Gandhinagar sources have stated that India is fuelled by Aadhaar and Jan Dhan Yojana, has improved upon all the macro-economic indicators over the last three years, Prime Minister Narendra Modi said on Tuesday. PM Modi said while inaugurating the 52nd annual meeting of the African Development Bank Gandhinagar said "The fiscal deficit, balance of payments deficit and inflation have all come down while the GDP growth rate, foreign exchange reserves and public capital investments have increased".
Sources have added that the Prime Minister said India had taken huge strides in development and could share with Africa some of the strategies used by his government over the last three years. He said two crucial factors behind India's growth story were universal banking and universal biometric identification.
"The first set of changes we made was in the banking system. We
launched Jan Dhan Yojana under which over 280 million bank accounts have been
opened for the poor in rural and urban areas. Modi said "Thanks to the
initiative, virtually every Indian family has a bank account" and the second
crucial element was the universal biometric identification system called
Aadhar.
PM Modi said by paying subsidies directly to the poor rather than indirectly through price concessions, India achieved large fiscal savings and added while India cannot compete with Africa in long distance running in sports arena, "but I can assure you that India will always stand with your shoulder to shoulder supporting you in the long and difficult race for a better future".
