New Delhi [India], June 4 (ANI): Bharatiya Janata Party (BJP) leader Amit Malviya on Thursday refuted Lok Sabha Leader of Opposition Rahul Gandhi's claim that India is heading towards an 'economic tsunami' and the BJP government has 'removed all shock absorbers' to protect the country from the international crisis.
Amit Malviya accused Rahul Gandhi of 'fear mongering' listing several indicators which he said prove that 'India is not defenceless' amid the global crisis due to West Asia conflict, but resilient due to the shock absorbers built over the last decade.
In a post on X, Malviya stated that the E-way bill generation rose 12.9 per cent in May 2026, while manufacturing and services activity remained robust, with PMI readings of 56.6 and 58.9, respectively. Retail inflation stayed below the RBI's target at 3.48 per cent in April. Gross FDI inflows reached a record USD 94.5 billion in FY26, supported by strong investor confidence. Comfortable foreign exchange reserves and resilient services exports continued to bolster external sector stability amid global uncertainties.
https://x.com/amitmalviya/status/2062430874629537999?s=46&t=VIt7-O-CQ09Hvxw8ihE1ag
'These are not signs of an economy without shock absorbers. These are signs of resilience. The Government has also taken direct measures to protect citizens, businesses and jobs,' Malviya said in a post on X.
Furthermore, the BJP leader pointed out the steps taken by the Central government to protect the public from the international crisis.
'When global crude prices surged, excise duty cuts on petrol and diesel cushioned consumers. Supply-side interventions and export restrictions were used when necessary to protect domestic availability and contain inflation. Through ECLGS 5.0, MSMEs receive 100% guarantee coverage while non-MSMEs and airlines receive 90% coverage. Additional credit support of up to 20% of peak working capital, capped at 100 crore, is available to eligible borrowers,' he said.
'Airlines facing fuel-price volatility can receive assistance of up to 1,500 crore per borrower. The objective is clear: protect jobs, sustain supply chains and ensure uninterrupted production,' he added.
Malviya said that the Cabinet has approved 37,500 crore for surface coal and lignite gasification, targeting 75 million tonnes of gasification capacity and expected to mobilise investments worth 2.5-3 lakh crore.
'These are not the actions of a government dismantling shock absorbers. These are the actions of a government actively strengthening them,' he said.
Malviya then pointed at the failures of the 2009-2014 UPA government, mentioning that the rupee plunged by 36%. 'Forex reserves declined from around USD 294 billion in July 2011 to approximately USD 256 billion in August 2013. Import cover fell to just over six months by September 2013, down sharply from 17 months in March 2004,' he said.
'The forex reserves-to-external debt ratio deteriorated from 95.8% in FY11 to 68.8% in FY14. The RBI was forced to open the FCNR(B) window and offer attractive incentives to attract dollar deposits. India ultimately mobilised USD 26.6 billion through the scheme, roughly twelve times the size of the 1991 IMF bailout,' he added.
Malviya urged Rahul Gandhi to 'stop selling panic,' claiming that India's shock absorbers were removed under the UPA government, before the 'shock arrived'.
This came in response to Rahul Gandhi's remarks that India is heading toward an 'economic tsunami' amid the West Asia conflicts, due to the BJP's action to remove 'shock absorbers'.
'An economic tsunami is coming. The reason is that the BJP government has removed India's protection system, which was a shock absorber from the international economy. A dangerous economic tsunami is coming, prices are increasing, and this is just the beginning,' he said. (ANI)
