Finance

PM Narendra Modi sees India as a $10-trillion economy with countless startups

Prime Minister Narendra Modi on Sunday stated out his vision for making India a $10-trillion economy, and the third-largest in the world, saying he wants the nation to have countless startups, and be a global leader in electric vehicles.

Talking at the Economic Times Global Business Summit in the capital, the PM said his government inherited an economy in complete policy paralysis, plagued by runaway inflation and rising current account deficit.


Live updates: ET Global Business Summit 2019
“Reforms in the last four and half years have changed the picture. Change is clearly visible today,” the Prime Minister stated while giving the keynote address at the Economic Times Global Business Summit.

The two-day event is being attended by global CEOs, economists, innovators, young entrepreneurs, and high-ranking government representatives.

The BJP-headed NDA rule witnessed the highest post-liberalization growth rate of 7.4 percent, and lowest inflation of less than 4.5 percent, the PM stated adding that reforms like goods and services tax (GST) have laid a solid foundation for higher gross domestic product (GDP) growth.

Launching a veiled attack on the previous government, he further stated there was a “competition between ministries, a competition between individuals, a competition on corruption (and) a competition on delays.”

“There was competition on who could do maximum corruption, there was competition on could do the fastest corruption, there was competition on who could do most innovation in corruption,” he confirmed, adding that there was competition on where more money could be made – in coal allocation or spectrum allocation, in commonwealth games or in defense deals.

“We all saw that and we also know who were the main players involved in this competition,” Modi said.

This under the present regime, all this has been replaced by a competition to attract more investment and to build houses for the poor, he alleged.
There is a competition to see if all habitations are connected with road first or all homes with gas connection first, as well as a competition to get 100 percent sanitation first, or 100 percent electrification first, he asserted, adding that there is a competition between ministries and states on development for achieving goals.

Talking on the country’s contribution to the Fourth Industrial Revolution, the Prime Minister asserted that India, unlike on the previous occasions, will not miss the bus this time.
“We often lament at missing the industrial revolutions in the past, but today it is a matter of pride that India is an active contributor to the 4th Industrial Revolution,” he stated.

The Prime Minister stated that his government is working hard to create a “New India” for the 130 crore people of the country.
He said that to ensure its success his government has adopted a two-pronged approach. “Our vision of new India includes addressing the challenges of the future while also solving problems of the past,” he further said.

The Prime Minister credited the people for ensuring that India can be pro-growth and pro-poor at the same time.

“It was said that it is impossible to remove corruption from the process of giving people their due, but people of India are making it possible. It was said that it is impossible for the poor to leverage the power of technology, but the people of India are making it possible,” he Modi.

Before, the Times Group managing director Vineet Jain welcomed the Prime Minister to the forum.

 “It is deeply satisfying to see this summit keep growing bigger and better. It is today a fixture on the calendars of global and Indian decision makers,” Jain stated.

 Jain commended the Prime Minister for his ambitious approach even when it seemed unachievable. He also hailed the several initiatives launched by Prime Minister Narendra Modi’s government such as Swachh Bharat, Ujjwala and Saubhagya to Jan Dhan and Ayushman Bharat

 “Direct benefit transfers for payment of subsidies have not only plugged leaks in the system but touched millions of lives,” Jain stated.

 On Friday, Union finance minister Arun Jaitley gave a special address on the inaugural day of the event.

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