S&P Global's Positive Outlook: Robust Growth Under Modi's Leadership

The BJP celebrated S&P Global Ratings' new positive outlook on India's economy as a validation of the Modi government's policies. The party highlights that global agencies recognize India's economic progress and stability under Modi. The opposition is criticized for failing to see these advancements, attributed to Modi's decisive governance.

The BJP on Thursday hailed the S&P Global Ratings' report on India's growth prospects as a ''stamp of authority'' on the success of the Centre's policies and hit out at opposition parties, saying they cannot see it as they are blindfolded.

After a gap of about 10 years, S&P Global Ratings on Wednesday upped India's outlook to positive from stable on robust growth prospects for the next three years and public spending, and raised hopes for an upgrade in two years, provided the Centre continues with its reforms and policies to keep fiscal deficit under check.

''It is a big achievement and a stamp of authority on the policies of Prime Minister Narendra Modi and the decisions taken by his government in the last 10 years,'' Bharatiya Janata Party's (BJP) national spokesperson Syed Zafar Islam told a press conference at the party headquarters here.

He said global rating agencies have started understanding Modi's resolve to make India a developed country with the results of his government's policy initiatives and decisions taken for the country's progress now becoming visible.

''Our opposition parties cannot see it as they are blindfolded. Congress leader Rahul Gandhi and the leaders of other opposition parties are blindfolded, not the global agencies. They are clearly seeing the growth of the Indian economy. That is why they have upped India's outlook to positive,'' the BJP leader added.

He said the people of the country are also able to see the country's progress under Modi and showing faith in his leadership.

''We are fully confident that this time again, they will ensure the BJP's victory (in the Lok Sabha polls) with a thumping majority,'' Islam said.

The last phase of polling for the parliamentary election is scheduled to be held on June 1 for 57 constituencies spread across eight states, including Punjab, Uttar Pradesh and West Bengal. The counting of the votes cast in all the seven phases of the election will be taken up on June 4.

Islam said the upping of India's growth prospects by S&P is an indication that Modi has laid a ''robust foundation'' for ''Viksit Bharat'' in the last 10 years.

According to global agencies, inflation volatility has decreased in India, private investment is growing rapidly and the country is moving swiftly towards becoming a manufacturing hub, he added.

''Under the previous government, inflation, which was out of control and in double digits, is now under control and hovering around just 4 per cent,'' Islam said.

''Until 2014, India's performance in all aspects of macroeconomic stability was weak, but under the effective leadership of Prime Minister Narendra Modi, these indicators have now strengthened,'' he asserted.

Between 2004 and 2014, ease of doing business in India was deemed ''highly intricate'' and the country's economy ranked among the ''five most fragile'' worldwide, the BJP leader said.

''However, India today stands among the top five economies globally, with a consistent rise in foreign direct investment in the country,'' he added.

Islam said renowned financial institutions the world over now recognise that due to the foundation laid by Modi over the last 10 years, India's GDP growth rate will accelerate and no global force can impede the country's advancement.

''Over the next five years, the country's economy is poised to strengthen, with a rise in the per capita income, establishing Modinomics as a model for the entire world, just like the Ayushman Bharat Yojana,'' the BJP leader said.