New Delhi, Feb 15 (PTI) Hitting back at Prime Minister Narendra Modi over his takedown of trade negotiations under his predecessor Manmohan Singh, the Congress on Sunday said his charges were “incorrect” as India negotiated and signed several important trade pacts during the UPA rule as a “self assured nation”.
Former commerce and industry minister Anand Sharma said Prime Minister Modi’s charge of “poor economic management” and weak negotiations under the UPA rule is “unfair and incorrect”.
“It is important to set the record straight. During the Congress-led UPA government, India’s economy grew rapidly and registered an average annual GDP growth of over 8 per cent,” the senior Congress leader said in a statement.
He pointed out that the Indian economy withstood the global meltdown following the 2008 financial crisis and rebounded quickly.
“PM Manmohan Singh’s wisdom was sought by the world leaders to manage the crisis. Under the Congress-led UPA government, India’s GDP almost trebled to over 2 trillion US dollars. The merchandise exports rose to 320 billion dollars and in May 2014, the Rupee was 58 against US dollar in comparison to Rs 91 to a dollar in 2026,” he said, hitting out at the Modi government.
India had negotiated and signed trade agreements with ASEAN, Japan, South Korea, Singapore, and Malaysia as a “self assured nation and a sovereign equal”, Sharma said.
While noting India has signed trade agreements with countries such as the EU, the UK and Australia etc., Sharma said the interim trade deal with the US is a “sell-out” and shrouded in “opacity”.
He said that the deal has raised several concerns which must be addressed.
The Congress leader claimed that the India-US joint statement is lacking in transparency and reciprocity with several sensitive sectors such as agriculture, cotton and textiles having been made vulnerable.
“India’s sovereign space and freedom to trade with partner countries has been compromised given the US statement on the future of India’s oil purchase from Russia,” Sharma said and demanded that the government must make public the details of US deal.
In a sharp takedown of trade negotiations during the UPA government, Prime Minister Modi on Sunday said its “economic mismanagement” left India unable to negotiate from a position of confidence and could never conclude any talks.
In an exclusive interview with PTI, Modi said India’s deals signed with Australia, New Zealand, the UK, the EU, and the US have opened access for MSMEs, particularly in labour-intensive sectors, to export to these regions with near-zero tariffs or tariffs much lower than those of other exporting countries.
“These trade agreements may have happened recently, but they are the outcome of a more competitive domestic industry, a confident approach and an open outlook. These are rare qualities in today’s world. Before we speak of India’s successful trade agreements in recent years, it is important to recall where we stood just over a decade ago,” the prime minister said.
During the years of the UPA government, they tried to secure some trade deals, and yet the journey was marked by “uncertainty and inconsistency”, Modi said.
“Largely because their economic mismanagement left India unable to negotiate from a position of confidence. They did not lay the environment to bring negotiations to a conclusion. Talks would begin and then break down. In the end, despite prolonged negotiations, very little of real substance was achieved,” he said, hitting out at the Manmohan Singh dispensation.
“But once we came in, we led an economic resurgence through our policy-driven governance, strengthened our economic fundamentals and created a rules-based system. When we ensured political stability, policy predictability and a reform-oriented approach, the world wanted to invest in India,” he asserted. PTI ASK ASK KVK KVK 1502 2147 NNNN KVK KVK
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