'Need to build nation,' PM Modi says; speech short on details

India was on track for good growth this fiscal, and largely still is; however, the war in Ukraine and associated effects have put a spoiler on prospects moving forward

FPJ Web DeskUpdated: Thursday, May 19, 2022, 12:06 PM IST
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Prime Minister Narendra Modi | PTI

Prime Minister Narendra Modi on Thursday stressed on the need for building a nation capable of establishing peace in the world, amid international disturbances and struggles.

He was virtually addressing a youth conclave organised here in Gujarat by Shri Swaminarayan Temple, Kundaldham and Shree Swaminarayan Temple, Karelibaug, Vadodara.

"Today we want to take an oath to establish a new India, we are working to do it...India, which has a new forward looking identity while it maintains its age-old traditions,” Modi said.

Modi also said that India has become the third largest startup ecosystem in the world.

Over the first four years of Modi's premiership, India's GDP grew at an average rate of 7.23%, higher than the rate of 6.39% under the previous government.

The level of income inequality increased, while an internal government report said that in 2017, unemployment had increased to its highest level in 45 years.

The loss of jobs was attributed to the 2016 demonetisation, and to the effects of the Goods and Services Tax.

The last year of Modi's first term didn't see much economic development and focused on the policies of Defence and on the basic formula of Hindutva. His government focused on pension facilities for old-age group people and depressed sections of society.

The economic growth rate in 2018-19 was recorded to be 6.1%, which was lower than the average rate of the first four years of premiership.

The fall in the growth rate was again attributed to the 2016 demonetisation and to the effects of the GST on the economy. In the year 2020, due to the nationwide lockdown and shutdown of the industries, the Indian economy suffered a major economic loss.

It experienced a historic fall of -23% rate of the GDP, following which, Prime Minister Modi launched a movement called Atmanirbhar Bharat along with other movements and schemes to support the small scale and indigenous businesses to support the economy and to boycott Chinese products.

Following this, Prime Minister Modi also announced a scheme of ₹20 lakh crore (US$260 billion) as a relief package for all damages to the economy.

India was on track for good growth this fiscal, and largely still is; however, the war in Ukraine and associated effects have put a spoiler on prospects moving forward.

(with inputs from PTI)

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