IndiaTheNews NewsRoom: Modi’s economic policies are doing wonders, economic experts of the country and the world are surprised by the figures of the growth of Indian economy.

The opposition fiercely questions the economic policies of the Modi government. At the same time, the international economic experts who are supporting the opposition also claim that during the tenure of Prime Minister Narendra Modi, the Indian economy is going into the abyss and inflation and unemployment are at their peak. But the figures show that despite all the global challenges, Modi has been successful in taking the Indian economy forward rapidly. Modi changed India from 11th to fifth major economy of the world, now he is moving fast on the path of making India the third major economy and is working hard to fulfill the resolve of developed India before 2047. Not only this, when the supply chain was affected due to the Russia-Ukraine war and inflation started terrorizing the whole world, Modi kept inflation under control to a great extent in the country and ensured that poor families got food. The progress figures that come today are not only encouraging but unexpected which surprise even our government, RBI and global economic organizations and rating agencies. Let us remind you that when Modi became the Prime Minister, critics had said that how will this tea seller handle the economy? But the tea seller proved that he knows very well how much water, how much milk, how much tea leaves, how much sugar and how much ginger and cardamom to add to the tea.

Inflation decreased, employment increased

Let us tell you that the figures coming out on the economic front are showing that inflation is decreasing in the country, employment opportunities are increasing and our economy is growing at the fastest pace in the world. Today the situation is such that every month the Prime Minister hands over appointment letters to 51,000 people under the Prime Minister’s Employment Fair. Apart from this, the way the government is giving preference to making defense equipment and other government purchases from Indian companies, this has also created a lot of employment opportunities. This is the reason that according to the latest data, the unemployment rate of people aged 15 years and above in urban areas decreased to 6.6 percent in the July-September quarter whereas it was 7.2 percent in the same period a year ago.

Indian economy is progressing

Apart from this, the country’s economic growth rate stood at 7.6 percent in the July-September quarter of the current financial year with better performance of manufacturing, mining and services sectors. It was 6.2 percent in the same quarter a year ago. With this, India remains the country achieving the fastest economic growth rate among the major economies of the world. Let us tell you that GDP means the total value of goods and services produced in the country in a certain period. Prime Minister Narendra Modi has said that the Gross Domestic Product (GDP) growth rate figures in the second quarter of the current financial year show the strength of the Indian economy in testing times at the global level. “The second quarter GDP figures reflect the strength of the Indian economy amid difficult times globally,” Modi said in a post on social media platform ‘X’. We are committed to ensuring rapid growth by creating more opportunities, faster eradication of poverty and making life more convenient for our people.”

Reactions of economic experts

If we talk about the reaction of economic experts on these economic figures, then let us tell you that Chief Economic Advisor (CEA) V Ananth Nageswaran has said that the pace of economic growth will continue in the December quarter and the Indian economy will grow comfortably in the current financial year. Will achieve a growth rate of 6.5 percent. He said India is underestimating its GDP growth by projecting 6.5 per cent growth for 2023-24. This is evident from the tax jump as well as the growth rate of gross domestic product (GDP) at current prices.

On the other hand, former Vice Chairman of NITI Aayog Arvind Panagariya has said that the performance of the Indian economy has once again surprised the forecasting experts and the country is now on the path to a growth of more than seven percent. On social networking platform ‘X’, he wrote, “The Indian economy has once again surprised the experts. What they had estimated for the July-September quarter was an average of 6.7 per cent growth…the economy achieved 7.6 per cent growth. I hope they will learn that India is now on the path to more than seven per cent growth.”

At the same time, Prime Minister’s Economic Advisory Council (EAC-PM) member Sanjeev Sanyal said that the country’s economy has registered strong growth in the September quarter of the current financial year. “Full year growth for FY 2023-24 is expected to be in the upper end of 6.5-7 per cent,” Sanyal said. Let us also tell you that while India’s economic growth rate was 7.6 percent in the second quarter, China’s GDP growth rate during the same period was 4.9 percent. However, encouraged by the economic data, Barclays and Citi have further increased India’s economic growth estimates. It is expected that other economic platforms and rating agencies will also do the same.