In a strong endorsement of the Modi government’s economic policies, senior BJP leader and Rajya Sabha MP Zafar Islam on Friday declared that India’s economic trajectory remains firm and resilient despite global uncertainties.
“India's economy is growing rapidly,” Islam said, highlighting progress across key sectors. “In every sector, especially in power, we are witnessing significant development.”
Speaking against the backdrop of international apprehension over former US President Donald Trump’s proposed tariffs, Islam said India is well-equipped to handle external shocks. “There is global nervousness around Trump’s tariffs. However, the Indian economy is self-reliant, and the impact on it will be extremely minimal,” he assured.
Islam pointed to multiple indicators that, according to him, reflect the country's economic strength. “If you look at high-frequency data, it clearly shows the strength of the Indian economy—whether it's strong capital expenditure or sustained growth momentum.”
Recalling the economic reforms since the BJP came to power, he credited Prime Minister Narendra Modi for initiating a grassroots-level financial transformation. “When we came to power in 2014, PM Modi began working on an economic transformation. One of his first steps was launching the Jan Dhan Yojana to connect people with the banking system. Today, over 53 crore people are linked to this scheme, and remarkably, 66% of them are women.”
Islam also underscored the international recognition of flagship schemes like the Pradhan Mantri Mudra Yojana (PMMY). “The schemes introduced by Modi, like the Mudra Yojana, are being discussed worldwide. This scheme has become a global benchmark, enabling people to expand their businesses. There are numerous success stories associated with it.”
He concluded, “The Mudra Yojana has now become a global model for supporting small businesses and entrepreneurship.”
Islam’s comments come as the government continues to negotiate critical trade agreements with major global players. On the same day, Union Commerce Minister Piyush Goyal reiterated India’s firm stance on not sacrificing national interest for speed.
Speaking at the Carnegie Global Technology Summit in New Delhi, Goyal said, “You always need to have timelines for all deadlines for whatever work you do. We do that in business all the time, don’t we? But in the case of trade agreements, these are indicated timelines…”
“But at the end of the day, it has to be a win-win for both sides. It has to be a fair, equitable, and balanced solution. Just to meet the deadline, you cannot compromise national interest,” he said.
India is currently negotiating trade deals with the US, the UK, and the EU. The India-US trade pact is expected by fall 2025, while the India-EU Free Trade Agreement (FTA) is anticipated by year-end 2025.
“India's economy is growing rapidly,” Islam said, highlighting progress across key sectors. “In every sector, especially in power, we are witnessing significant development.”
Speaking against the backdrop of international apprehension over former US President Donald Trump’s proposed tariffs, Islam said India is well-equipped to handle external shocks. “There is global nervousness around Trump’s tariffs. However, the Indian economy is self-reliant, and the impact on it will be extremely minimal,” he assured.
Islam pointed to multiple indicators that, according to him, reflect the country's economic strength. “If you look at high-frequency data, it clearly shows the strength of the Indian economy—whether it's strong capital expenditure or sustained growth momentum.”
Recalling the economic reforms since the BJP came to power, he credited Prime Minister Narendra Modi for initiating a grassroots-level financial transformation. “When we came to power in 2014, PM Modi began working on an economic transformation. One of his first steps was launching the Jan Dhan Yojana to connect people with the banking system. Today, over 53 crore people are linked to this scheme, and remarkably, 66% of them are women.”
Islam also underscored the international recognition of flagship schemes like the Pradhan Mantri Mudra Yojana (PMMY). “The schemes introduced by Modi, like the Mudra Yojana, are being discussed worldwide. This scheme has become a global benchmark, enabling people to expand their businesses. There are numerous success stories associated with it.”
He concluded, “The Mudra Yojana has now become a global model for supporting small businesses and entrepreneurship.”
Islam’s comments come as the government continues to negotiate critical trade agreements with major global players. On the same day, Union Commerce Minister Piyush Goyal reiterated India’s firm stance on not sacrificing national interest for speed.
Speaking at the Carnegie Global Technology Summit in New Delhi, Goyal said, “You always need to have timelines for all deadlines for whatever work you do. We do that in business all the time, don’t we? But in the case of trade agreements, these are indicated timelines…”
“But at the end of the day, it has to be a win-win for both sides. It has to be a fair, equitable, and balanced solution. Just to meet the deadline, you cannot compromise national interest,” he said.
India is currently negotiating trade deals with the US, the UK, and the EU. The India-US trade pact is expected by fall 2025, while the India-EU Free Trade Agreement (FTA) is anticipated by year-end 2025.
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