PM Modi highlighted India’s 7.8 per cent economic growth, contrasting today’s policy dynamism with the “policy paralysis” and economic challenges of the pre-2014 era under the Congress-led government.
Prime Minister Narendra Modi on Saturday highlighted India’s recent economic performance, citing quarterly growth of 7.8 per cent and a series of positive economic indicators while contrasting the country’s current trajectory with what he described as an era of “policy paralysis” before 2014.
Addressing the centenary celebrations of Delhi University’s Shri Ram College of Commerce (SRCC), Modi told students, faculty members and alumni that India is now being viewed globally as the fastest-growing major economy. He attributed the transformation to decisive governance, policy dynamism and the country’s ability to maintain growth despite global uncertainties.
The Prime Minister pointed to several developments from the preceding week to underline the strength of the Indian economy. These included quarterly GDP growth of 7.8 per cent, an upgrade in India’s credit rating by a Japanese agency, a nine per cent increase in power generation and a 20 per cent rise in overall vehicle sales.
According to Modi, two-wheeler sales increased by around 20 per cent, while three-wheeler sales rose by nearly 30 per cent. He also highlighted strengthening consumer demand and expanding commercial activity as indicators of growing economic momentum.
Modi used the occasion to compare the current economic environment with conditions in 2013, when he was Chief Minister of Gujarat and had addressed the same institution. Recalling the headlines and economic concerns of that period, he said India was facing challenges on several fronts.
He referred to concerns over weak GDP growth, a widening current account deficit, inflation of around 10 per cent, an industrial slowdown, corruption allegations and security-related incidents. He also mentioned the killing of Indian soldiers along the Line of Control, the helicopter scam and allegations surrounding certain international deals.
“Growth was on the floor, and inflation and corruption were at their peak,” Modi said while describing the situation he said prevailed at the time. He also referred to terrorism and what he termed an atmosphere of despair.
The Prime Minister characterised the period as one of “policy paralysis”, arguing that the lack of decisive policymaking had contributed to economic uncertainty. He recalled that India was then frequently described internationally as one of the “fragile five” economies.
In contrast, Modi said the global perception of India has changed significantly. He argued that discussions that once centred on India’s policy paralysis are now increasingly focused on the country’s policy dynamism and economic opportunities.
He also said the backbone of Naxalism has been broken, presenting the development as another example of the changes he believes have taken place over the past decade.
The Prime Minister also reflected on his association with SRCC and its long institutional journey. He recalled how the college began from modest circumstances in Daryaganj before developing into one of Delhi University’s most prominent institutions.
Praising its alumni, Modi said SRCC has produced professionals, entrepreneurs, lawyers, artists and leaders who have contributed across different fields in India and abroad. He also mentioned his association with several SRCC alumni, including former Finance Minister Arun Jaitley and economist Sanjeev Sanyal.
Modi further recalled his 2013 speech at SRCC, noting that many people had recently been revisiting his remarks from that period. He said there had been expectations that, as a prominent opposition leader and critic of the then government, he would use the platform to launch a political attack.
However, Modi said he had chosen to focus on a positive vision rather than limiting his speech to criticism of the government of the day.
He again referred to a metaphor from his 2013 address involving a glass. While conventional descriptions may portray the glass as either half full or half empty, Modi recalled that he had described it as completely full — half containing water and the other half containing air.
The Prime Minister suggested that the optimistic outlook represented by the metaphor had remained relevant to his approach to India’s development. He linked that outlook to the country’s subsequent economic progress and its growing confidence on the global stage.
Highlighting the latest growth figures, Modi said India’s ability to record robust economic expansion despite regional conflicts, disruptions and wider global challenges demonstrated the underlying strength of the Indian economy.
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He told the young audience that India’s progress should be viewed in the context of both its achievements and its potential. The recent economic indicators, he argued, showed that the country had moved beyond the pessimism associated with the earlier period and was now positioned for sustained growth.
The address at SRCC therefore combined reflections on India’s economic past with an emphasis on its present performance, with Modi presenting the 7.8 per cent growth figure and other recent indicators as evidence of a broader shift towards stronger economic activity and policy dynamism.
