Positive change taking place under Modi's leadership: Venkaiah

The country has seen a turnaround since the Narendra Modi-led BJP government came to power at the Centre, with GDP growth rate rising to 5.6 per cent and other development parameters looking up, Union Minister M Venkaiah Naidu said in Hyderabad today.

Change is definitely happening. Development growth rate rose to 5.6 per cent from 4.6 per cent. If it goes up to seven or eight per cent, more leeway would come, he said, after speaking at the 'EPF Pensioners Samman Samaroh' organised by Employees' Provident Fund Organisation (EPFO).

Observing that Prime Minister Narendra Modi wants speedy and comprehensive development of the country, Naidu said that as many as 4.35 crore new bank accounts have been launched under the Jan Dhan Yojana since it was launched a month ago. Referring to criticism that ache din (good days) promised by Modi have not yet come, Naidu said that it takes time to set things right. The NDA government has inherited a bad economy marked by fiscal deficit, trade deficit, revenue deficit, governance deficit and trust deficit, he said.

Noting that Modi's leadership evoked confidence even abroad as evident in the amazing reception and response in the United States, he said that around 60,000 American youth assembled to listen to the Prime Minister, he said. He said that the long-awaited decision to ensure a minimum pension of Rs 1,000 per month under EPFO is good news to the members.

Presently, the Employees' Pension Scheme has 49 lakh pensioners and enhanced pension would benefit approximately 32 lakh pensioners drawing pension less than Rs 1,000 per month, he said.