Now Reading: Modi says India moved from Fragile Five to major economy
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Modi says India moved from Fragile Five to major economy
Prime Minister Narendra Modi said in his Independence Day speech that India had moved from the “Fragile Five” group to becoming a major economy over the past 12 years. Morgan Stanley coined…
The Story in Brief
Prime Minister Narendra Modi said in his Independence Day speech that India had moved from the “Fragile Five” group to becoming a major economy over the past 12 years. Morgan Stanley coined the term in 2013 for India, Brazil, Indonesia, South Africa and Turkey, which were seen as vulnerable to external financial shocks.
India was included because of high inflation, a widening current account deficit, a weakening rupee and reliance on foreign capital. It left the grouping in 2014 as external balances improved and foreign exchange reserves strengthened. Modi also set a target of a developed India by 2047 and cited increases in defence production, electronics manufacturing, internet users and digital transactions.
The Indian Opinion
The “Fragile Five” label is often used as a neat political scorecard, but it described a specific 2013 vulnerability, not a permanent verdict on India. Equally, citing production and transaction growth does not by itself prove broad prosperity. The useful test is whether stronger reserves and faster growth translate into stable jobs, contained inflation and healthier household incomes. Those numbers will settle how complete the transformation has been.
Source: hindustantimes.com
This story was synthesised by AI from the source linked above.
