Stories
PM Modi Hails India's 7.8% GDP Growth, Slams Critics for Spreading Pessimism
- •Prime Minister Narendra Modi celebrated India's stronger-than-expected 7.8% GDP growth in the April-June quarter.
- •Modi attributed the robust economic performance to the resolve and hard work of Indian citizens, highlighting the nation's strength amidst global challenges.
- •He criticized those spreading 'jhooth ki goonj' (echoes of lies) and pessimism about the economy, stating the growth figures debunked their narrative.
- •The Prime Minister emphasized the importance of maintaining momentum and achieving an 'Atmanirbhar Bharat' (self-reliant India) for continued progress.
Key Questions Answered
India plans to maintain economic growth by integrating macroeconomic policy, capital formation, and industrial strategy. The government is also focusing on attracting more foreign direct investment (FDI) by engaging at the policy level and improving transparency. Additionally, there is an emphasis on rationalising tariffs to single-digit rates by the 2027-28 budget and a continued push for public capital expenditure to encourage private sector investment.
The Opposition has criticised the Indian education system, with Congress MP Rahul Gandhi stating it has failed young people. Additionally, Congress leader Jairam Ramesh has criticised the UPI bill, claiming it will lead to hidden costs for consumers due to the removal of the zero MDR guarantee.
Global conflicts, geopolitical tensions, and energy market volatility are reshaping the global economy and could impact India's future GDP growth by straining public finances and increasing costs for imports like fertiliser and fuel subsidies. However, India has maintained strong growth and macroeconomic stability despite this challenging global environment.
