‘Selling panic’: BJP rejects Rahul Gandhi's economic warning, 'Modi won't be PM' claim

A sharp exchange erupted between the BJP and Congress after opposition leader Rahul Gandhi cautioned that India was heading towards an "economic tsunami." BJP leader Amit Malviya immediately retorted, accusing Gandhi of "fear mongering" and dismantling the country's economic safeguards. Malviya presented a series of economic indicators to assert India's strong position against global uncertainties.

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fear mongering

Malviya highlighted a 12.9% increase in E-way bill generation in May 2026, robust manufacturing and services activity with Purchasing Managers' Index (PMI) readings of 56.6 and 58.9 respectively, and retail inflation remaining below the Reserve Bank of India's target at 3.48% in April. He also pointed to record gross foreign direct investment inflows of $94.5 billion in fiscal year 2026 and comfortable foreign exchange reserves, supported by resilient services exports. "These are not signs of an economy without shock absorbers. These are signs of resilience," Malviya stated, adding that the government has implemented direct measures to protect citizens, businesses, and jobs.

The BJP's IT cell chief detailed government initiatives aimed at shielding consumers and businesses. These include excise duty cuts on fuel during price surges, supply-side interventions, and export restrictions to ensure domestic availability and control inflation. Measures like ECLGS 5.0 provide guarantee coverage for MSMEs and airlines, with eligible borrowers accessing additional credit support. Malviya also mentioned the Union Cabinet's approval of ₹37,500 crore for coal gasification projects, intended to boost capacity and attract significant investment. "These are not the actions of a government dismantling shock absorbers. These are the actions of a government actively strengthening them," he asserted.

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These are not signs of an economy without shock absorbers. These are signs of resilience.

Malviya also contrasted the current economic situation with the UPA-era government, claiming that economic vulnerabilities increased between 2009 and 2014. He cited a 36% depreciation of the rupee and a fall in foreign exchange reserves during that period as evidence of greater instability under the previous Congress-led administration.

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These are not the actions of a government dismantling shock absorbers. These are the actions of a government actively strengthening them.