Prime Minister Credits India’s Ascension to 5th Largest Economy to Collective Efforts of 140 Crore Citizens
PM Modi Attributes India's Economic Rise to People's Endeavors
In a momentous address from the Red Fort on the 77th Independence Day, Prime Minister Narendra Modi ascribes India’s remarkable leap from the 10th to the 5th largest economy globally to the collaborative endeavors of its 140 crore citizens. He underscores the government’s role in curtailing leakages, fostering a robust economy, and prioritizing substantial investments for the welfare of the underprivileged.
Pioneering Self-Employment and Safeguarding MSMEs
Prime Minister Modi affirms, “Significant strides have been taken in the realm of self-employment, with over Rs. 20 lakh crore provided to empower the youth in their entrepreneurial pursuits. An impressive 8 crore individuals have initiated new enterprises, with each business owner further generating employment opportunities for one or two additional individuals. Hence, the beneficiaries of the Pradhan Mantri Mudra Yojana, numbering 8 crore, possess the potential to offer employment to an additional 8-10 crore individuals.”
On the backdrop of the COVID-19 pandemic, PM Modi emphasizes, “Amid the crisis brought about by the coronavirus, Micro, Small, and Medium Enterprises (MSMEs) were shielded from insolvency through an infusion of loans amounting to Rs. 3.5 lakh crore. This move not only safeguarded their existence but also fortified their resilience.”
Envisioning Economic Transformation and Tackling Inflation
PM Modi envisions the burgeoning middle class as a force that propels the nation’s progress. He asserts, “As poverty recedes, the prowess of the middle class is significantly amplified. I offer a definitive guarantee that within the next five years, India will establish itself among the top three global economies. Presently, 13.5 crore individuals have transcended poverty to bolster the ranks of the middle class. The enhanced purchasing power of the less privileged augments the business capacity of the middle class. As village economies thrive, they trigger a rapid acceleration of urban economic systems, illustrating the intricate interplay within our economic cycle.”
Furthermore, the Prime Minister announces, “By elevating the income tax exemption threshold from Rs. 2 lakh to Rs. 7 lakh, we primarily benefit the salaried and middle-class segments.”
Acknowledging global challenges, PM Modi underscores, “Amidst the ongoing backdrop of the COVID-19 pandemic, a new issue arises from the global conflict – the crisis of inflation.”
In his resolve to curb inflation, the Prime Minister remarks, “India has consistently endeavored to manage inflation. However, we must remain vigilant and strive to mitigate the impact of inflation on our citizens. My commitment to addressing this challenge remains resolute.”
