Government joins monetary framework with RBI to curb inflation: PM

Prime Minister Narendra Modi on Friday said that the government has for the first time entered into a monetary framework with the Reserve Bank of India (RBI) to curb inflation.

"We embarked on a course of fiscal consolidation. We entered for the first time into a monetary framework agreement with RBI to curb inflation," Modi said while speaking at the inauguration of Delhi Economic Conclave here.

Modi said that by almost every major economic indicator, India is doing better than when he took office 17 months ago.

"Maximum value for every rupee spent, maximum empowerment for our poor, maximum technology penetration among masses," said Modi.

On development in the banking sector, Modi said that 19 crore people were brought under the banking system in 19 months.

"Accounts opened under Jan-Dhan yojana have a total balance of almost Rs.26,000 crore today. For me, JAM (Jan-Dhan, Aadhaar, Mobile) Vision is just about achieving maximum," said Modi, and added that India's GDP has grown and inflation come down in the recent times.

He also emphasised that India should be known as a job creater nation, not a job seeker nation.