New Delhi, February 24: From “Fragile Five” economy India now is becoming a “Five Trillion Dollar” economy, said Prime Minister Narendra Modi while addressing the Economic Times Global Business Summit in New Delhi, based 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 presented facts and figures to indicate how India is playing a key role in the entire world’s growth. He 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.
The Prime Minister 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.
PM 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. The Prime Minister mentioned other reforms such as the Insolvency and Bankruptcy Code.
The Prime Minister 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.
The Prime Minister said that there is unprecedented investment being made today in infrastructure, agriculture, technology, health sector, and education sector.
Furthr he 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.
The Prime Minister recalled that in his last address at the Economic Times Global Business Summit, he had spoken of Housing for All,Power for All, Clean Cooking for All, Health for All,and Insurance for All. He outlined the steps that have been taken in this regard in house construction, Saubhagya Yojana, Ujjwala Yojana, and insurance. Saying that the Government’s initiatives are aimed at empowering the poor, the Prime Minister also mentioned the construction of toilets, distribution of loans through the Mudra Yojana, and distribution of soil health cards.
The Prime Minister mentioned the announcement in the recent Union Budget, on MSP.
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.”