‘Junk economy’ to ‘shining star of BRICS’: BJP leader traces India’s journey under Modi

The BJP on Friday sought to underline that the BRICS Leaders’ Summit being held in the national capital reflected India’s growing influence on the world stage. The party’s senior leader and MP Ravi Shankar Prasad also sought to assert that the International Monetary Fund (IMF), while acknowledging India’s 7.8 per cent growth rate, has appreciated the resilience of the Indian economy amid global shocks, wars, and the prevailing energy crisis and supply-chain disruptions.

During the Congress regime, India was described as one of the ‘Fragile Five’ and a ‘junk economy’, the former Union Minister said, adding that the country now features in the world’s top five economies and has emerged “as the shining star of BRICS” under the leadership of Prime Minister Narendra Modi.

“The IMF has made an important observation on India’s growth performance. It found India’s 7.8 per cent growth rate to be accurate. The IMF has also praised the resilience of the Indian economy amid global shocks, wars, energy crisis, and supply chain disruptions,” Prasad said.

“It has also appreciated the manner in which India is progressing in the services and manufacturing sectors, and trade. An international summit is being held in India… the leaders of several major countries in the world have arrived in Delhi today,” the BJP leader said, while also seeking to learn why Congress leaders were questioning what India will gain from BRICS.

Prasad also sought to question the condition of India and its position in BRICS when the Congress was in power, and added that a renowned institution like Goldman Sachs had then expressed concern about the Indian economy and that investments here were on a decline.

The situation was such that several international agencies at the time had suggested that the ‘I’ in BRICS, which stood for India, should be replaced with Indonesia, the BJP leader highlighted. “It is important to remind Congress leaders of the position they had brought India to in BRICS when they were in government.

At that time, global confidence in India was declining, inflation was rising, there was policy paralysis, a lack of policies, and a situation marked by fragility and corruption,” Prasad said. “Now, under the leadership of Prime Minister Modi ji… from being part of the ‘Fragile Five’, India has become one of the world’s top five economies.

With the blessings of 140 crore people, the country has emerged as the shining star of BRICS,” he added.