Prime Minister Narendra Modi on Monday said India must strive to become a `Atmanirbhar’ economy in the next 10 years and continue to march ahead confidently in the path of progress and development.
Speaking at the 90th anniversary celebrations of the Reserve Bank of India (RBI), the Prime Minister said the country’s economy has risen in the past years from the inherited mess after the Bharatiya Janata Party (BJP) government took charge in 2014, adding that it is now poised for take-off.
“India is among the youngest nations in the world… Our policies have opened up new sectors in the economy, such as green energy, digital technology, defence, which is getting into the export mode, MSME, space, and tourism. The RBI must address the aspirations of the youth and develop ‘out-of-the-box’ policies for all these emerging sectors to help the youth,” he added.
He highlighted the role of the RBI in speedy and sustainable growth of the country. Noting the achievement of the RBI in infusing rule-based discipline and fiscally prudent policies in the banking sector, the Prime Minister asked for advance estimates of the needs of various sectors to take proactive steps while assuring the banks of government’s support.
Modi praised the role of the RBI’s Monetary Policy Committee (MPC) for taking steps to control inflation. Steps like active price monitoring and fiscal consolidation kept inflation at a moderate level even during difficult times of the Covid pandemic, Modi said, lauding the RBI’s role in the progress of the economy.
“Nobody can stop a country from progressing if its priorities are clear,” he said, adding that India is becoming the engine of global growth with 15 per cent share in world GDP growth.
Modi said the Indian economy is creating new records at a time when many countries in the world are still trying to recover from the economic shock of the pandemic. Highlighting the importance of creating a balance between inflation control and growth for any developing country, he expressed confidence that the RBI can become a model and play a leadership role in the world, supporting the entire Global South.
