is currently robust, leading to a positive shift in its investment-grade triple B minus rating, previously stable. This marks a historic moment where rating agencies are beginning to recognize that the policies aimed at strengthening India's economy, aligned with its vision of ‘Viksit Bharat’, are now coming to fruition. Syed Islam pointed out that regardless of the politicians in India, whether it's Rahul Gandhi or other opposition leaders, they seem to have a limited perspective. However, global agencies are now recognizing the increasing strength and momentum of India's economy, leading them to revise their outlook to positive. Their report suggests that with continued positive trends, including fiscal consolidation, there is potential for a rating upgrade. This marks a major achievement as it's the first time in 14 years that India's outlook has changed. S&P has changed its outlook for India for the first time in 14 years. Under PM Modi's leadership, this stands as a testament to the effectiveness of “Modinomics.”

 

BJP National Spokesperson Syed Islam emphasized that India's economy was fragile in 2014 but has become the strongest today. Rating agencies consider 4-5 criterias, including volatility in various countries globally. It is a major achievement for India that there is currently no volatility in the country's inflation. Additionally, he emphasized that Hon’ble Prime Minister Shri Narendra Modi ji has consistently set targets for the RBI since day one. Since the Ukraine war, the global supply has been affected, leading to a rise in inflation worldwide. However, due to the far-sighted policies of Honorable Prime Minister Shri Narendra Modi Ji, inflation in India has been kept under control and this achievement is being recognized worldwide. Today, rating agencies are predicting that the instability in India has come to an end and this is the result of the policies and reforms implemented by Honorable Prime Minister Shri Narendra Modi Ji. While inflation rates used to double during the tenure of the UPA government, inflation rates are now under control during the BJP's tenure, hovering around approximately 4%.

 

Syed Islam mentioned that GST collections are on the rise today. Previously, trucks had to wait for 18 hours to pay taxes while crossing state borders, but now the process has become smoother, resulting in cost reduction and benefiting the common people. Furthermore, rating agencies have discussed macroeconomic stability. Until 2014, India struggled with all macroeconomic indicators, but under the effective governance of Hon’ble Prime Minister Shri Narendra Modi, India has strengthened across these indicators. While the global economy is growing by around 3%, India's GDP is currently growing at a rate of 7%. Today, financial institutions worldwide have recognized that the robust foundation laid by Hon’ble Prime Minister Shri Narendra Modi Ji over the past decade will accelerate India's pace and momentum. No force in the world can impede India's rapid advancement. Presently, India is contributing 20% to the global GDP growth, a fact that instills pride in every citizen of the country. In global trade, India's contribution was merely 2% in 2014, a figure that Hon’ble Prime Minister Shri Narendra Modi Ji has elevated to 4%.

 

BJP National Spokesperson Syed Islam stated that many developed countries, including the UK, distributed money among their people, leading to increased inflation there. However, Hon’ble Prime Minister Shri Narendra Modi Ji invested in infrastructure, focused on improving the standard of living and implemented welfare schemes, resulting in the rapid growth of the economy across urban and rural areas in the entire country today. When the PMI (Purchasing Managers' Index) of the service and manufacturing sectors is above 50, it is considered that economic activities are picking up pace in the country. It was challenging for the PMI to reach 50 during the UPA government's tenure, but under BJP rule, the PMI is now around 60. Today, major global companies are interested in making direct foreign investments, manufacturing and exporting from India, indicating that Hon’ble Prime Minister Shri Narendra Modi Ji has effectively implemented his plan to increase direct foreign investment, manufacturing and exports. Global agencies have endorsed this claim.

 

Syed Islam mentioned that today, there has been a 6% increase in the participation of working women in the country, with 25 crore people uplifted above the poverty line and the emergence of a new middle class. Rating agencies have also acknowledged these accomplishments, affirming that Hon’ble Prime Minister Shri Narendra Modi Ji is delivering on his pledge to reduce the fiscal deficit. Despite the challenges of the COVID era, India has effectively managed its fiscal deficit and reduced it. Global agencies have stated that India is strengthening on the metrics of macroeconomic stability, experiencing reduced volatility in inflation, witnessing rapid growth in private investments and advancing towards becoming a manufacturing hub. These efforts will strengthen the country's economy, increase per capita income, propel India towards rapid development and establish Modi-nomics as a global benchmark, like the Ayushman Bharat Yojana. Over the past 10 years, the BJP government has demonstrated inclusive development while addressing the needs of the people. Therefore, the people of the country are once again ensuring a resounding victory for the Hon’ble Prime Minister Shri Narendra Modi Ji with a massive mandate.

 

BJP National Spokesperson Syed Zafar Islam remarked that the opposition had plundered the nation during their tenure from 2004 to 2014 and their current focus remains on their own families rather than the welfare of the people or the nation. The opposition shows no concern for the public or national interest, leading the public to rally behind the BJP's commitment to victory. With a change in India's status in the S&P rating after 14 years, it is evident that India is on track to become the world's third-largest economic powerhouse in the next five years. India's GDP will continue its steady growth, per capita income will rise, capital formation will occur and inflation will decrease.

 

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