Prime Minister Narendra Modi has stressed the need for fiscal discipline, reiterating that “irresponsible” financial policies and populist measures may yield political gains in the short term, but in the long run will lead to “tremendous social and economic costs”.
Modi made the remarks in an interview with the Press Trust of India late last week in response to a question about the global debt crisis, which he noted was “a matter of great concern to the world, especially developing countries”.
- Also read: Following Solar Alliance, India makes case for biofuels group to support energy transition: PM Modi
Speaking ahead of the G20 summit, the prime minister said countries that are going through or have already gone through debt crises have begun to place greater emphasis on financial discipline.
Modi said he had urged state governments to increase awareness of fiscal discipline.
“Whether it’s at the National Conference of Chief Secretaries or any such platform, I have said that irresponsible financial policies and populism may bring political results in the short term, but in the long run they will bring about political gains,” Modi said. come at enormous social and economic cost,” as he warned against politics based on populist measures.
“Those who suffer the worst consequences are often the poorest and most vulnerable.” Modi also touched on how India’s political stability over the past nine years has led to multiple reforms in the economy, education, banking and financial sectors, saying growth is its “natural by-product”, while he outlines his vision for the country for the next two decades.
The Prime Minister said that with his second term in government coming to an end, there was a lot of government instability in the country before 2014, so not much could be done.
- Also read: PM Modi calls for UN reform, says mid-20th century methods won’t serve 21st century world
“But over the past few years, there has been a decisive mandate from the people, which has led to stability in the government, predictability in policy and clarity in general direction,” Modi said.
“By 2047, I believe our country will be among the developed countries, our economy will be more inclusive and innovative, our poor will win the battle against poverty across the board, and our health, education and social outcomes will be among the best.” Corruption, Casteism and communalism have no place in our national life. Modi also said that the rapid and continuous progress India has made has attracted the attention of the world.
He said many countries had been closely following our growth story and believed the progress was no accident, but the result of a clear, action-oriented roadmap of “Reform, Execute, Transform”.
For a long time in world history, India was one of the top economies in the world, but then, due to various effects of colonization, our global footprint has shrunk, he added.
“But now, India is on the rise again. Our jump of five places from the 10th largest economy to the fifth largest in less than a decade shows that India means business!” he added.
He emphasized that the period before 2047 is a “huge opportunity” and that Indians living in this era have a great opportunity to lay the foundation for growth to be remembered for the next 1000 years! Modi also claimed that the quality of life of Indians will be comparable to that of the best countries in the world, “and most importantly, we will achieve all this while caring for nature and culture”.
