The Prime Minister, Shri Narendra Modi, today addressed the Economic Times Global Business Summit.
He said from the days of 2013-14, when India was beset with problems such as runaway inflation, high fiscal deficit and policy paralysis, change is clearly visible today.Hesitations have been replaced by hope, and obstacles have been replaced by optimism, he said.
The Prime Minister said that since 2014, India has made significant improvements in almost all international rankings and indices.
He said rankings are mostly lagging indicators, which change only after things have changed on the ground. In this context, he gave the example of Ease of Doing Business, where several parameters have visibly improved.
He said that as India’s rank in Global Innovation Index has gone up from seventy six in 2014 to fifty seven in 2018, the surge in innovation is clearly visible.
The Prime Minister drew a contrast between different forms of competition between now and prior to 2014.
He said that the competition now is on development, and achieving aspirational targets such as total sanitation, or total electrification, or higher investment. By contrast, he said that earlier, the apparent competition seemed to be on delays and corruption.
The Prime Minister strongly criticized what he described as a “narrative” that certain things are just impossible in India.
The impossible is now possible, he declared, as he spoke of the progress made in making India clean and corruption free; in the poor leveraging the power of technology, and in removing discretion and arbitrariness in policy making.
He said that a perception had been made that governments cannot be pro-growth and pro-poor at the same time, but people of India are making it possible.
He said that during 2014 to 2019, the country would register average growth of 7.4 percent and the average inflation would be less than four and a half percent. Post liberalization of the Indian economy, this will be the highest rate of average growth and lowest rate of average inflation witnessed during the period of any government, he added.
In the last four years, the amount of Foreign Direct Investment received in the country was almost equal to what was received in seven years before 2014, the Prime Minister said. He added that to achieve this, India needed reforms to transform. Through the Bankruptcy Code, GST, Real Estate Act to name a few, a solid foundation for decades of higher growth has been laid, the Prime Minister said.
The Prime Minister said that India is a country of 130 crore aspirations and there can never be a singular vision for development and progress. “Our vision of new India caters to all sections of the society, irrespective of their economic profile, their caste, creed, language and religion,” he added.
Shri Narendra Modi said “our vision of New India includes addressing the challenges of the future while also solving problems of the past.” In this context, he gave the following examples:
• While India has made its fastest train, it has also eliminated all un-manned railway crossings.
• While India is building IITs & AIIMS at a rapid pace, it has also built toilets in all schools across the country.
• While India is building a 100 smart cities across the country, it is also ensuring rapid progress in over 100 aspirational districts.
• While India has become a net exporter of electricity, it has also ensured that crores of households which were in darkness since independence have got electricity.
Speaking of positive interventions in the social sector, the Prime Minister said that the Government is reaching out to twelve crore small and marginal farmers by providing them a comfort of rupees six thousand every year. This will transfer 7.5 lakh crore rupees or about one hundred billion dollars to our farmers over the next ten years, he added.
The outcomes of our focus on Digital India, Start-up India, Make In India and Innovate India are converging and reaping rich dividends, the Prime Minister said. 44 percent of the startups registered in India are from tier 2 and tier 3 cities, he added. Technology is bridging the gap between the haves and have-nots in our country, he said.
The Prime Minister said that the Government looks forward to making India a ten trillion dollar economy, lead the global drive towards renewable sources of energy, and make India a world leader in electric vehicles and energy storage devices.
Who would know better than all of you here about the challenges the country was facing during 2013-14;
— PMO India (@PMOIndia) February 23, 2019
inflation was breaking the back of every house-hold,
Increasing current account deficit & higher fiscal deficit were threatening macro-economic stability of the country: PM
The country was facing total policy paralysis. This was preventing the economy from reaching the level which it was worthy of;
— PMO India (@PMOIndia) February 23, 2019
The global fraternity was worried about health of this member of fragile five club.
