Most of the times we see Congress and media making big comments on Acche din and questioning PM Modi on what good has he done to the country. We see some orchestrated news debates where the anchors are predetermined to attack Modi government on baseless charges, false data and fake propaganda. These people do not hold debates to discuss an issue, but their sole aim is to keep their TRPs high bashing PM Modi. Anyways if PM Modi’s name can help them gain some bread for themselves, probably Modi will be happy.
But the saddening part here is, most people do not understand what situation really India was in 2014 and what would have happened if Narendra Modi would not win the 2014 elections. When the Congress left office in 2014 after a massive defeat, the economy of the country was in a miserable state. Probably no person could have imagined that India was considered as the fragile 5 by the world which meant the economy of the country could have collapsed any moment.
The massive scams which not just included Coal, 2G or CWG but the NPA scams which had piled up since 10 years had started to collapse the banking system of the country. Despite 2 economists who had Harvard degrees were holding 2 highest positions of Prime Minister and Finance Minister, they were unable to solve the issue…why? because they themselves were the main culprits who lead the country into crisis by helping crooks and corrupts.
Now, take a look at the Rupee Depreciation against the dollar since 2011
In the year 2011, the value of One dollar was 46.61 Rupees, but just observe what happened to Rupee value in 2012-2013. It suddenly plunged from 46.61 to 58.53 which means the Rupee crashed almost 25% in just 2 years. Never in the history of India had we seen such crash of Rupee value. Did it happen without a reason? Obviously not. The main reason was because the foreign investments in India had almost fallen to all-time low, the NPA scams were on the rise, the banks had no money to grant loans for investments. The industrial sector had collapsed, there was no manufacturing, no employment and as a result India had to import 50 times more goods than what we exported.
It was then the great economist from Harvard and finance minister of India borrowed 40 billions USD from the NRI’s at interest rates 2-3 times more the value to solve the economic crisis and called himself the great SAVIOR of India. The media which had no knowledge about the economy or crisis made him look like hero. But what happened was, India was paying exorbitant interest for the amount borrowed and landed itself into a greater crisis.
When PM Modi took over as the Prime Minister of India, most economists claimed that the Rupee Value may hit 80 against the dollar which may become the critical situation for the Indian economy. They warned him that Banking system may shut down due to the massive NPA frauds which had made the government come to a halt. But PM Modi never uttered a word about the collapsing economy, he instead took the required actions immediately and cleared all the foreign investments which were blocked since years due to non-commitment of the previous government.
This helped the Indian economy get a breather and the investments started flowing in. The coal, telecom spectrum were auctioned within months which helped the government regain thousands of crores. The banks started receiving money and the economy started recovering. The foreign exchange reserves shot up to all-time high to 400 Billions USD. The rupee started to stabilize and the GDP picked up.
But the other issue which was killing the economy was the black money generation. This is why PM Modi took the brutal step of demonetization to put a break to the black market. India after 10 years got upgraded by the global rating agencies and finally, India is now the fastest growing economy in the world after China. The world economic forum had also said that in few years, India will over take China in economic growth and become the centre of world’s investments.
The reason why this issue was brought because, a similar situation had happened in Venezuela during 2013, where the country was suffering in financial crisis. The Venezuela’s currency Bolivar was 68 against 1 US dollar. But the country did not take any precautionary measures and the government was engulfed in corruption. The poor governance and neglect of the politicians lead to a state where today the value of one US dollar is 1 lakh, Bolivar. Yes, you heard it right!
In a span of 4 years, Bolivar currency crashed from 20% to 4000% and their money value fell from 68 Bolivar to 1 lakh Bolivar. The money which could have bought a car for Venezuelans cannot even buy a meal for one day. Imagine if this could have happened to a country like Venezuela which has highest oil reservoirs, what would have happened to India!
But India got a Prime Minister who prevented Indian economy from collapsing. Today when we ask what has Narendra Modi done to the country, we should look back into the facts of what was the condition of Indian economy 4 years back and how is it today. When somebody asks has Achhe Din really come, we should ask ourselves whether we need a better example than this!
India and Venezuela were in same position just 4 years back, but you can see where the countries are today and what would have happened to India if Narendra Modi would not have been the Prime Minister.