Lauding the government for its initiatives to help bring down inflation, Bharatiya Janata Party (BJP) today said the country’s economy is being strengthened under Prime Minister Narendra Modi and that the Centre has secured the interests of farmers by successfully negotiating the WTO deal with the US.
BJP national secretary Shrikant Sharma said the NDA government’s policies have helped bring the inflation down to its lowest level in five years and check rise in prices.
“The country’s economy is being strengthened under Prime Minister Narendra Modi, with reduced inflation, higher GDP and IIP growth and successful negotiation of international trade deals like the WTO that will help secure the interests of farmers in the country,” Sharma said in a statement.
He claimed the government has successfully tamed the prices of commodities, especially food items, which has helped check inflation, and hoped that the prices would come down further under the Modi government.
“Under Prime Minister Narendra Modi’s leadership the country has achieved success on the economic front as well as in striking crucial international trade agreements. The United States has also agreed to India’s stand on food subsidies in the WTO, which was raised by India for safeguarding the interests of poor and small farmers. India had earlier refused to sign the WTO agreement for the sake of the poor,” he said.
The BJP leader said while GDP had improved from 4.7 per cent to 5.7 per cent, the rate of inflation based on Wholesale Price Index (WPI) has come down in the past few months after Modi took charge.
“This government has proved to be a common man’s government as it is taking all steps in bringing down prices to help the lives of the common man,” he said.
Softening prices of fuel and food items drove the WPI inflation to a five year low of 1.77 per cent in October raising hopes of rate cut by the Reserve Bank next month to boost economic growth. The decline in WPI-based inflation from 2.38 per cent in September, follows the fall in retail inflation which hit a record low of 5.52 per cent in October.
Sharma said the government is committed to further bring down inflation and help improve the state of the economy which was left “in a shattered state by the previous Congress-led UPA government due to mismanagement, bad governance and corruption”.