BJP resolution: India’s emergence as growing economy under PM Modi’s leadership
ALLAHABAD: BJP says India has emerged as the growing economy under the leadership of Prime Minister Narendra Modi amidst global slowdown and two years of successive drought. In an economic resolution passed at its national executive meeting at Allahabad last night, the party expressed confidence that there will be a transformation in the lives of the poor.
The BJP attributed the new growth story to extensive and persistent efforts by the Modi government and its prudent policies. It said, economic experts, think tanks, multilateral institutions and reputed media have acknowledged India’s growth story and hailed various schemes and initiatives of the government.
The resolution said, the task of the new government, which had inherited a very bad economy from the previous Congress-led UPA government, was to undo the bad effects including policy paralysis, mis-governance and corruption and make the economy embark on the path of development.
It said, under the UPA government international community had started writing off India as a laggard economy and the last two years of the dispensation were the worst from the point of view of the industry, infrastructure, price stability.
Contrasting it with the performance of Modi government, the resolution said, India’s GDP had grown to 7.2 percent in 2014-15 and 7.6 percent in 2015-16. It also noted GDP growth rate of 7.9 percent in the last quarter. The resolution mentioned that despite severe resource constraints, the NDA government achieved fiscal deficit target of 4.1 percent in 2014-15 and 3.9 percent in 2015-16.
According to the resolution, India received an unprecedented amount of Foreign Direct Investment in 2015 and this helped in increasing surplus in balance of payment on capital account. It said, the government kept inflation at reasonable levels through judicious fiscal management strategies and also introduced tax reform measures and bankruptcy law.
The trust of investors increased manifold due to increased transparency and accountability in governance, scam free administration and prudent fiscal management policies. It said, the government also improved ease of doing business, which attracted more investments.
Noting that a qualitative change in the tax system is expected through the introduction of GST, the resolution said, it has been pending due to what it called obstructionist politics of the Congress and a few other parties.
Prime Minister Narendra Modi was present during Mr Shah’s speech as were senior Union Ministers like Rajnath Singh, Arun Jaitley, senior office bearers as well as party veteran L K Advani. Earlier yesterday, Mr Modi visited Allahabad High Court and spent nearly an hour at the institution currently celebrating 150 years of its establishment.
