Archive · 17 Sep 2026
Rajnath Singh Says Modinomics and UPI Transformed India’s Growth Story
Rajnath Singh said Narendra Modi’s economic plans helped India grow quickly.
He called these plans “Modinomics.”
Singh said India already had talented people and workers before 2014, but they were not reaching their full potential.
He said Modi created conditions that helped them do more.
Singh also praised UPI, a system that lets people make digital payments.
He said UPI handled 23.66 billion transactions in August.
Singh said government money for poor people is now less likely to be taken by middlemen.
He also highlighted India’s defence exports and praised West Bengal Chief Minister Suvendu Adhikari.
He was in Kolkata to discuss a BJP campaign connected to Modi’s birthday and 25 years of public service.
Rajnath Singh credited Narendra Modi’s economic vision, or “Modinomics,” with laying the foundation for India’s rapid growth.
Singh said Modi created an ecosystem allowing India’s brainpower and manpower to reach their full potential.
He described India as well-regulated and well-governed, claiming welfare funds were no longer diverted by middlemen.
Singh highlighted UPI’s 23.66 billion August transactions worth approximately Rs 29.88 lakh crore and defence exports to more than 100 countries.
Speaking in Kolkata, Singh promoted the BJP’s “Seva Se Sankalp” campaign, scheduled from September 17 to October 17.
- Who
- Defence Minister Rajnath Singh spoke about Prime Minister Narendra Modi’s economic record and praised West Bengal Chief Minister Suvendu Adhikari.
- What
- Singh said “Modinomics” and initiatives such as UPI helped create the conditions for India’s growth, development and good governance.
- When
- The remarks were made on Wednesday, September 16; the campaign was scheduled from September 17 to October 17, and Modi’s birthday was on September 17.
- Where
- Kolkata, West Bengal, India.
- Why
- Singh was in Kolkata to explain the BJP’s month-long “Seva Se Sankalp” campaign and promote Modi’s record in public office.
Government’s Position
Critics’ Concern
UPI transaction charges
Government’s Position
The Centre kept peer-to-peer transfers and merchant payments under Rs 2,000 exempt while introducing a 0.4 per cent MDR for larger commercial merchant transactions.
Critics’ Concern
Critics said larger merchants could pass the 0.4 per cent cost on to consumers, potentially increasing retail prices.
- Speaker
- Rajnath Singh, India’s Defence Minister.
- Economic vision
- Singh described Narendra Modi’s economic approach as “Modinomics” and called it the basis of rapid growth.
- UPI activity
- Singh said UPI recorded 23.66 billion transactions in August, valued at approximately Rs 29.88 lakh crore.
- UPI charges
- The Centre notified a 0.4 per cent Merchant Discount Rate on commercial merchant UPI transactions exceeding Rs 2,000; peer-to-peer transfers and smaller merchant payments remained exempt.
- Defence exports
- Singh said India exports defence equipment to more than 100 countries.
- Campaign
- The BJP’s “Seva Se Sankalp” campaign was scheduled from September 17 to October 17 to mark Modi’s birthday and 25 years in public life.
- PM SVANidhi
- Singh said street vendors received collective collateral-free loans of approximately Rs 80-85 thousand and that beneficiaries’ average annual income increased by 20 per cent.
