BJP: PM MODI ENCOURAGES A FREE MARKET IN INDIA, WHICH BENEFITS THE POOR TOO.

The never-ending debate of the political parties has enraged another statement by the ruling party i.e., BJP (Bhartiya Janta party) on Tuesday stating that Congress and its economic policies have been identified with crony capitalism and failed socialism as compared to PM Modi as he ensured a free market in India which in hand promoted a corruption free and transparent governance.

The BJP spokesperson on Tuesday says the idealistic approach for the twin disruptions such as the pandemic and the Ukraine war has been a tough row to hoe for the neighboring countries but PM Modi’s strong and inevitable leadership brought wonders in India as the economy of the country stands with highest growth rate among all big economies in the world.

The statement flourishes on the day when the IMF (international monetary fund) reportedly claimed India’s GDP to be the fastest among other economies of the world, although it blew the projection of the country’s growth in 2022 to 6.8%.

The projection earlier was claimed to be around 7.4% and was cut by 80 bps by IMF in its July World economic outlook (WEO) report and warned India of a rough phase in the economic section. However, it states that countries around the globe are going through sharper-than-expected disruptions with inflation to be at decadal highs.

In relation to that, some of the agencies such as State bank of India, World Bank of India, Citigroup, and many more have also cut India’s FY23 GDP after official April-June reports.

Here’s some data to look for a better understanding.