During his 77th Independence Day address, Prime Minister Narendra Modi tackled the pressing issue of inflation head-on. Recent official data indicated a spike in India’s consumer price index-based inflation to 7.44% in July from 4.87% in June. This surge, the highest since April 2022, prompted Modi to pledge additional measures to curb rising prices. Despite acknowledging India’s relatively favorable position compared to the global scenario, he emphasized that the government must not be complacent.
Addressing the global economic context, Modi expressed concern over the worldwide inflation crisis, highlighting its impact on the global economy. He lamented that importing essential goods often also leads to importing inflation, underscoring the need for decisive action. Modi stressed that the government’s responsibility goes beyond simply having a better situation than other nations. He assured the citizens that he would take necessary measures to alleviate the burden of inflation.
Modi also underscored India’s economic growth, noting that the country has risen from being the 10th largest economy in 2014 to the fifth largest at present. He attributed this progress to policies and reforms driven by the “Nation-First” mantra. Expressing confidence in India’s potential, he envisioned a developed India by its 100th year of freedom in 2047. However, he cautioned against the obstacles of corruption, dynasty politics, and appeasement that need to be addressed.
The Prime Minister conveyed an optimistic outlook for India’s future, stating that within the next five years, the nation will rank among the top three global economies. He highlighted the transformative impact of the post-Covid-19 pandemic phase, emphasizing the emergence of a new world order and geopolitical equation. Modi emphasized India’s role in shaping this new order, pointing to the capability of its 1.4 billion citizens in influencing global dynamics.
