In NDA 3.0, Modi moves to welfarism, private sector

PM’s replies to the debate in Parliament with aggressive rebuttal of the Opposition’s barbs and a vision for the economy [View in browser]( [See all newsletters]( 04 July 2024 In NDA 3.0, Modi moves to welfarism, private sector [Prime Minister Narendra Modi speaks in the Rajya Sabha on the Motion of Thanks to the President’s Address, in New Delhi on Wednesday] Weeks before the new government unveils its first Budget, Prime Minister Narendra Modi gave a policy direction in favour of renewed welfarism which is simultaneously aided by development, fiscal discipline and a Laissez-faire approach to private sector growth. Replying to a contentious debate on the Motion of Thanks to the President’s address in the Rajya Sabha with aggression and barbs directed at the Opposition that staged a walkout, the PM made some other substantive points about his vision. He focused on the fact that his is a government in continuity which will run smoothly. He underlined his vision for development which sees a role for the State but is conscious of where the State intervention is needed and where it is not. “I have a conviction and I believe that it is the need of the hour that there should be least State intervention in the lives of our citizens. It should not be sarkaar, sarkaar, sarkaar in everyday life. Now we are headed in a direction where, yes, those who need the government, in whose lives the government is relevant and is necessary – they should not feel the lack and absence of the government,” said the PM, underlining the necessity for State intervention for those who need it. At the same time, he stressed that the government should create an environment and step away where individual entrepreneurship is thriving. “...But those who want to strive ahead on their own strength, the government should not intrude or influence their path. Therefore, I urge all State governments to come forward and create the kind of society and governance structure wherein there is least interference in people’s lives,” said the Prime Minister. Describing this as “India’s century”, Modi said his government would focus on reforms. “Countries that implemented reforms in the 1980s have forged ahead. They are now developed countries. We do not need to feel bad about reforms. We do not have to shun reforms. We do not have to fear that if we adopt reforms, we would lose power. There is no need to keep clinging to power if it is not yielding results. I believe that even if we are late, we can fulfill the aspirations of our people to be developed and empowered,” said the Prime Minister, underlining that ‘Viksit Bharat (developed India)’ is not a mere slogan but a mission for the government. Overseas travel The Prime Minister said that his foreign travels have convinced him that the world is deeply interested in India as an investment destination. “I travel the world, I meet a lot of people everywhere...I feel that the whole world is ready for investment and India is their first choice. When the world arrives at our doorstep, their first destination is a state. I urge the States to create investment opportunities which will also help them develop,” said the PM. The 264th session of the Rajya Sabha was declared sine die after the reply to motion of thanks on Presidential Speech was adopted by the House which had only NDA members.  Parliament will meet next later this month for Budget session. You Might Also Like [Bulls march on, Sensex tops 80k for first time]( [Markets]( [Bulls march on, Sensex tops 80k for first time]( [Fee rejig to impact broker dynamics and trading volumes]( [Markets]( [Fee rejig to impact broker dynamics and trading volumes]( [Koo, rival to X, to shut down amid failed acquisition talks]( [Companies]( [Koo, rival to X, to shut down amid failed acquisition talks]( [Franklin Templeton plans to launch series of fixed income schemes]( [Markets]( [Franklin Templeton plans to launch series of fixed income schemes]( Stay informed Subscribe to businessline to stay up-to-date with in-depth business news from India [arrow]( Copyright @ 2024, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please try [here]( Manage your newsletter subscription preferences [here]( If you do not wish to receive such emails go [here](