With Assembly Polls and Lok Sabha Elections 2024 around the corner, discussion and criticism on freebie politics are again on the fore. Prime Minister Narendra Modi on Sunday said that the poor and vulnerable classes suffer the most due to the irresponsible financial policies of political parties.
“The poorest and most vulnerable suffer the most from irresponsible financial policies and populism,” said PM Modi in an exclusive interview with PTI adding that the irresponsible financial policies and populism may give short-term political results but extract great social, and economic prices in the long term.
PM Modi also discussed India’s flourishing economic status and the praises its financial policies are earning on a global stage and assured that India would be a developed nation by 2047.
“India’s economic growth is a “natural by-product” of the nine-year-old government’s political stability. We will be a developed nation by 2047 with “corruption, casteism and communalism” having no place in our national life,” PM Modi told PTI.
PM Modi also emphasised that while most advanced economies are facing an economic slowdown, chronic shortages, high inflation, and ageing populations, the Indian economy is acknowledged to be the fastest-growing large economy with the largest youth population.
“For a long time in world history, India was one of the top economies of the world. Later, due to the impact of colonisation of various kinds, our global footprint was reduced,” he said.
“But now, India is again on the rise. The speed with which we jumped five spots, from the 10th largest economy to the fifth largest in less than a decade has conveyed the fact that India means business,” he noted.
PM Modi on India’s G20 Presidency
“Our G-20 Presidency engaged the G-20 Finance Ministers and Central Bank Governors. It was recognised that timely and clear communication of policy stances by Central Banks is crucial. This can ensure that policies taken by each country to combat inflation do not lead to negative repercussions in other countries,” PM Modi told PTI.
The Organisation for Economic Co-operation and Development (OECD) has been targeting proposals to reduce incentives for tax planning and avoidance by limiting tax competition and changing where companies pay taxes. Pillar 1 of the OECD proposal expands a country’s authority to tax profits from companies that make sales in their country but don’t have a physical location there.
(With PTI inputs)
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