PM Modi: “Growth Was at the Bottom, Inflation Was at the Peak” in 2013

Prime Minister Narendra Modi, addressing the centenary celebrations of Shri Ram College of Commerce (SRCC) at Delhi University, recalled the political and economic situation in India in 2013, saying the country was facing challenges on multiple fronts.

I would urge the youth to look at what the situation was back then, in 2013, and look at the headlines from that time.

Newspaper headlines were filled with:

* Indian soldiers killed along the LoC
* World Bank lowers India’s growth forecast
* Current account deficit at an… pic.twitter.com/lfPbNf4Yi3

— BJP (@BJP4India) September 5, 2026

Modi cautioned that his remarks could be selectively presented by what he described as a “gang” that would break his statements into pieces and attribute them to him.

Modi Recalls India’s 2013 Challenges

The Prime Minister then asked students to look back at the headlines that dominated the media in 2013.

He recalled incidents involving Indian soldiers being killed along the Line of Control (LoC), while also pointing to concerns over India's economic indicators at the time.

According to Modi, the World Bank had lowered India's GDP growth forecast, the current account deficit had reached an all-time high, inflation was around 10%, and the industrial sector was experiencing a slowdown.

He also mentioned the exposure of alleged corruption in a helicopter deal and bomb blasts in Hyderabad among the major headlines of that period.

“Growth Was at the Bottom, Inflation at the Peak”

Modi argued that many young Indians today may not be familiar with the scale of the challenges facing the country at that time.
“Growth was at the bottom, while inflation was at the peak,” Modi said.

He also alleged that scams were at their height and that corruption was widespread, while the economy was under severe stress.

The Prime Minister referred to the phrase “policy paralysis”, which he said had become part of the national conversation, and recalled that the international community had placed India among the “Fragile Five” economies.

Modi Says India Faced Crisis on Every Front

Modi also highlighted the security situation, saying terrorists were operating unchecked and Pakistan posed a major challenge.

Painting a picture of widespread uncertainty, he said India was experiencing economic distress, corruption concerns, security challenges and a lack of confidence.

“There was nothing but disappointment and despair,” Modi said, describing the situation that he said prevailed at the time.

His remarks at SRCC formed part of a broader comparison between the challenges India faced in 2013 and the country's subsequent economic, security and governance trajectory.