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December 8, 2023 9:38 am

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

New Delhi, August 15

Addressing from the ramparts of Red Fort on the 77th Independence Day, Prime Minister Narendra Modi attributed the rise of India from 10th to 5th largest economy in the world to the efforts of 140 crore people of India.

He said this has happened because his government stopped leakages, created a strong economy, and spent maximum money on the welfare of the poor. Indian economy is currently ranked fifth and is behind the US, China, Japan, and Germany.

In 2014 when Narendra Modi was sworn in as the Prime Minister, India was the 10th largest economy. In 2022, India became the fifth-largest economy overtaking the UK.

“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 people. 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,” PM Modi stated.

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 businesses 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, Modi said, “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, 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.”

Referring to the recent supply chain 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,” he said.

Talking about fighting inflation, the Prime Minister said, he said 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,” he added.

PM Modi today led the celebrations on Tuesday from the ramparts of the iconic Red Fort.

Around 1,800 people from different walks of life and from all across the country were invited as special guests to the main celebratory event in the national capital.

India completed 75 years of independence last year and entered the ‘Amrit Kaal’, a period of 25 years for making the country a developed nation by 2047.

PM Modi’s today’s address from the ramparts was his 10th Independence Day speech. The speeches over the years have reflected the goals and progress made by the country in various spheres.

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