Government supported 8 crore youth with Rs. 20 lakh crore for self-employment: Shri Narendra Modi

Government buffered MSMEs from bankruptcy with Rs. 3.5 lakh crore loan support during COVID-19 Pandemic, says PM

8 crore citizens gave employment to one or two more people with help from Pradhan Mantri Mudra Yojana: Shri Modi

Prime Minister vows to continue fighting inflation

Addressing from the ramparts of Red Fort on the 77^th Independence Day, Prime Minister Shri Narendra Modi attributed the rise of India from 10^th to 5^th  largest economy in the world to the efforts of 140 crore people of India. He said this has happened because this Government stopped leakages, created a strong economy, and spent maximum money for the welfare of the poor.

Prime Minister Shri Modi stated, “Today I want to tell the people that when the country becomes economically prosperous, it does not fill the treasury; it increases capacity of the nation and its peoples. Results will automatically come if the Government pledges to spend every penny towards the welfare of its citizens. 10 years ago, the Government of India used to send Rs. 30 lakh crore to the States. In the last 9 years, this figure has reached Rs. 100 lakh crore. Seeing these numbers, you will feel that such big transformation has happened with big increase in capacity!”

On the front of self-employment, Shri Modi said, “More Rs. 20 lakh crore have been given to the youth for self-employment for their occupation. 8 crore people have started new business and not only that, every businessman has given employment to one or two people. Therefore, 8 crore citizens benefitting from the (Pradhan Mantri) Mudra Yojana have the ability to provide employment to 8-10 crore new people.”

Referring to COVID-19 Pandemic, Shri Modi said, “MSMEs were not allowed to go bankrupt with the help of loans worth Rs. 3.5 lakh crore in the crisis of Corona virus. They were not allowed to die, they were given strength.”

On the new and aspiring middle class, Shri Modi said, “When poverty reduces in the country, the power of the middle class increases a lot. And I assure you with guarantee that in the coming five years the country will take its place in the first three world economies. Today the 13.5 crore people have come out of poverty to become the strength of the middle class. When the purchasing power of the poor increases, the business power of the middle class increases. When the purchasing power of the village increases, the economic system of the town and city runs at a faster pace. This interconnected is our economic cycle. We want to move ahead by giving it strength.”

Additionally, the Prime Minister said, “When the (exemption) limit of income tax is increased from Rs. 2 lakh to Rs. 7 lakh, then the biggest benefit is to the salaried class, especially to the middle class.”

Referring to the recent problems faced by the world collectively, the Prime Minister said, “The world has not yet emerged from COVID-19 Pandemic, and the war created a new problem. Today, the world is facing the crisis of inflation.”

Talking about fighting inflation, the Prime Minister said, “India has tried its best to control inflation. We cannot think that our things are better than the world, I have to take more steps in this direction to minimise the burden of inflation on my countrymen. My efforts will continue to tame inflation.”

Self employment support expands jobs and domestic demand through Mudra financing and MSME relief measures. Prime Minister attributes India's rise to enhanced fiscal transfers and targeted welfare spending that expand national capacity. The Government highlights specific interventions: large scale support for self employment under the Pradhan Mantri Mudra Yojana driving new business formation and job creation; loan assistance to shore up MSMEs during the COVID 19 crisis; movement of millions out of poverty into the middle class; an increased income tax exemption threshold benefiting salaried taxpayers; and continued efforts to control inflation to reduce household burdens.