New Delhi:
The Indian economy is doing better than it was when the BJP-led government took over at the Centre last year, Prime Minister Narendra Modi asserted today, describing the task of transforming the economy as "a marathon, not a sprint".
"By all economic indicators, India is doing better now than when we took office 17 months ago," the
PM said at the Delhi Economics Conclave, stressing on inclusive reforms that improve people's lives and don't just grab headlines.
He said GDP growth rate was up and inflation was under control and his government had undertaken many reforms to put the economy on the path of growth. "The fiscal deficit is down and the rupee is stable. Obviously this did not happen by accident...This success is a result of a series of well thought policies," PM Modi said.
Last year, Prime Minister Modi led his party to a big win in the national election primarily on the promise of economic reform and more jobs. It has however been a struggle for him to push key reforms, with the opposition blocking bills in parliament and also accusing PM Modi of failing to fulfil his election promises.
As months have gone by, India's industry, which solidly backed PM Modi for his reforms agenda, has been getting impatient too.
The PM's immediate concern is to build the parliamentary strength he needs to push through reforms; his party is in a minority in the Rajya Sabha or Upper House.
The BJP is hoping to reverse that with wins in states as members of the Rajya Sabha are selected on the basis of parties' strength in state assemblies. On Sunday, votes will be counted for assembly elections in Bihar, India's third-largest state and home to 104 million people.
The Bihar vote is being viewed as a referendum on PM Modi's premiership after he addressed at least 30 campaign rallies as the face of the BJP, which decided not to project a candidate for chief minister and seek votes for the PM's development agenda.