🇮🇳 Narendra Modi
Neo-middle class driving Indias demand, jobs & economic growth: PM Modi
What happened
Prime Minister Narendra Modi said that the rising aspirations of India's expanding middle class are generating fresh demand, creating jobs, and emerging as a primary engine of economic growth. He attributed this to the central government's 'Sabka Saath, Sabka Vikas' approach. Modi also highlighted various initiatives taken by the government to boost household savings, disposable income, and energy security.
Why it matters
The growth of the middle class has significant implications for India's economic development and energy security. The expansion of the middle class is driving demand and creating jobs across various sectors, including automobiles, electronics, tourism, and services. This trend is expected to continue, with the government's initiatives aimed at supporting the growth of the middle class.
Key facts
- The central government's 'Sabka Saath, Sabka Vikas' approach has led to the emergence of a new aspirational class in India.
- The government has exempted annual income up to Rs 12 lakh from IT, eased TDS rules for senior citizens and rental income earners, and lowered prices of everyday goods through GST reforms.
- India's renewable energy capacity has crossed 300 GW, while nuclear power capacity is being expanded to meet rising electricity demand from emerging sectors.
Topics
Publisher evidence used
Reporting attributed to economictimes.indiatimes.com. WorldLeadersNews links readers to the publisher and does not present a headline-only item as a full article analysis.
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