'In UPA's time, promises were bijli ayegi, toilet banega, PM Awas milega... Ab ho gaya': FM Sitharaman in Parliament

Finance Minister Nirmala Sitharaman said that the UPA government only promised to launch schemes while the NDA government delivered those promises.

From electricity to toilets, the BJP government has fulfilled its promises in the last nine years, Sitharaman said.

“So, India is in a rare position of being optimistic and positive about its future growth,” the finance minister said as she opened the debate on the no-confidence motion in Lok Sabha.

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“In 2013, Morgan Stanley had included India in the list of five fragile economies of the world. India was declared a fragile economy. Today, the same Morgan Stanley upgraded India and gave it a higher rating. In just 9 years, the economy rose and saw economic development due to the policies of our govt – despite COVID. Today, we are the fastest-growing economy in the world,” she added.

‘We make dreams a reality’

Slamming the erstwhile UPA government, Sitharaman said that until the BJP government came to power, promises were only made and never executed.

“Transformation comes through actual delivery, and not through spoken words. You show dreams to people. We make their dreams a reality. We believe in empowering all and appeasement of none,” she said.

‘Morgan Stanley upgraded India’

Referring to a recent report released by global brokerage firm Morgan Stanley, where it upgraded India’s rating to “overweight” and downgraded China’s rating to “equal-weight,” Sitharaman said, “In 2013, Morgan Stanley named India among the five most fragile economies in the world. That same Morgan Stanley upgrades India and gives us a higher rating today.”

She added, “Our government policies have led India to become the fastest-growing economy.”

The global brokerage firm cited several reasons behind the upgrade. Relative valuations in India were deemed less extreme than in October, and the nation’s reform and macro-stability agenda was seen as supporting a strong capital expenditure and profit outlook.

It highlighted the favorable trends in foreign direct investment (FDI) and portfolio flows, which are bolstered by India’s commitment to reforms and macroeconomic stability.

The report also emphasized India’s potential for sustained superior USD EPS growth compared to other emerging markets, with a young demographic profile further driving equity inflows.

‘UPA name has no credibility’

Sitharaman said that since the name ‘UPA’ had no credibility, the Opposition decided to change it to I.N.D.I.A.

“The UPA has wasted a whole decade, but every crisis changed to reform now. Under NDA, we have seen high growth and low inflation,” she said.

She added, “It’s (INDIA alliance) a bizarre partnership. In Punjab, Congress and AAP are fighting. In West Bengal, Trinamool, Left and Congress are fighting. In Kerala, Left and Congress are fighting. In Jammu and Congress, National Conference and PDP are fighting.”