In the next five years, India will become the third-largest economy in the world. Prime Minister Narendra Modi said on Tuesday, July 30. He said this while attending the post-budget summit of the Confederation of Indian Industry (CII). "In the last 10 years under the NDA regime, the budget allocation has increased three times to Rs 48 lakh crore. Which is helping to run the graph of the country's economy upward.
At the event, Prime Minister Modi spoke about the financial challenges during the Corona epidemic. "We have been able to reach new heights even after fighting Corona. Today, the country's growth rate has reached 8%. As a result, we are not far behind in becoming the third largest economy in the world. ’
The Prime Minister said that in the last 10 years, the amount of capex in the country has increased five times. As a result, it has reached 11.11 lakh crore. "Today, there are 1.40 lakh start-ups across the country. Eight crore youths have started new businesses through Mudra loans. Which is unprecedented. The Prime Minister was speaking at the CII event.
The Prime Minister also gave information on poverty alleviation. "In the last 10 years, more than 250 million people have been brought out of poverty. At present, the emphasis is on skill development and employment, he said.
Prime Minister Modi said, "India is the only country where the growth rate graph is on an upward trajectory. And inflation is declining. Sixteen percent of the world's economic growth is dependent on our country. We are determined to increase it further. And that is why the highest emphasis is being laid on building infrastructure. The speed with which this work is going on is commendable.".
The Prime Minister also spoke about the tax system in the country. He said that in the last 10 years, the allocation for all ministries has been increased by a record amount. On the other hand, his government has reduced the rate by amending the tax structure. Speaking at the CII event, the Prime Minister said, "Developed India is not just an emotion. We are moving from a place of confidence to achieving our goals."