Government joins monetary framework with RBI to curb inflation: PM Modi
By NewsX Bureau
| Friday, November 6, 2015 - 14:36
New Delhi: Prime Minister Narendra Modi on Friday said that the government has for the first time entered into a monetary framework with the Reserve Bank of India (RBI) to curb inflation.
"We embarked on a course of fiscal consolidation. We entered for the first time into a monetary framework agreement with RBI to curb inflation," Modi said while speaking at the inauguration of Delhi Economics Conclave here.
Modi said that by almost every major economic indicator, India is doing better than when he took office 17 months ago.
"We have ensured maximum value for every rupee spent, maximum empowerment for our poor, maximum technology reach to the masses, among other things," the prime minister told the Delhi Economics Conclave.
On development in the banking sector, Modi said that 19 crore people were brought under the banking system in 19 months.
He said much work was also being done to ensure that the youth of the country get employment. "We have great entrepreneurial energy. This needs to be harnessed so that we become a nation of job creators not job seekers."
"Accounts opened under Jan-Dhan Yojana have a total balance of almost Rs.26,000 crore today. For me, JAM (Jan-Dhan, Aadhaar, Mobile) Vision is just about achieving the maximum," said Modi, and added that India's GDP has grown and inflation has come down in recent times.
The prime minister said that by now the 'Make in India' initiative, along with considerable progress towards ease of doing business in India, was well established. He also mentioned how the construction of new highways had increased from 5.2 km per day in 2012-13 and 8.7 km per day in 2013-14 to 23.4 km per day.
He said the view of the government now was that reforms should be inclusive and broad-based and not limited to a few standard notions.
"Reforming to transform is a marathon not a sprint," said Modi.