India’s Macro-Economic Indicators Improved In Last 3 Years: PM Narendra Modi
GANDHINAGAR Developed by Aadhaar and Jan Dhan Yojana, India has improved on all macroeconomic indicators in the last three years, Prime Minister Narendra Modi said on Tuesday.
“The budget deficit, the balance of payments deficit and inflation declined, while the GDP growth rate, foreign exchange reserves and public capital investment increased,” said PM at the opening of the 52nd annual meeting of the African development bank Gandhinagar.
The prime minister said India had made tremendous progress in development and could share with Africa some of the strategies used by its government over the past three years.
He said that two crucial factors behind the growth story of India were universal banking and universal biometric identification.
“The first set of changes we have made has been in the banking system. We launched Ene Dhan Yojana under which more than 280 million bank accounts were opened for the poor in rural and urban areas.
“Thanks to the initiative, almost all Indian families have a bank account,” he said.
The second key element was the universal biometric identification system called Aadhar, says PM Modi.
“This avoids claiming benefits for those who do not qualify. This allows us to ensure that those who deserve the help of the government are provided with ease while eliminating non-original claims,” he said.
PM Modi said that granting scholarships directly to the poor rather than indirectly through price concessions, India has made large tax savings.
He said that India and Africa have a long history of cooperation with strong ties that lasted for centuries.
“India’s partnership with Africa is based on a model of cooperation to meet the needs of African countries.”
“After taking office in 2014, I made Africa a priority for India’s foreign and economic policy,” the prime minister said.
He then said that he visited six African countries since becoming prime minister, there was no country in Africa that has been visited by an Indian PM in the last three years.
He said trade between Africa and India has increased over the past 15 years, while it has doubled in the past five years to almost $ 72 billion in 2014-15.
“From 1996 to 2016, Africa accounted for almost one-fifth of India’s direct foreign investment.”
The prime minister said that most of the challenges facing India and Africa were the same, including high and poor farmers, and empowerment of women.
“Our challenges also include ensuring that our rural communities have access to financing and building infrastructure in financial constraints and maintaining macroeconomic stability so that inflation is contained,” he said.
PM Modi said India can not compete with Africa in long distance races at sports arenas, “but I can assure you that India will always support you side by side in the long and difficult race for a better future.”