Independence Day 2023: ‘Our govt controlled inflation efficiently’ says PM Modi at Red Fort, vows to minimise impact

During his address on the 77th Independence Day from the ramparts of the Red Fort, Prime Minister Narendra Modi acknowledged the presence of inflation in the country and assured that his government is dedicated to minimising the impact of soaring prices. He emphasised their commitment to address this issue diligently. He said, “Whole world is facing inflation, India too facing same, but will minimise the burden of sky-rocketing prices.' He added, ”our government has controlled inflation efficiently."

He stated, "The world has yet to fully recover from the effects of the pandemic. The pandemic led to another crisis, the crisis of inflation. Inflation has gripped the entire global economy...It's unfortunate that when we import essential goods, we also import inflation. However, India has made extensive efforts to curb inflation...We cannot be complacent simply because our situation is comparatively better than the global scenario. I am committed to taking further measures to alleviate the burden of inflation on our citizens. We will take those steps, and my endeavours will persist..."

He also stated, "In 2014, when we assumed power, India was ranked 10th in the global economic hierarchy. Today, through the collective endeavors of 140 crore Indians, we have climbed to the fifth position. This achievement did not occur by chance. We successfully curbed the menace of corruption that had held our nation captive. We plugged leakages and established a robust economy."

Earlier last week, Finance Minister Nirmala Sitharaman reassured parliamentarians on August 10 that the government is implementing substantial measures to curb food inflation, with more strategies in progress. She highlighted that India's favourable economic factors provide optimism for the future, in contrast to the West facing challenges of high inflation and sluggish growth, and China dealing with a slowdown in consumer demand.

Also read: Independence Day 2023: PM Modi praises India's digital prowess, says ‘Digital India not limited to Delhi, Mumbai..’

The minister emphasised that concerted efforts are being made to address food inflation. Import shipments of Tur dal (split pigeon pea) from Mozambique are on their way, and approximately 300,000 tonnes of urad dal (split and skinned black gram) are anticipated to be imported from Myanmar to help stabilize prices. Moreover, tomatoes are being sourced from Maharashtra, Andhra Pradesh, and Karnataka for distribution in the National Capital Region. In addition, import restrictions on tomatoes from Nepal have been lifted, and the initial batch is expected to arrive in Varanasi, Lucknow, and Kanpur by Friday.

Also read: Independence Day 2023: ‘Nation is with Manipur’, says PM Modi at Red Fort

The Finance Minister revealed that proactive measures are being pursued to manage the situation with moong dal (green gram), leveraging the available domestic stock. Additionally, the government has initiated the procurement of imported masoor dal to bolster reserves. Under the 'Bharat Dal' initiative, chana is being converted into chana dal for retail distribution. Furthermore, the procurement of 300,000 tonnes of onions has been successfully completed.

To facilitate affordability, the National Cooperative Consumers Federation of India is planning to sell tomatoes in the national capital region at a subsidised price of ₹70 per kilo. The minister affirmed the government's commitment to ensuring essential commodities' availability at reasonable prices, assuring that both current and additional measures will be taken to achieve this objective.