Ahmedabad Times

NEW DELHI: Bharatiya Janata Get together (BJP) on Thursday put up a powerful counter in opposition to Rahul Gandhi’s warning of an “financial tsunami” for India, dismissing it as “traditional fear-mongering.“The Lok Sabha chief of opposition had raised considerations over the escalating scenario within the Center East and its potential impression on India.Responding sharply, BJP IT cell chief Amit Malviya rejected Rahul’s claims and argued that India is well-positioned to resist any financial fallout from the Iran warfare. Citing a number of financial and strategic indicators, Malviya asserted that “India will not be defenceless” amid the continuing disaster in Center East.In a submit on X, Malviya cited a sequence of financial indicators to counter Rahul’s claims. He mentioned E-way invoice technology rose 12.9% in Might 2026, whereas manufacturing and companies exercise remained robust, with PMI readings of 56.6 and 58.9 respectively. Retail inflation stood at 3.48% in April, beneath the Reserve Financial institution of India’s goal, whereas gross overseas direct funding (FDI) inflows touched a file $94.5 billion in FY26.Pointing to India’s exterior sector power, Malviya mentioned snug overseas change reserves and strong companies exports continued to supply stability amid world volatility.“These will not be indicators of an economic system with out shock absorbers. These are indicators of resilience. The Authorities has additionally taken direct measures to guard residents, companies and jobs,” Malviya mentioned.The BJP chief additionally highlighted steps taken by the Centre to defend customers and companies from world financial shocks.“When world crude costs surged, excise responsibility cuts on petrol and diesel cushioned customers. Provide-side interventions and export restrictions have been used when crucial to guard home availability and include inflation. By means of ECLGS 5.0, MSMEs obtain 100% assure protection whereas non-MSMEs and airways obtain 90% protection. Further credit score assist of as much as 20% of peak working capital, capped at Rs 100 crore, is obtainable to eligible debtors,” he mentioned.“Airways dealing with fuel-price volatility can obtain help of as much as Rs 1,500 crore per borrower. The target is obvious: shield jobs, maintain provide chains and guarantee uninterrupted manufacturing,” he added.Malviya additional mentioned the Union Cupboard had accredited Rs 37,500 crore for floor coal and lignite gasification tasks, aimed toward creating 75 million tonnes of gasification capability and attracting investments value Rs 2.5-3 lakh crore.“These will not be the actions of a authorities dismantling shock absorbers. These are the actions of a authorities actively strengthening them,” he mentioned.Turning his assault on the earlier UPA authorities, Malviya cited financial indicators from 2009 to 2014. He claimed the rupee depreciated by 36% in the course of the interval, whereas overseas change reserves declined from round $294 billion in July 2011 to roughly $256 billion in August 2013.“Foreign exchange reserves declined from round $294 billion in July 2011 to roughly $256 billion in August 2013. Import cowl fell to only over six months by September 2013, down sharply from 17 months in March 2004,” he mentioned.“The foreign exchange reserves-to-external debt ratio deteriorated from 95.8% in FY11 to 68.8% in FY14. The RBI was compelled to open the FCNR(B) window and provide enticing incentives to draw greenback deposits. India finally mobilised $26.6 billion by way of the scheme, roughly twelve instances the scale of the 1991 IMF bailout,” he added.Malviya urged Rahul to “cease promoting panic”, claiming that India’s financial safeguards have been weakened in the course of the UPA period, lengthy earlier than any exterior shock emerged.His remarks got here in response to Rahul’s warning that India was heading in direction of an “financial tsunami” as a result of BJP authorities’s alleged dismantling of the nation’s financial “shock absorbers” amid ongoing tensions in Center East.“An financial tsunami is coming. The reason being that the BJP authorities has eliminated India’s safety system, which was a shock absorber from the worldwide economic system. A harmful financial tsunami is coming, costs are growing, and that is just the start,” Rahul had mentioned.