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Thursday, October 5, 2023

Union Minister Rajeev Chandrasekhar On Morgan Stanley Report

'UPA Left Shattered Economy': Union Minister On Morgan Stanley Report

Union Minister Rajeev Chandrasekhar took a swipe on the earlier Congress-led UPA

New Delhi:

Morgan Stanley’s report on how India underneath Prime Minister Narendra Modi has remodeled and gained a place on the planet order in lower than a decade is the “greatest and sharpest indictment” of the Congress-led UPA’s “misplaced decade between 2004 and 2014”, Union Minister Rajeev Chandrasekhar stated on Wednesday.

Chatting with PTI, he stated the report reminds Indians how the Congress-led UPA had in 2014 left “a shattered financial system”. 9 years later, India has emerged as one of many fastest-growing economies on the planet with report FDI, the minister stated.

“This report that claims how India is remodeled in lower than a decade underneath Prime Minister Narendra Modi is in my view the very best and sharpest indictment of the UPA’s misplaced decade between 2004 and 2014,” he stated.

Within the report, Morgan Stanley stated important scepticism about India, significantly with abroad buyers, ignores the numerous adjustments which have taken place in India, particularly since 2014.

Rejecting criticism that India has not delivered its potential (regardless of it being the second-fastest-growing financial system and among the many top-performing inventory markets over the previous 25 years) and that fairness valuations are too wealthy, saying such a view ignores the systematic reforms within the final 9 years.

Chandrasekhar stated, “The report goes into particulars and it reminds Indians that how in 2014 the Congress’ UPA had left a shattered financial system, virtually 14 quarters of runaway inflation, 12 quarters of decline in financial system and industrial manufacturing, buyers operating away from the nation, a damaged monetary sector that was characterised by crony corrupt lending by banks, and worldwide massive buyers like Telenor, Nokia operating away from India.” “That was the scenario in 2014 that this report has rightfully captured,” he informed PTI.

The Union minister stated India has come via the Covid pandemic, one of many “most disruptive occasions” within the historical past of the world, and emerged as a stronger nation that has earned “all of the respect of the world”.

“Whether or not it’s the formalisation of the financial system, tax charges which might be comparative with the world, and infrastructure… We now have change into the biggest infrastructure on the planet right now.

“We’re the quickest rising innovation financial system on the planet. We have gotten a expertise energy on the planet… Most significantly, from the eleventh largest financial system on the planet, we’ve got change into the fifth in a brief span of 9 years underneath Prime Minister Narendra Modi,” he added.

Chandrasekhar stated the report signifies that Prime Minister Modi has not solely been working for the expansion of the nation however he has expanded the financial system and introduced stability and safety.

“He has created good governance even if in 2014 the UPA and the Congress authorities had left a complete mess for Prime Minister Modi ji to inherit,” he added.

(Apart from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)

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