PM Narendra Modi addresses the B20 Summit in Delhi (PTI)
The centre's pro-poor policies of today will help create a massive middle class population in a few years, which will drive the economic growth of India, Prime Minister Narendra Modi said at the B20 Summit in Delhi today.
PM Modi said more and more people are leaving behind poverty and joining what he called the "neo middle class" in India, which indicated the government's policies to tackle poverty has been working.
"Those who come out of poverty, the neo middle class, they are the biggest consumers. They come with new aspirations, and they give momentum to India's growth. Whatever the government has done to uplift the poor, the next beneficiaries are the middle class, the MSMEs. By focussing on pro-poor policies today, in the next five-seven year, you will see a huge population of the middle class," PM Modi said at the event.
"The rise of purchasing power of the middle class helps businesses. But if our focus is self centric, I don't think we can do ourselves or the world any good," PM Modi said.
He said a profitable market can be sustained when there is a balance between businesses and consumers. "It also applies to nations. Treating other countries only at the market will harm the producing countries sooner or later. Making everyone equal partners in progress is the way forward," the Prime Minister said.
He made a strong pitch for focus on "consumer care", after asked global businesses to consider observing the "International Consumer Care Day" every year.
India's G20 Presidency comes at a crucial period, marked by a number of historic economic transitions against a backdrop of geopolitical uncertainty. The Business 20 (B20) group of the G20 is instrumental in facilitating engagement between the international business community, G20 decision-makers, and governments.
The B20 has made 54 recommendations and 172 policy actions to the G20.