Prime Minister Narendra Modi has said in his speech that government has been successful in putting a lid on rising inflation and has controlled the increase in price of commodities. He said that inflation remained below 5% between 2014 and 2020. His speech came after Opposition accused his government of not being able to control the rise in prices.
He stressed that despite risks around supply chain due to corona virus pandemic, the government has controlled the retail inflation and between April and December 2021 it stood at 5.2%. The inflation in food commodities was at a low of 3% and this was at a time when even big economies suffered from 7% inflation in prices. He also pointed out that during last five years of UPA government the rising inflation was at a soaring height of two digits before he formed the government in 2014.
Narendra Modi replied to Motion of Thanks to President’s speech in lower house of the Parliament, he highlighted several welfare schemes. Mudra Loans have provided collateral free loans to several medium and small scale business enterprises. Make in India campaign has been phenomenal in driving home grown businesses to growth and the government should be given due credit for it.
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Union Budget 2022-23 has promoted self-reliance in several manufacturing sectors including Defence. He also said that government has kept one quarter of the research and development budget in defence for private players. India is focussed on making more purchases from Indian manufacturers.
Modi Ji added, “The world has taken note of India’s economic strides and that, too, in the middle of a once-in-a-lifetime global pandemic.”
He also pointed out that Opposition has been criticizing development schemes like Make in India just for the sake of criticizing. The Opposition has also unnecessarily passed derogatory comments on key industrialists of our country. Their participation has played a huge role in growth of Indian Economy and they should not be put to such shame.