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Published: August 16, 2023
Updated: August 16, 2023

Prime Minister Modi Unveils Comprehensive Strategy to Combat Rising Inflation and Propel India's Development

Tackling Inflation and Fostering Development:

In the wake of retail inflation reaching a 15-month high and surpassing the central bank's upper limit, Prime Minister Narendra Modi has pledged to implement additional measures to alleviate the burden of inflation on the people of India. Speaking on the 77th Independence Day from the Red Fort, Modi emphasised the need for continuous efforts to control inflation and ensure the country's prosperity.

Inflation Challenge and Global Impacts:

Attributing part of the elevated inflation to the costs of imports, Modi noted that the global economy is grappling with inflationary pressures caused by the lingering effects of the Covid- 19 pandemic. Importantly, he acknowledged the challenge posed by imported goods acquired at inflated prices. This inflationary phenomenon, he emphasized, is affecting nations worldwide.

Reserve Bank's Perspective on Supply-side Interventions:

Echoing Modi's sentiments, Reserve Bank of India Governor Shaktikanta Das highlighted the critical role of timely supply-side interventions in mitigating shocks caused by recurring food price spikes. These interventions, he suggested, play a significant role in managing inflation expectations and stability in the economy.

India's Emerging Global Role:

Prime Minister Modi emphasised the evolving global order and changing geopolitical equations in the post-pandemic era. He proudly asserted that India, with its 1.4 billion citizens, is uniquely positioned to shape this new world. He portrayed India's prosperity and heritage as catalysts for global opportunities.

Strengthening National Character for Development:

To achieve the vision of a developed India by 2047, Modi stressed the importance of both hard work and nurturing a strong national character. Drawing parallels with successful nations, he highlighted how a robust national character acts as a driving force for progress and resilience in the face of challenges.

Unity, Development, and Social Justice:

Modi passionately called for unity in the country and urged against any language or actions that might threaten national cohesion. He outlined a roadmap to combat corruption, nepotism, and appeasement, all of which he identified as impediments to social justice and economic development.

Building a Stronger India:

Prime Minister Modi's address underscores a comprehensive strategy aimed at addressing the challenge of inflation while fostering India's development. His commitment to reducing the burden of inflation, enhancing national character, and prioritising unity and development is poised to guide India toward a promising future on the global stage. The collective efforts of the nation, driven by these principles, will undoubtedly shape the path to a prosperous and harmonious India.