Finance Minister Nirmala Sitharaman on Friday said the Narendra Modi government pulled the economy out of ‘Fragile Five’ and has now brought the country among the top-five global economies in the world. Speaking in the Lok Sabha on the ‘White Paper on Indian Economy’ presented by her on Thursday, Sitharaman on Friday slammed the UPA government for mismanagement of the economy.
The term ‘Fragile Five’ was coined by a Morgan Stanley analyst in August 2013, when the UPA government was in power in the country. The term represented emerging market economies that became too dependent on unreliable foreign investment to finance growth. The countries were Turkey, Brazil, India, South Africa and Indonesia.
In the Lok Sabha, Sitharaman on Friday compared UPA’s handling of the 2008 global financial crisis with PM Modi’s handling of the Covid-19 situation. She said UPA did not put the nation first and left the economy in tatters by putting family first.
She also said UPA could not handle the 2008 global financial crisis, lecturing on the Modi govt’s dedication to economic management during Covid.
The finance minister on Thursday tabled the ‘White Paper on the Indian Economy’ in the Lok Sabha. According to the ‘white paper’, in India, there was a mountain of bad loans in the banking sector, a high fiscal deficit despite much of it being hidden, a high current account deficit, double-digit inflation for five years which hit the pockets of many Indians and membership of the club of ‘Fragile Five’ during the UPA government in 2013.
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