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The ruling Bharatiya Janata Party (BJP) has issued a document arguing with 15 general myths around the Indian economy.
Political myths around the Indian economy.
Despite slowing down in the last few months, the Indian economy grows rapidly over the years. However, in the political circle of economic discourse, misinformation often spreads as facts quickly. Many myths have received traction for years in political debate.
The ruling Bharatiya Janata Party (BJP) has released one 15 general myth debut document around Indian economy,
Myth 1: PM Modi promised 2 crore jobs in a year, but instead, there is a large scale job destruction
While the employment growth under the UPA (2004-2014) was dull, with only 2.9 crore jobs in a decade, the NDA government has generated 17.9 crore jobs, including 4.6 crores in 2023-24 alone. The female workforce participation rate has also increased from 23.3% to 37% in 2022-23 in 2017-18. Additionally, the startup ecosystem has flourished, which has produced 17.2 lakh jobs.
Myth 2: India has been pushed into a moderate-or-I net
India’s GDP growth claim under BJP is only 6% which ignores major economic changes. The average GDP growth of NDA is 8.4%from 2014 to 2024 as compared to 6.8%of UPA. Digital transactions increased from 2.2 billion in 2013-14 to 208.5 billion in 2024, reflecting a stronger economy.
Myth 3: Actual wages have declined, domestic savings are 47 years low
The decline in domestic savings is due to an increase in investment in real estate and automobile rather than financial stress. Average domestic expenditure on food has decreased due to rising income. Additionally, per capita income has increased from ₹ 86,647 in 2014 to ₹ 2.2 lakh in 2024.
Myth 4: India’s exports under Modi government have declined
The share of exports in GDP was immersed during the epidemic, but increased to 21.85% in 2022-23. In 2013, the total exports in FY 2022-23 under UPA had a record of $ 776 billion in total exports. India has also emerged as a major manufacturing center, in which Apple alone has exported $ 12.8 billion iPhone in 2024.
Myth 5: India’s industrial dependence on China has increased
While imports from China have increased, India’s manufacturing sector has expanded considerably, reducing dependence on Chinese components. Policies such as “Make in India” and PLI schemes are strengthening domestic manufacturing, expected to reach $ 300 billion by 2025–26 with an electronics sector.
Myth 6: Investment has fallen under Modi government
Gross Fixed Capital Formation (GFCF) increased from ₹ 32.78 lakh crore in 2014-15 to 2022-23 lakh crore in 2022-23. Additionally, private sector investment has almost doubled-coid, which is increased from ₹ 3.9 lakh crore (2019-2023) to ₹ 6.5 lakh crore (2024-2028) annually.
Myth 7: Modi government has cut social security trap
Welfare spending has increased, since 2021 with government expenditure on social services at 15% CAGR. The PM-Kisan Yojana has spread more than 3.46 lakh crores from more than 11 crore farmers alone.
Myth 8: India’s Global Hunger Index rank has deteriorated
The Global Hunger Index (GHI) is based on the flawed functioning, depending on the size and indirect indicators of the small sample. NFHS-5 data shows improvement in childhood nutrition, which declines by 38.4% to 35.5%.
Myth 9: MGNREGA has been weakened
The Modi government has ensured full money for MGNREGA, spending more than budget allocation. During the Covid-19 epidemic, funds increased by 55% to support rural employment.
Myth 10: Manufacturing Development Stopped
Manufacturing development under NDA has an average of 5.8%, but areas such as electronics and pharmaceuticals have risen. Mobile phone exports have reached 45,700 crores, making India the second largest mobile phone exporter in the world.
Myth 11: Agricultural sector growth has fallen
The agriculture sector has maintained a frequent average growth of 5% from FY17 to FY23. MSP payment has steadily increased, and the PM-Kisan Yojana has supported farmers with direct income transfer.
Myth 12: Inflation has increased rapidly than income
Inflation under UPA was 8.2% compared to only 5.1% under NDA. The Modi government has effectively managed fuel prices and food inflation, keeping in mind the cost despite global challenges.
Myth 13: India’s billionaires have benefited at the cost of public banks
The growth of industrial giants like Adani has been operated by the market, not due to preference treatment. Public sector bank UPA has recovered from the NPA crisis during years, with a record profit of ₹ 1.41 trillion in 2023-24.
Myth 14: Institutions like SEBI and RBI have been reduced
The NDA has strengthened financial institutions. The Insolvency and Bankruptcy Code (IBC) has successfully solved ₹ 3.61 lakh crore poor loans, and RBI autonomy has been maintained.
Myth 15: BJP government manipulated highway construction data
The highway network is 60% of the expansion from 2014 to 2023 as compared to just 39% under UPA. The pace of national highway construction has increased from 12 km/day in 2014 to 34 km/day in 2023-24.
Full document can be read Here,
