Speaking at the centenary celebrations of Shri Ram College of Commerce (SRCC), Modi said the economic conditions in 2013 were marked by widespread concerns over growth, inflation and policy paralysis.
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“The world was counting India among the “Fragile Five,”” Modi said, referring to the period when India’s economic vulnerabilities were drawing global attention.
He said the economic challenges were reflected in several key indicators.
“The World Bank had lowered its GDP growth forecast. The current account deficit was at an all-time high. Inflation was around 10 per cent,” Modi said.
“The industrial sector was in the grip of a slowdown,” he added.Modi also recalled the broader headlines surrounding the country at the time, including corruption allegations, security incidents and concerns over governance.
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“There is a gang that will take what I am saying, break it into small pieces and put it in my account. So, let me warn you in advance about this,” Modi said before recounting the conditions that prevailed in 2013.
“For example, Indian soldiers were being killed along the LoC,” he said. “The current generation may find it surprising; perhaps they may wonder, “Did this really happen?” Yes, it did.”
Modi also cited the exposure of corruption in the helicopter deal and bomb blasts in Hyderabad among the major headlines of the period.
“These were all headlines at that time,” he said.
The prime minister said younger Indians may not be aware of the economic and political circumstances that prevailed then.
“I firmly believe that our students today may not know about all these things,” Modi said. “These developments show what the condition of the country was at that time.”
Summing up the economic situation, Modi said, “Growth was at the bottom, while inflation was at the peak.”
He also pointed to corruption and the debate over policy paralysis.
“Scams were at their height, and the corrupt were moving around fearlessly. The economy was in distress,” he said.
“There was discussion everywhere about policy paralysis,” Modi added.
On the security situation, Modi said, “Terrorists were operating unchecked, and Pakistan was out of control.”
“In other words, there was nothing but disappointment and despair,” he said.
“There was a time when the country was struggling on every front…” Modi added.
