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Speaking from the historic Red Fort on the 77th Independence Day, Prime Minister Shri Narendra Modi attributed India’s ascent from the 10th to the 5th largest global economy to the collective efforts of its 140 crore citizens. He credited the Government’s measures in curbing leakages, fostering a robust economy, and prioritizing welfare for the less fortunate.
Highlighting the transformative impact, Shri Modi emphasized that economic prosperity enhances a nation’s capacity and potential, leading to organic growth. He noted the significant increase in funds allocated to States, from Rs. 30 lakh crore to Rs. 100 lakh crore in the last decade, showcasing enhanced capacity and progress.
Discussing self-employment through initiatives like the Pradhan Mantri Mudra Yojana, the Prime Minister highlighted the empowerment of 8 crore citizens who have ventured into new businesses, consequently creating employment opportunities for millions more.
Addressing the impact of the COVID-19 pandemic, Shri Modi highlighted the government’s support for MSMEs, preventing bankruptcies with loans amounting to Rs. 3.5 lakh crore, thus fortifying the sector.
The Prime Minister also emphasized the rise of the middle class with decreasing poverty, leading to increased purchasing power and business growth. He expressed confidence that India would soon rank among the world’s top three economies, emphasizing a strengthened economic cycle that benefits both rural and urban areas.
Modi further noted measures taken to alleviate the burden of inflation, such as increasing the income tax exemption limit from Rs. 2 lacks to Rs. 7 lacks, particularly benefitting the salaried and middle-class segments.
Amid global challenges including the ongoing pandemic and inflation, the Prime Minister underscored India’s commitment to stability and progress, vowing to continue efforts to manage inflation and steer the nation’s growth towards prosperity.
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