PM Modi cites consumption data to assert poverty now at its lowest
Prime Minister Narendra Modi asserted on Monday that poverty in India is now at its lowest while household consumption has risen by 2.5 times compared to a decade earlier.
- Feb 27, 2024,
- Updated Feb 27, 2024 9:44 AM IST
Prime Minister Narendra Modi asserted on Monday that poverty in India is now at its lowest while household consumption has risen by 2.5 times compared to a decade earlier.
Speaking on the topic of "India: Poised for the Next Big Leap" at the News9 Global Summit, Modi also took a swipe at previous governments and said they deliberately kept people in scarcity due to their vote bank politics.
He asserted that his government has chosen the path of everyone's satisfaction, which rules out any scope for discrimination.
"We don't believe in politics of scarcity but governance of saturation," he asserted.
"We have not done appeasement ('tushtikaran') but chosen the path of people's satisfaction ('santushti'). This has been our mantra," Modi said.
He said his government has changed vote bank politics into politics of performance.
India was in "reverse gear" under earlier governments, he said, citing schemes which were announced in the 1960s and '80s but completed after his government came to power in 2014.
Referring to a recent report on the consumption pattern of the country, the prime minister highlighted the fact that poverty has reached its lowest level till date into single digit.
According to data, he said, consumption has increased by 2.5 times as compared to a decade ago as people's capacity to spend on different goods and services has increased.
Modi cited the data to say that the consumption in rural India has grown at a faster pace than in urban India.
The data shows that people's ability to spend on different services and facilities has grown, he asserted, adding that they now have more money to use for things other than food.
"It has happened because of our focus on villages, the poor and farmers," Modi said.
He said his government created infrastructure keeping in mind rural India, empowered women and created new employment opportunities.
The percentage of money spent on food is now less than 50 per cent of the total household expenditure for the first time, he said.
If the world now thinks India is ready for a big leap, then the launch pad of the work done in the last 10 years is behind it, Modi asserted.
The prime minister said India's increasing credibility has become its identity in the world which thinks that it will benefit by working along with the country.
The tenure of his government has seen a sea change in confidence, mindset, governance, Modi said, asserting that the scale at which India is working today is unprecedented and beyond imagination.
"We have to take India's capability to a new high in our third term," he said, adding that the next five years will be of the country's progress in its journey towards "Viksit Bharat".
Modi cited the recent launch of infrastructure and development projects, including IITs, IIMs, bridges and rail infrastructure, running into tens of thousands of crores to underline the change of scale and speed.
"We lagged in the first, second and third revolutions, now we have to lead the world in the fourth revolution", the prime minister said.
"Our government is moving forward keeping the principle of Nation First paramount," Modi said.
He also cited a host of decisions, including the repeal of Article 370, construction of the Ram temple, women's reservation bill, 'one rank, one pension', and abolition of instant triple talaq, under his government in the speech.
Under his government, two new colleges have come up everyday and one new university has come up every week, he said and cited a host of other developments.
In a jibe at earlier Congress dispensations, Modi said those who were in power earlier did not trust the ability of Indians and underestimated their strength.
Every Indian now thinks that nothing is impossible and he can do anything, the prime minister said.
Government offices are no longer a problem but are of help for citizens, he said, noting that poverty is now in single digit for the first time.
He said he has personally reviewed projects worth Rs 17 lakh crore in his 10 years at the Centre.
The prime minister stressed the need to prepare the India of the 21st century and threw light on the rapidly progressing plans.
"From space to semiconductor, digital to drones, AI to clean energy, 5G to Fintech, India has today reached the forefront of the world," he said.
He highlighted India's growing prowess as one of the biggest forces on parameters such as digital payments in the global world, the fastest-growing country in Fintech Adoption Rate, the first country to land a rover on the south pole of the Moon, among the leading countries in the world in Solar Installed Capacity, leaving Europe behind in the expansion of 5G network, rapid progress in the semiconductor sector and rapid developments on future fuels like green hydrogen.
"Today India is working hard towards its bright future. India is futuristic. Today everyone says ' India is the future," he said.
Highlighting the achievements of the last 10 years compared to the 10 years before 2014, the prime minister pointed to a record increase in FDI from USD 300 billion USD to 640 billion, India's digital revolution, trust in India's Covid vaccine and the growing number of taxpayers in the country which, he said, symbolizes the increasing trust of the people in the government.
Speaking about mutual fund investments in the country, the prime minister informed that people had invested Rs 9 lakh crore in 2014 while 2024 has seen a meteoric rise to Rs 52 lakh crore.
