New Delhi, 11 September (H.S.): Bharatiya Janata Party (BJP) Lok Sabha MP and former Union Minister Ravi Shankar Prasad on Friday said India's reported 7.8 per cent economic growth reflected the resilience of the Indian economy amid global challenges.

Addressing a press conference in New Delhi, Prasad said the International Monetary Fund (IMF) had acknowledged the 7.8 per cent growth rate and appreciated India's economic resilience in the face of global shocks, the energy crisis, wars and disruptions in supply chains. He also highlighted progress in the services, manufacturing and trade sectors.

Referring to the ongoing BRICS Summit in Delhi, Prasad said the participation of leaders from major countries reflected India's growing global acceptance. He mentioned the presence of the Presidents of Russia, South Africa and Egypt, while saying that the Presidents of China and Iran were expected to arrive.

Prasad contrasted the present economic position with the situation during the previous Congress-led governments. He said India had been described as one of the Fragile Five during 2011-13 and referred to concerns raised at the time over declining investment and the country's economic outlook. He also cited an assessment that India could be replaced by Indonesia in the BRICS grouping and a warning about the economy turning into a junk economy.

He accused the previous Congress government of leaving the economy in a difficult situation marked by rising inflation, policy-related concerns and declining global confidence. Prasad said the BJP-led NDA government under Prime Minister Narendra Modi had since strengthened the economy and taken India into the world's top five economies.

Responding to Congress leaders questioning what India had gained from BRICS, Prasad said the grouping provided a platform for discussions on trade, investment and other global issues. He asserted that India had strengthened its position within the grouping and had emerged as an important contributor to global economic stability.

Prasad said India's 7.8 per cent growth was significant given the energy crisis, supply-chain disruptions and ongoing conflicts. He also accused Congress leaders of creating an adverse atmosphere whenever issues relating to foreign policy were discussed.

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Hindusthan Samachar / Indrani Sarkar