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PM Modi addresses centenary celebrations of ASSOCHAM

Published By : Admin | December 20, 2019 | 11:00 IST
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Prime Minister Shri Narendra Modi said that the goal of achieving the 5 Trillion Dollar Economy is achievable.

He was participating at the inaugural session of the Hundred Years of ASSOCHAM in New Delhi today.

Addressing a gathering of leaders from the Corporate World, Diplomats and others, the Prime Minister said that the idea of making India a 5 Trillion Dollar worth economy is not a sudden one.

He said that in the past five years the country had made itself so strong that it not only could set for itself such a target but also make efforts in that direction.

“Five years before, the economy was heading for disaster. Our Government not only stopped this but also brought in a discipline in the economy”

“We brought in fundamental changes in India’s Economy so that it can run with set rules in a disciplined manner. We have met with the decades old demands of the Industrial Sector and we have built a strong foundation for a 5 Trillion Dollar Economy”

He said, “We are building the Indian Economy on two strong pillars of formalisation and modernisation. We are trying to bring in more and more sectors into the horizon of formal economy. Along with this we are linking our economy with latest technology so that we can speed up the process of modernisation”

“Now instead of several weeks it merely takes a few hours to register a new company. Automation is helping quick Trading across borders. Better linking of Infrastructure is reducing the turn-around time at Ports and Airports. And these are all examples of a modern economy. “

“Today we have a Government that listens to the Industry, understands its needs and which is sensitive to its suggestions.

Prime Minister said that the country could make a significant jump in the rankings of Ease of Doing Business due to a sustained effort.

“Ease of Doing Business may sound just like four words, but in order to improve its rankings there is a lot of effort that goes into it including changing the policies and rules at the ground level”

Prime Minister also emphasised the efforts being made towards a faceless Tax Administration in the country in order to reduce the human interface between the tax payer and the authorities.

“In order to bring about transparency, efficiency and accountability in the Tax System, we are moving towards a faceless Tax Administration”, he said.

Prime Minister said that the Government has decriminalised several laws in the Corporate Sector in order to reduce the burden and allow the industry to function in a fearless ecosystem.

“You know that there were several provisions of the Company Act as per which even small deviations were also dealt as a Criminal Offence. Our Government has now decriminalised many such provisions. And we are trying decriminalise many other provisions.”

Prime Minister said that the Corporate Tax at this time in the country is the lowest ever and this would propel a boost in the economic growth.

“The Corporate Tax is the lowest at the moment, meaning if there is any Government that is taking the lowest Corporate Tax from the Industry, then it is ours”

 Prime Minister also spoke about the efforts being made towards bringing about Labour Reforms.

 He also spoke about the sweeping reforms in the Banking Sector to make it more transparent and profitable.

“Owing to the steps taken by the Government today 13 Banks are on the path of profit which 6 banks are out of PCA. We have also hastened the process of unification of the Banks. Today banks are expanding their countrywide networks and are in the direction of achieving Global recognition”

He said with this overall all round positivity the economy is propelling towards a 5 Trillion Dollar target. Prime Minister said that the Government would invest 100 Lakh Crore Rupees in the infrastructural sector and another 25 Lakh Crore Rupees in the Rural Sector in order to provide support to achieve the target.

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Prime Minister Shri Narendra Modi chaired the 52nd meeting of PRAGATI, the ICT-enabled, multi-modal platform aimed at fostering Pro-Active Governance and Timely Implementation, by seamlessly integrating efforts of the Central and State Governments, earlier today at Seva Teerth.

During the meeting, the Prime Minister reviewed four critical infrastructure projects across the Road, Power, Industrial Corridor and Metro Rail sectors, covering four States and costing around ₹30,000 crore. These projects, important for economic growth, regional connectivity, industrial development and public welfare, were reviewed with focus on timelines, inter-agency coordination, issue resolution and timely completion.

Prime Minister underlined that delays in infrastructure projects not only lead to cost escalation, but also deprive people and industries of timely benefits. He asked the concerned Ministries and State Governments to resolve pending issues in a mission-mode manner and ensure close monitoring at the highest level.

Prime Minister emphasised the use of PM GatiShakti National Master Plan for efficient planning and timely implementation of infrastructure projects. He also underlined the need for regular and timely updation of project details, utilities, infrastructure layers, clearances and other field-level information on the portal. He further emphasised that the platform must reflect the latest ground situation so that bottlenecks can be identified in advance, inter-agency coordination can be improved and decisions can be taken on the basis of reliable, real-time data.

Prime Minister reviewed TB Mukt Bharat Abhiyan and emphasised the need to leverage latest digital technologies including Artificial Intelligence. He suggested a team of NCC cadets and MY Bharat volunteers, for awareness, patient follow-up and community mobilisation.

Prime Minister also reviewed grievances related to Cyber Crime and Digital Arrest. He expressed concern over the rising misuse of digital platforms to defraud citizens and stressed that such matters require coordinated, sensitive and time-bound handling by all concerned agencies. He noted that citizens should not be made to run from one department or agency to another. He also emphasized the need for clear ownership, faster response, better coordination among law enforcement agencies, banks and digital platforms, and stronger public awareness campaigns.

Prime Minister observed that in cases involving cyber fraud, timely action is crucial to prevent financial loss and restore public confidence. He asked all stakeholders to work in close coordination to strengthen prevention, reporting, investigation and grievance redressal mechanisms. He also emphasised that States should work towards enabling e-Zero FIR mechanisms for faster registration and response in cyber fraud cases.