Need to take more steps to minimise impact of inflation, says PM Modi

Sights firmly set on the 2024 general elections, Prime Minister Narendra Modi listed out the economic achievements of his government, and said that the centre is working on a new scheme to provide loan or interest rate relief for those looking to buy their own homes in cities.

In his Independence Day address from the ramparts of Red Fort, Modi said that the government will take more steps to contain runaway retail inflation, and that the country has met some renewable energy targets, like ethanol blending, ahead of schedule. He also said that the Vishwakarma loan scheme for artisans, announced in the 2023 Union Budget, will have an outlay of Rs 15,000 crore.

“The weaker sections who live in the cities face a lot of problems. Middle-class families are dreaming of buying their own houses. We are coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, or slums, or chawls and unauthorized colonies,” the PM said, adding that the assistance will be in form of relief in interest rates and loans.

Modi also touched upon the issue of rising prices and admitted that the government needs to take more steps to control inflation. “India has tried its best to control inflation. Compared to the previous period, we have also had some success, but we cannot be complacent with that,” the prime minister said.

“I have to take more steps in this direction to minimize the burden of inflation on my countrymen. And we will continue to take that step. My efforts will continue,” said. The Prime Minister’s comment came a day after data showed that headline retail inflation surged to a 15-month high of 7.44% on back of vegetable and pulses prices.

On the Vishwakarma scheme, Modi said that the scheme will benefit weavers, goldsmiths, blacksmiths, laundry workers, barbers, etc and will be launched on 17th September

Modi noted that India has emerged as the third largest startup ecosystem and said that the country was the fastest in the world to roll out 5-G, reaching more than 700 districts.

“In the renewable energy sector we have surpassed our set target. The target which we had set for renewable energy by 2030 was completed in 2021-22. We had talked about 20 per cent blending in ethanol, that as well we have completed five years ahead of time,” he said.