Key Points of PM’s address at Economic Times Global Business Summit

Published By : Admin | January 16, 2015 | 21:17 IST

Economy

India is a 2 trillion dollar economy today. Can we not dream of an India with a 20 trillion dollar economy? 

You will see India as a country of opportunities, unmatched across the world. India can be a role model of growth and cohesiveness for the rest of the world. 

The government must nurture an eco-system where the economy is primed for growth; and growth promotes all-rounddevelopment. Where development is employment-generating ; and employment is enabled by skills. Where skills are synced with production; and production is benchmarked to quality. Where quality meets global standards; and meeting global standards drives prosperity. Most importantly, this prosperity is for the welfare of all. That is my concept ofeconomic good governance and all round development. 

Development

Development has to result in jobs. What we need is not just more production, but mass production and production by masses. 

Development seems to have become the agenda only of government. It is seen as a scheme. That should not be the case.Development should be everyone`s agenda. It should be a people`s movement. 

Economic development cannot take a nation forward on its own. We need a society and economy which complement each other. We need to take care of the poor, deprived and left behind sections of society. 

The ultimate objective of subsidies should be to empower the poor, to break the cycle of poverty, and become foot-soldiers in our war on poverty. 

We need to cut subsidy leakages, not subsidies themselves. 

Governance

सरकारी तंत्र की दो समस्याएं हैं - वे जटिल भी हैं और शिथिल भी। Government systems suffer from two weaknesses. They arecomplex. And they are slow. We need to change this. Our systems need to be made sharp, effective, fast and flexible. This requires simplification of processes and having trust in citizens. This needs a Policy Driven State. 

What is Maximum Governance, Minimum Government? It means government has no business to be in business. 

First, we need to focus government on the things that are required of the State. Second, we need to achieve competence in government so that the State delivers on the things it sets out to do.

Reforms

Reforms are not an end in itself. Reforms must have a concrete objective.

Small acts can drive reforms. What appears minor can actually be vital and fundamental. Generating 20,000 MW of power attracts a lot of attention. That is important. At the same time, 20,000 MW of power can be saved through a people’s movement for energy efficiency. The second is more difficult but is as important as the first. Small indeed, is beautiful.

A major institutional reform is the move away from merely planning, to transforming India. The setting up of NITI Aayog, is a step in this direction.

Laws are the DNA of government. They must evolve with time.

Finance

We are committed to achieving the fiscal deficit target announced in the budget.

We are today a nearly 100% banked country. 

Financial unity - bringing everyone into the financial system - is one cause which both capitalists and socialists agree on. What, my friends, can be a bigger reform?

The consensus we arrived with States for amending the Constitution to implement GST is a major breakthrough. This alone has the potential to make India competitive and attractive for investment.

Today, India’s cooking gas subsidy is the world’s largest Cash Transfer Programme. 

I recently assured Public Sector Banks they will have total autonomy in taking business decisions.

Sectoral

The mantra of independence was Satyagraha. And the warriors were Satyagrahis. The mantra of New Age India must be Swachhagrah. And the warriors will be Swachhagrahis. 

People must understand the Clean Ganga program, as an economic activity also. The Gangetic plains account for 40% of our population. They have over one hundred towns, and thousands of villages.

I intend to launch a massive National Program for PDS Computerisation. 

Railway stations can become growth points for the nearby villages.

We will link farmers to global markets. We will give the world the Taste of India. 

Click here to read full text speech

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PM Modi addressed a large public gathering in Akola, Maharashtra, expressing deep gratitude for the people’s steadfast support over the past decade. He opened by highlighting the ambitious infrastructure initiatives launched by his government, including the Vadhavan Port, a nearly 80,000-crore project initiated within the first five months of his government’s third term at Centre.

PM Modi reiterated his government’s commitment to housing for the poor, with three crore new homes in progress, and mentioned about the Ayushman Vaya Vandana Card, which provides free healthcare to senior citizens over 70. Mentioning about the government’s recent decision of recognising Marathi as a classical language, he emphasized, “The Congress and the opposition kept the people of Maharashtra waiting for decades, delaying the fulfilment of their demands. We have accomplished what they couldn’t. We are honoured to have granted Marathi the status of a classical language.”

The PM then outlined the Mahayuti’s vision for the next five years, as reflected in its manifesto, including enhanced security and opportunities for women through the Majhi Ladki Bahin Yojana, job creation for youth, and fast-track development projects for Maharashtra’s growth. He stated, “Where there is Mahayuti, dreams of proud youth for education and employment will be fulfilled.” He contrasted this with what he called the Maha-Aghadi’s “scam-filled manifesto,” highlighting alleged corruption, rampant bribery, and misuse of funds, with Congress-led states like Karnataka and Telangana as examples, calling them “ATMs” for the Congress “royal family.” He warned Maharashtra to remain vigilant, saying, “We will not let Maharashtra become an ATM for the Maha-Aghadi's mega scandals.”

“Maha-Aghadi means corruption, Maha-Aghadi means scams worth thousands of crores, Maha-Aghadi means extortion of money, Maha-Aghadi means token money, Maha-Aghadi means a business of transfers and postings,” he added.

The PM acknowledged Akola’s key role in cotton production, a backbone of the textile industry, and noted that cotton farmers, long denied adequate benefits, are now seeing positive changes as support for industry and infrastructure grows. In this context, he also spoke about the inauguration of a textile park in Maharashtra, envisioning greater prosperity for cotton farmers. He also criticized past Congress-led governments for their failure to address farmer needs, particularly water issues. Now, the Mahayuti government is revitalizing irrigation projects and has approved a major river-linking initiative to alleviate water scarcity across regions, benefiting districts like Amravati, Akola, and Nagpur. Through the PM Krishi Sinchayee Yojana, Maharashtra’s micro-irrigation coverage has expanded, promoting water efficiency. PM Modi affirmed, “Our goal is an empowered farmer driving the nation’s progress.” Initiatives like PM-Kisan Samman Nidhi and crop insurance are boosting farmer incomes, with additional support for cotton and soybean farmers.

The PM also criticised the Congress party for its attempts to weaken the country. “Congress Party knows that the weaker the country, the stronger Congress will be. That’s why it is their nature to divide people based on caste. Since independence, Congress has never allowed the SC community to unite. They’ve fragmented the ST community into various castes, and they’ve never let the OBC community develop a unified identity,” he remarked.

In his speech, PM Modi also condemned Congress for its historical disrespect towards Dr. B.R. Ambedkar. He noted that, from Nehru’s era to the present day, Congress has repeatedly denied Dr. Ambedkar credit for his contributions to major national projects, like dams and river projects, as well as for his role as India’s first Law Minister. Despite Baba Saheb’s transformative contributions, Congress sidelined him as he belonged to a Dalit family. PM Modi reassured the BJP’s commitment to honouring Ambedkar by establishing Panchteerth memorials at key sites associated with his legacy—Mhow, Nagpur, Mumbai, Delhi, and London—to inspire future generations. He affirmed his stance, “Ek Hain to Safe Hain!”

The PM also reproached Congress’ support for reinstating Article 370 in Jammu & Kashmir, aligning it with the views of separatists, terrorists, and Pakistan. He warned that restoring Article 370 would reintroduce violence, strip Dalits of constitutional rights, and regress Kashmir by decades. He stated, “Congress is attempting to take away rights from Kashmir’s Dalits and backward communities, while hypocritically seeking votes from Dalits in Maharashtra.”

PM Modi urged the audience to “Choose development, choose peace, and choose security” and called on them to help realize the vision of a Viksit Maharashtra and a Viksit Bharat.