New Delhi, February 15 In response to Prime Minister Narendra Modi's criticism of trade negotiations under his predecessor, Manmohan Singh, the Congress said on Sunday that his claims were "incorrect," as India negotiated and signed several important trade agreements during the UPA rule as a "confident 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," Sharma said in a statement.
He pointed out that the Indian economy withstood the global meltdown following the 2008 financial crisis and rebounded quickly.
"The wisdom of Prime Minister Manmohan Singh was sought by world leaders to manage the crisis. Under the Congress-led UPA government, India's GDP almost tripled to over 2 trillion US dollars. Merchandise exports rose to 320 billion dollars, and in May 2014, the Rupee was 58 to the US dollar, compared to 91 to a dollar in 2026," he said, criticizing the Modi government.
India had negotiated and signed trade agreements with ASEAN, Japan, South Korea, Singapore, and Malaysia as a "confident and sovereign nation," Sharma said.
While noting that India has signed trade agreements with countries such as the EU, the UK, and Australia, Sharma said the interim trade deal with the US is a "sell-out" and lacks transparency.
He claimed that the India-US joint statement lacks transparency and reciprocity, with sensitive sectors such as agriculture, cotton, and textiles being made vulnerable.
"India's sovereignty and freedom to trade with partner countries have been compromised given the US statement on the future of India's oil purchases from Russia," Sharma said, demanding that the government make the details of the US deal public.
In a sharp criticism of trade negotiations during the UPA government, Prime Minister Modi on Sunday said that 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 that India's deals with Australia, New Zealand, the UK, the EU, and the US have opened access for MSMEs, particularly in labor-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 result 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, but 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 create an environment conducive to reaching an agreement. Talks would begin and then break down. In the end, despite prolonged negotiations, very little of real substance was achieved," he said, criticizing the Manmohan Singh government.
"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.
