April 21, 2024

PM attributes India’s rise to 5th largest economy to efforts of 140cr Indians

PM Modi addressing the Nation on the occasion of 77th Independence Day in New Delhi on August 15, 2023.

PM Modi addressing the Nation on the occasion of 77th Independence Day in New Delhi on August 15, 2023. (Image: PIB)

Addressing the nation on the 77th Independence Day, PM Narendra Modi attributed the rise of India from the 10th to the 5th largest economy in the world to the efforts of 140 crore Indians. He said this has happened because this Government stopped leakages, created a strong economy, and spent maximum money on the welfare of the poor.


Prime Minister said, “Today I want to tell the people that when the country becomes economically prosperous, it does not fill the treasury; it increases the capacity of the nation and its peoples. Results will automatically come if the Government pledges to spend every penny towards the welfare of its citizens. 10 years ago, the Government of India used to send Rs. 30 lakh crore to the States. In the last 9 years, this figure has reached Rs. 100 lakh crore. Seeing these numbers, you will feel that such a big transformation has happened with a big increase in capacity!”


On the front of self-employment, Modi said, “More Rs. 20 lakh crore have been given to the youth for self-employment for their occupation. 8 crore people have started new business and not only that, every businessman has given employment to one or two people. Therefore, 8 crore citizens benefitting from the (Pradhan Mantri) Mudra Yojana have the ability to provide employment to 8-10 crore new people.”
Referring to COVID-19 Pandemic, PM added, “MSMEs were not allowed to go bankrupt with the help of loans worth Rs. 3.5 lakh crore in the crisis of Coronavirus. They were not allowed to die, they were given strength.”


On the new and aspiring middle class, PM Modi said, “When poverty reduces in the country, the power of the middle class increases a lot. And I assure you with a guarantee that in the coming five years, the country will take its place in the first three world economies. Today 13.5 crore people have come out of poverty to become the strength of the middle class. When the purchasing power of the poor increases, the business power of the middle class increases. When the purchasing power of the village increases, the economic system of the town and city runs at a faster pace. This interconnected is our economic cycle. We want to move ahead by giving it strength.”


“When the (exemption) limit of income tax is increased from Rs. 2 lakh to Rs. 7 lakh, then the biggest benefit is to the salaried class, especially to the middle class.”


Referring to the recent problems faced by the world collectively, the Prime Minister said, “The world has not yet emerged from COVID-19 Pandemic, and the war created a new problem. Today, the world is facing the crisis of inflation.”


Talking about fighting inflation, the Prime Minister added, “India has tried its best to control inflation. We cannot think that our things are better than the world, I have to take more steps in this direction to minimise the burden of inflation on my countrymen. My efforts will continue to tame inflation.”

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