Prime Minister Narendra Modi on Monday said India’s inflation rate has come down from double digits before 2014 to around 2% in June this year.

“Before 2014, the inflation rate used to be in double digits. Today, it is around 2%, making the life of the common man easier. Low inflation, coupled with high growth, is the right path for development,” PM Modi said in his address ahead of the monsoon session of the Parliament. India’s retail inflation cooled to a six-year low in June 2025, with the headline Consumer Price Index (CPI) inflation falling to 2.10% year-on-year — the lowest since January 2019.

Speaking on India’s economic progress, Modi said, “When you gave us a responsibility in 2014, the country was going through the fragile five situation. Before 2014, India stood 10th on GDP rankings. Today, India is racing to be the world’s third-largest economy.”

PM Modi said that about 25 crore people have come out of poverty since 2014.

Digital India is making waves globally, with UPI gaining popularity across many countries, said PM Modi. “UPI has earned its name in the world of fintech. Real-time digital transactions in India are much more than across the world,” he added.

PM Modi said the International Labour Organization (ILO) in a recent annual convention said over 90 crore people in India are under the social security network. “This is a big achievement in itself,” he added.

PM Modi urged the country to become self-reliant in the defence sector. “Made in India defence equipment will get a big boost and create livelihood opportunities," he said.

The prime minister said the world has witnessed the strength of India's military power. "In Operation Sindoor, Indian soldiers achieved their objective with 100% success, demolishing the masterminds behind terrorism in their hideouts," said PM Modi.

"The brutal massacre in Pahalgam shocked the entire world and drew global attention to terrorism and its epicentre. Rising above party lines, representatives from across India united to expose Pakistan's role," he added.

India has endured many violent challenges, be it terrorism or Naxalism, but today, the influence of Naxalism and Maoism is shrinking rapidly, said the prime minister. "The Constitution prevails over bombs and guns. The red corridors of the past are now transforming into green zones of growth and development," said PM Modi.

"The monsoon session stands as a proud moment for the nation, a true celebration of our collective achievements," he added.

This is a developing story.