New Delhi, May 22 (IANS) BJP leader Amit Malviya on Friday hit back at Congress leader Jairam Ramesh over his criticism of the Modi government’s economic policies, asserting that India remains the world’s fastest-growing major economy and accusing the opposition of ignoring facts and data.

The political exchange began after Ramesh cited an article by economist Surjit Bhalla and described it as a “damning indictment of Modi-nomics”.

Responding sharply, Malviya said comparing the current Indian economy with the 2013 “Fragile Five” moment was “historically and statistically absurd”.

“Calling this a ‘damning indictment’ only shows how far the opposition has moved from data, facts and context,” Malviya posted on X.

He said India in 2012-13 faced slowing GDP growth, high inflation, policy paralysis and corruption allegations, whereas the present economic situation reflected stability and resilience despite global uncertainty.

Citing international institutions, Malviya said the World Bank and Organisation for Economic Co-operation and Development (OECD) had projected India’s growth at 7.6 per cent in FY26, while the IMF expects the country to remain the fastest-growing major economy in 2026 and 2027.

He also highlighted improvements in key macroeconomic indicators, including inflation, current account deficit, and forex reserves.

According to Malviya, India’s current account deficit stood at only 1 per cent of GDP in the first three quarters of FY26 compared to 4.8 per cent during the 2013 crisis period.

On inflation, he said CPI inflation, which was around 10 per cent in 2012-13, had significantly moderated, with April 2026 inflation recorded at 3.48 per cent.

Malviya further said India’s forex reserves had risen from about 292 billion US dollars in March 2013 to nearly 697 billion US dollars in May 2026, providing strong import cover.

Defending the government’s economic policies, he pointed to record GST collections of Rs 2.42 lakh crore in April 2026, declining NPAs in public sector banks and rising industrial growth.

He also cited initiatives such as the Production Linked Incentive (PLI) scheme, semiconductor investments, insurance sector reforms and trade agreements as evidence of growing investor confidence in India.

“The opposition needs a collapse narrative. The numbers and facts refuse to cooperate with Congress,” Malviya said.

The remarks come amid an intensifying political debate between the BJP and Congress over the state of the Indian economy and the impact of the Modi government’s economic policies.

–IANS

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