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PM Modi pledges resolute steps to fight inflation in his Independence Day address

India's CPI once again inching upward

Prime Minister Narendra Modi, while addressing the nation on the 77th Independence Day speech, took the opportunity to take up the issue of inflation head on. Official data released just yesterday showed India’s inflation based on the consumer price index had spiked to 7.44 per cent in July compared with 4.87 per cent in June– the highest since 7.79 per cent recorded in April 2022.

Promising to take more steps to contain prices, he said that though India is in a better position compared to the rest of the world, the government cannot be complacent.

“Today, the world is facing the crisis of inflation. Inflation has the entire global economy in its clutches…It is unfortunate that when we import goods of our necessity, we also import inflation,” he said.

“We can’t be content just because our situation is better than the rest of the world. I have to take more steps to see that the burden of inflation goes further down on the citizens of my country. We will take those steps and my efforts will continue,” the PM assured.

Modi also pointed out that India, which was the world’s 10th largest economy in 2014 is now in the fifth spot. He noted that based on the ‘Nation-First’ mantra, policies and reforms have been framed.

“I firmly believe that when the country will celebrate 100 years of freedom in 2047, the country would be a developed India. I say this on the basis of the capability of my country and available resources,” Modi said, however adding that the three evils — corruption, dynasty, and appeasement need to be clipped.

The PM also assured the country that in the next five years, India will rank among the top three economies in the world. Modi added a new geopolitical equation has emerged in the post Covid-19 pandemic phase.

“After Covid19 pandemic, a new world order, a new geo-political equation is taking shape. The definition of geopolitics is changing. Today, the ability of 140 crore Indians can be seen in shaping the new world order,” he said.

Also read: PM Modi calls for woman-led development, says it is key to India’s progress and rise