Prime Minister Narendra Modi has said despite heavy odds and global crises, India showed remarkable resilience to keep inflation under control. He apparently refuted Opposition allegations of lack of jobs and rising inflation.
Making his point in an interview to a private television channel, Modi said "Let’s put allegations aside and discuss the facts. Despite two years of a once-in-a-century pandemic and global conflicts disrupting global value chains and even causing recessionary pressures across the world, India has shown remarkable resilience."
"Despite heavy odds, global crises, supply chain breakdowns and geopolitical tensions impacting global prices of basic items, average inflation from 2014-15 to 2023-24 (till November) was only 5.1 per cent, compared to 8.2 per cent during the previous 10 years (2004-’14). Which is higher, inflation of 5.1 per cent or 8.2 per cent?" he added.
As per the latest data by the Ministry of Statistics & Programme Implementation, India’s retail inflation stood at 5.55 per cent in November after falling to a four-month low of 4.8 per cent in October. The food inflation for November registered at 8.70 per cent.
The inflation figure remains within the Reserve Bank of India's acceptable range of 2-6 per cent.
On the charge of lack of jobs, Prime Minister Modi said providing employment to the youth has been the topmost priority of his government.
"It is well-known that investments in infrastructure have a large multiplier impact on growth and employment. Hence, we have constantly increased capital investment outlay. The budget of 2023-24 has increased it steeply to Rs 10 lakh crore, up from Rs 1.9 lakh crore in 2013-14. I believe you should enlighten your readers on how this expenditure is productive and creates so many opportunities for the common man," he said.
Prime Minister Modi also said infrastructure creation is happening at a "never-seen-before pace, and all sectors are doing much better than how they were 10 years ago".
