He said that that the market analysts and the common man must be thinking that we need to come out of the economic mess and added that the country’s economic situation is worrisome. He said that there seems to be a competition between the Central Government and the Rupee as to who will fall further. Shri Modi observed that every nation sees good times and bad times but it is unusual that the leadership of India seems to have lost the confidence to take decisions. He quipped that while there is frequent talk of early elections it is highly unlikely that those who had failed take any decisions for 9 years can be expected to take any decisions now.
Shri Modi said that when we got independence,1 rupee was equal to 1 dollar. When Atalji became PM,1 dollar was equal to 42 rupees and when he left, 1 dollar was equal to 44 rupees. He reminded that when we got independence after 1200 years, we had an outstanding amount worth millions to be taken from Britain. He said that it was in the tenure of Pandit Nehru, that India took loan for the first time and that started the fall of the rupee. At that time two conditions were laid down for the loan. Firstly, the money from the loan were to be spent on educating Indian scholars in USA. Secondly, the Indian rupee had to be depreciated.
Shri Modi said that the trend of increasing imports is worrying. With increasing imports, our exports are decreasing, leading to increasing Current Account Deficit. Shri Modi elaborated on the Policy Paralysis affecting the Nation by observing that the absence of a single window of clearance means foreign Investors will continue be shy of India. Shri Modi also pointed out that even Small Investors were moving away from the markets as price rise was eating into their savings and they have turned shy of investing. Shri Modi pointed out that Black Money has created a parallel economy making it difficult for the common man to invest in real estate. He said that while Chidambaram ji advises not to invest in Gold, people are forced to invest in Gold because they have lost confidence in stocks. Shri Modi said that while today the nation is in darkness and under a huge economic crisis, looking at economic figures during Atal ji’s tenure makes one proud.
Shri Modi observed that while India had become a large consumer market for Global Corporations it has now become a less attractive Investment destination as foreign investors have lost faith. Pointing out how India imports heavily electronic goods, Shri Modi called for Indian manufacturing to be competitive. Recalling the good work done by the Atal Bihari Vajpayee NDA Government Shri Modi criticized the UPA for undoing the good work done by Shri Vajpayee. Shri Modi reminded that during Atalji’s tenure inspite on the economic sanctions due to the nuclear testing, we managed to curb price rise. He said that today power stations worth more than 20,000 MWs are not functioning due to Government apathy.
Shri Modi said that our Prime Minister says money doesn’t grow on trees. But Shri Modi said he felt that money can grow in farms and factories if correct leadership is provided. He said that when he took over as CM of Gujarat, it had a revenue deficit of Rs 6700 crore, but today it is revenue surplus. He expressed lament at the fact that a country like India which was revenue surplus inspite of 1200 years of dominance, became revenue deficit now.
Shri Narendra Modi concluded his speech with a note of optimism that with the right decisions we can turnaround our Economy. He opined that the lack of optimism will give way to hope and our economy will be bounce back once we start taking the right decisions.