India to Become 5-Trillion Dollar Economy: PM Modi

Narendra Modi
Narendra Modi

The Prime Minister Narendra Modi addressed the Economic Times Global Business Summit Friday in New Delhi, on the theme: New Economy – New Rules.

Noting that the Union Government is going to complete four years of assuming office in a few months, he said that a definite change is now visible. He said this change in the economic and social content, represents the essence of the New Rules for the New India and the New Economy.

The Prime Minister said that within the last four years, the discourse has changed from India being a “Fragile Five” economy, to the target of India becoming a “Five Trillion Dollar” economy.

Modi said that in nominal terms, India’s share of the world GDP has risen from 2.4% in 2013, to 3.1% in 2017. He said India is performing better on various macro-economic parameters.

[ WEF Davos: GDP Is Passé, Now Welcome IDI. India’s Rank: 62 ]

Modi said that this change has come about due to a new approach and a new work culture. He said India’s competitiveness is being validated by the entire world today.

Narendra Modi recalled that when he had last attended this Global Business Summit, GST was still, just a possibility. Today, he added, it is a reality, which has delivered a better tax compliance system and a better revenue system. Modi mentioned other reforms such as the Insolvency and Bankruptcy Code.

He said that speed, scale and sensitivity are important to ensure the success of the Government’s initiatives. He gave some examples of the increase in pace in the infrastructure sector.

[ इस बार मन की बात नहीं, धन की बात करे मोदी ]

The Prime Minister said that there is unprecedented investment being made today in infrastructure, agriculture, technology, health sector, and education sector.

The Prime Minister mentioned the initiatives taken in the health sector, such as Mission Indradhanush, Jan Aushadhi Stores, and the Ayushman Bharat scheme.

Talking about the Digital India Mission, the Prime Minister said that the trinity of 100-crore bank accounts, 100-crore Aadhaar cards and 100-crore mobile phones, would create a unique ecosystem, not seen anywhere else in the world. He also spoke of initiatives taken for the MSME sector.

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The Prime Minister appealed that those entrusted with the responsibility of ensuring rules and ethics in various financial institutions, should work with full dedication – especially those who are responsible for supervising and monitoring.

He made it clear that the Government would take strict action against irregularities in financial matters. He said that the illegal accumulation of people’s money is unacceptable, and this is the basic mantra of “New Economy – New Rules.”

Photo courtesy: Press Information Bureau

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Rakesh Raman