"This proves to the citizens that the nation is moving forward with strength " he said and added that the level of trust towards self and the government is equal.
Prime Minister Narendra Modi asserted on Monday that poverty in India is now at its lowest while household consumption has risen by 2.5 times compared to a decade earlier.
Speaking on the topic of "India: Poised for the Next Big Leap" at the News9 Global Summit, Modi also took a swipe at previous governments and said they deliberately kept people in scarcity due to their vote bank politics.
He asserted that his government has chosen the path of everyone's satisfaction, which rules out any scope for discrimination.
"We don't believe in politics of scarcity but governance of saturation," he asserted.
"We have not done appeasement ('tushtikaran') but chosen the path of people's satisfaction ('santushti'). This has been our mantra," Modi said.
He said his government has changed vote bank politics into politics of performance.
India was in "reverse gear" under earlier governments, he said, citing schemes which were announced in the 1960s and '80s but completed after his government came to power in 2014.
Referring to a recent report on the consumption pattern of the country, the prime minister highlighted the fact that poverty has reached its lowest level till date into single digit.
According to data, he said, consumption has increased by 2.5 times as compared to a decade ago as people's capacity to spend on different goods and services has increased.
Modi cited the data to say that the consumption in rural India has grown at a faster pace than in urban India.
The data shows that people's ability to spend on different services and facilities has grown, he asserted, adding that they now have more money to use for things other than food.
"It has happened because of our focus on villages, the poor and farmers," Modi said.
He said his government created infrastructure keeping in mind rural India, empowered women and created new employment opportunities.
The percentage of money spent on food is now less than 50 per cent of the total household expenditure for the first time, he said.
If the world now thinks India is ready for a big leap, then the launch pad of the work done in the last 10 years is behind it, Modi asserted.
The prime minister said India's increasing credibility has become its identity in the world which thinks that it will benefit by working along with the country.
The tenure of his government has seen a sea change in confidence, mindset, governance, Modi said, asserting that the scale at which India is working today is unprecedented and beyond imagination.
"We have to take India's capability to a new high in our third term," he said, adding that the next five years will be of the country's progress in its journey towards "Viksit Bharat".
Modi cited the recent launch of infrastructure and development projects, including IITs, IIMs, bridges and rail infrastructure, running into tens of thousands of crores to underline the change of scale and speed.
"We lagged in the first, second and third revolutions, now we have to lead the world in the fourth revolution", the prime minister said.
"Our government is moving forward keeping the principle of Nation First paramount," Modi said.
He also cited a host of decisions, including the repeal of Article 370, construction of the Ram temple, women's reservation bill, 'one rank, one pension', and abolition of instant triple talaq, under his government in the speech.
Under his government, two new colleges have come up everyday and one new university has come up every week, he said and cited a host of other developments.
In a jibe at earlier Congress dispensations, Modi said those who were in power earlier did not trust the ability of Indians and underestimated their strength.
Every Indian now thinks that nothing is impossible and he can do anything, the prime minister said.
Government offices are no longer a problem but are of help for citizens, he said, noting that poverty is now in single digit for the first time.
He said he has personally reviewed projects worth Rs 17 lakh crore in his 10 years at the Centre.
The prime minister stressed the need to prepare the India of the 21st century and threw light on the rapidly progressing plans.
"From space to semiconductor, digital to drones, AI to clean energy, 5G to Fintech, India has today reached the forefront of the world," he said.
He highlighted India's growing prowess as one of the biggest forces on parameters such as digital payments in the global world, the fastest-growing country in Fintech Adoption Rate, the first country to land a rover on the south pole of the Moon, among the leading countries in the world in Solar Installed Capacity, leaving Europe behind in the expansion of 5G network, rapid progress in the semiconductor sector and rapid developments on future fuels like green hydrogen.
"Today India is working hard towards its bright future. India is futuristic. Today everyone says ' India is the future," he said.
Highlighting the achievements of the last 10 years compared to the 10 years before 2014, the prime minister pointed to a record increase in FDI from USD 300 billion USD to 640 billion, India's digital revolution, trust in India's Covid vaccine and the growing number of taxpayers in the country which, he said, symbolizes the increasing trust of the people in the government.
Speaking about mutual fund investments in the country, the prime minister informed that people had invested Rs 9 lakh crore in 2014 while 2024 has seen a meteoric rise to Rs 52 lakh crore.
"This proves to the citizens that the nation is moving forward with strength " he said and added that the level of trust towards self and the government is equal.