New Delhi: Prime Minister Narendra Modi in his Independence Day speech from the ramparts of Red Fort argued that there was a need to restructure agriculture practices and said his government has succeeded in bringing down inflation.
"We have succeeded in bringing it (the inflation) down from double digits to three to four percent despite the fact that rainfall was low and agriculture suffered," Modi said on Saturday.
Citing the need for reform in agriculture, he said "We need change in agriculture. Agricultural land is shrinking, farmers need electricity, water. We have approved Rs.50,000 crore under the Pradhan Mantri Krishi SInchai Yojana."
"Save Water, Save Fertiliser", and "Per Drop More Crop" should be the new motto, he said.
RBI Governor Raghuram Rajan, after the monetary policy announcement on August 4, had said the central bank may cut benchmark rate even out of the policy cycle depending on how macroeconomic indicators play out.
RBI mostly tracks the consumer price inflation for its policy decisions, and its next review is due on September 29.
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