Now Reading: Modi Says India Has Moved From Fragile Five to Major Economy
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Modi Says India Has Moved From Fragile Five to Major Economy
Prime Minister Narendra Modi said India had moved from the so-called ‘Fragile Five’ to a major economy in the past 12 years, during his Independence Day address from the Red Fort. Times…
The Story in Brief
Prime Minister Narendra Modi said India had moved from the so-called ‘Fragile Five’ to a major economy in the past 12 years, during his Independence Day address from the Red Fort. Times Now reports that India became the world’s fourth-largest economy after overtaking Japan last year, citing information used in the speech. The grouping, created by Morgan Stanley in 2013, included India, Brazil, Indonesia, South Africa and Turkey.
India was then facing high inflation, a 5.1% current account deficit, rupee pressure and dependence on overseas capital. Times Now reports that India left the grouping by 2014 after its external balances and foreign exchange reserves improved. NDTV reports Modi also said defence production had quadrupled and electronic manufacturing had grown seven times during his tenure.
The Indian Opinion
The triumphalist claim that one government alone rescued India from the ‘Fragile Five’ is too simple. The label reflected vulnerabilities, while the recovery also involved the RBI, improved reserves and measures on imports and exports. The opposite claim, that the label proves India remains economically weak, is just as lazy. The useful test is whether growth creates stable jobs and keeps the current account and rupee under control, not whether a speech produces a better slogan.
Sources (2): timesnownews.com, ndtv.com
This story was synthesised by AI from the 2 sources linked above.
