Prime Minister Narendra Modi addressed the centenary celebrations of Shri Ram College of Commerce (SRCC), using the platform to contrast India's current economic performance with the 2013 crisis period when the country was counted among the 'Fragile Five' economies.
The speech highlighted India's recent 7.8% quarterly GDP growth achieved despite ongoing West Asia conflicts and trade obstacles. The PM cited specific sectoral performance indicators: electricity production increased by 9% between April and June, vehicle sales grew by more than 20% (with two-wheelers up 20% and three-wheelers by nearly 30%), while steel and cement consumption growth increased by 8%, indicating strong construction, housing, infrastructure, and industrial activity.
Modi detailed policy achievements over the past decade, including the Jan Dhan Yojana that opened nearly 600 million new bank accounts, connecting almost every family to the banking system. In defense manufacturing, exports have grown from ₹600-700 crore in 2013-14 to nearly ₹40,000 crore currently, with domestic production reaching nearly ₹2 lakh crore. Railway electrification reached nearly 100% in 12 years compared to less than 30% achieved in the previous 90 years since the first electric train ran in 1925.
The address referenced mobile phone exports exceeding ₹2.5 lakh crore compared to 2014 when India imported most mobile phones. Trade agreements with nearly 40 countries have opened new markets for leather, textiles, fruits and vegetables, processed food, shrimp and other products. The speech contrasted current conditions with 2013 headlines that included: World Bank lowering GDP growth forecasts, current account deficit at all-time high, inflation around ten percent, industrial sector in recession, and policy paralysis.