When IMF marginally lowered India’s economic growth, fiduciary Congress and its allies, merchants of doom and gloom were quick to write-off BJP/Modi government as failure, with equivocate reasoning, conveniently forgetting tremendous progress India has achieved, not only at the Centre but also in BJP/NDA ruled states. By the time the next election comes, the face of Holy River Ganges in Banaras will be unrecognizable, fresh, free and full of amenities for pilgrims to bathe.
But now no other than IMF Chief Christine Lagarde has come to the rescue, describing Indian economy on solid track and capable of delivering sustained growth over medium and long term. She also praised courageous decision government implemented regarding demonetisation and GST, a combined tax on goods and services that has streamlined various taxes, removing red tapes, raising tax revenue significantly, thus reducing budget deficit in the long run. It was a monumental effort, needing extreme care, knowledge, courage and tenacity, especially in view of the opposition’s efforts to sabotage it at every turn and make it a political football.
India’s growth rate in 2016 was 7:1 per cent, 0:3 percentages above the April prediction. India’s booming stock market is another indication of world’s faith in Indian economy. Due to these measures, prices of steel, cement and newly built homes are steady, giving a boost to investors, a welcome news for beleaguered Indian economy.
PM Modi, a shrewd decipher of political scenario, had put too much responsibility on the shoulders of cachet, able and trusted Arun Jetly. No one person can effectively handle two demanding portfolios of Defence and Finance, now wisely relieved of Defence, thus letting him concentrate on Finance.
Bhupendra M. Gandhi
By email
