‘Govt To Take More Steps To Tackle Inflation’: PM Modi On 77th Independence Day

Prime Minister Narendra Modi, while addressing the country at Red Fort on 77th Independence Day of India, said that the government will be taking more measures to tackle inflation so as to minimise the burden of price rise on people.

Modi also added that the world is grappling with high inflation, and when India imports goods, it also imports inflation.

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"The world is yet to fully recover from the impact of Covid pandemic. The war has created yet another problem. The world is grappling with the problem of inflation. Inflation has gripped the global economy," the prime minister said. 

Further, he said when India imports goods from other countries, "unfortunately" it also imports inflation. "But we cannot be satisfied (just) because our situation is better than the world. We have to take more steps to minimize the burden of price rise on our people. We will definitely take the steps. My efforts will continue," he said.

PM Modi’s assertion came a day after retail inflation  jumped to 7.44% in July, primarily driven by costlier tomatoes and vegetables. For the first time in the current fiscal, retail inflation breached the Reserve Bank of India's comfort level of 6%.

While unveiling the bi-monthly monetary policy last week, RBI Governor Shaktikanta Das had warned of a substantial increase in headline inflation in the near-term and revised upwards the inflation forecast for the second quarter to 6.2%.

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While speaking about development, PM Modi praised the contribution of youth and said those from tier 2, and tier 3 cities are also making a lot of impact in various fields, including start-ups.

He said, “Today, we have demography, democracy, and diversity - these three together have the ability to realize the dreams of the nation. The trinity of demography, democracy, and diversity has the power to realize the dreams of the nation."

“Next few years will determine development for the next 1000 years. World is technology-driven, with its talent in technology India will have a new role and impact on global stage," PM Modi added.