Those who pushed India into ‘Fragile Five’ find these figures difficult to digest: PM Modi on 7.8% GDP growth

Prime Minister Narendra Modi on Saturday hit out at critics of India’s latest GDP figures, saying those who were responsible for pushing the country into the “Fragile Five” were now finding it difficult to accept its economic performance.

Speaking at the centenary celebrations of Shri Ram College of Commerce (SRCC) in Delhi, Modi highlighted India’s 7.8% quarterly GDP growth, describing it as a sign of the economy’s strength despite geopolitical tensions and global trade-related challenges.

PM Modi said: “The world was calling India one of the 'Fragile Five.' Today, the world is watching India become the fastest-growing major economy. In just the past week, there have been several positive developments regarding India's economy. The 7.8 per cent quarterly growth has boosted the country's confidence. Meanwhile, a Japanese credit rating agency has upgraded India's rating. And this 7.8 per cent growth has come at a time when the war in West Asia is ongoing and there have been several trade-related challenges. Achieving such growth under these circumstances shows India's strength and potential. I know, and you also know, that those who became infamous for pushing India into the 'Fragile Five' are finding these figures difficult to digest. But all of you understand the data seriously..."

He added: "In other words, India is not only growing but also creating new employment opportunities. Despite this, those for whom the glass was half empty in 2013 continue to think the same way even today. For them, the glass will always be half empty. I talk about the glass; I am not talking about anything remaining empty.”

Away from “mai-baap” culture

PM Modi said financial inclusion and direct delivery of government services had helped move India away from the traditional “mai-baap” culture. Citing the Pradhan Mantri Jan Dhan Yojana, he said nearly 60 crore bank accounts had been opened in 12 years, bringing poorer and previously excluded sections into the formal financial system.

“This is Modi. He stands like a rock in front of those who favour the ‘mai-baap’ culture,” he said, linking the initiative to his idea of “P2G2”, or pro-people, good governance.

PM Modi also recalled his 2013 “Make in India” pitch, saying it had been dismissed at the time. He said India’s mobile phone exports, now worth over Rs 2.5 lakh crore, showed the progress made in domestic manufacturing and reflected the growing brand value of “Make in India”.

Modi revisits 2013 SRCC speech

PM Modi’s appearance at SRCC also marked a return to the institution around 13 years after his earlier address there. He revisited several themes from that speech, including his vision of pro-people governance and his emphasis on manufacturing in India.

He cited the expansion of financial inclusion through the Pradhan Mantri Jan Dhan Yojana, saying nearly 60 crore bank accounts had been opened over the past 12 years. He said the initiative had brought previously excluded sections into the formal banking system.

PM Modi also recalled his earlier call for “Made in India”, saying the idea had been dismissed at the time but had since gained brand value. He cited the growth in mobile phone manufacturing and exports as an example of the transformation.

The Prime Minister said India was now moving towards becoming a global manufacturing hub, a centre for research and innovation, and a major agricultural exporter.