There was a perception of surrender to existing circumstances: PM
It was in this background that our government came to serve the people and today change is clearly visible.
— PMO India (@PMOIndia) February 23, 2019
After 2014, hesitations have been replaced by hope,
Obstacles have been replaced by optimism,
And Issues have been replaced by initiatives: PM
Now a business with a turnover of upto Rs 40 lakh does not have to register for GST.
— PMO India (@PMOIndia) February 23, 2019
Now a business with a turnover of upto Rs 60 lakh does not have to pay any income tax.
Now a business with a turnover of upto Rs 1.5 crore is eligible for the composition scheme: PM
India’s ranking in the World Travel & Tourism Competitiveness index has gone up from 65 in 2013 to 40 in 2017.
— PMO India (@PMOIndia) February 23, 2019
Number of FTAs to India increased by around 45%,
Number of approved hotels went up by 50% &
Foreign Exchange Earnings in tourism also went up by 50%: PM
We are now witnessing various forms of competition.
— PMO India (@PMOIndia) February 23, 2019
A competition between ministries, a competition between states, a competition on development, a completion on achieving targets: PM
Today, there is a competition as to whether India will get 100% sanitation first or 100% electrification first.
— PMO India (@PMOIndia) February 23, 2019
There is competition as to whether all habitations will be connected by road first or all homes will get gas connection first: PM
There is competition as to which state will attract more investment.
— PMO India (@PMOIndia) February 23, 2019
There is competition as to which states will build houses for the poor fastest.
There is competition as to which aspirational district will progress fastest: PM
Before 2014 also, we heard of about a competition, although of a different kind.
— PMO India (@PMOIndia) February 23, 2019
A competition between ministries, a competition between individuals, a competition on corruption, a competition on delays: PM
There was competition on who can do maximum corruption,
— PMO India (@PMOIndia) February 23, 2019
there was competition on can do fastest corruption,
there was competition on who can do most innovation in corruption: PM
There was competition as to whether coal will get more money or spectrum.
— PMO India (@PMOIndia) February 23, 2019
There was competition as to whether commonwealth games would get more money or defence deals.
We all saw that and we also know who were the main players involved in this competition: PM
For decades, a narrative was made that certain things are just impossible in India.
— PMO India (@PMOIndia) February 23, 2019
The progress our nation has achieved since 2014 gives me confidence that nothing is impossible for 130 crore Indians.
नामुमकिन अब मुमकिन है: PM
It was said that making a clean India was impossible, but people of India are making it possible.
— PMO India (@PMOIndia) February 23, 2019
It was said that a corruption free government in India was impossible, but people of India have made it possible: PM
It was said that removing discretion and arbitrariness in policy making was impossible, but people of India are making it possible.
— PMO India (@PMOIndia) February 23, 2019
It was said that economic reforms in India were impossible, but people of India are making it possible: PM
It was said that governments cannot be pro-growth and pro-poor at the same time, but people of India are making it possible: PM
— PMO India (@PMOIndia) February 23, 2019
During 2014-19, the country would register average growth of 7.4% & the average inflation would be less than 4.5%
— PMO India (@PMOIndia) February 23, 2019
Post liberalisation of Indian economy, this will be the highest rate of average growth & lowest rate of average inflation witnessed during the period of any govt: PM
Four years ago, who would have believed that rupees 3 lakh crore would be returned by defaulting borrowers to creditors.
— PMO India (@PMOIndia) February 23, 2019
This is the impact of Bankruptcy and Insolvency Code. This will help the country in allocating financial resources more efficiently: PM
India is a country of 130 crore aspirations & there can never be a singular vision for development and progress.
— PMO India (@PMOIndia) February 23, 2019
Our vision of new India caters to all sections of the society, irrespective of their economic profile, their caste, creed, language and religion: PM
We are working hard to create a New India which fulfils the aspirations and dreams of 130 crore Indians.
— PMO India (@PMOIndia) February 23, 2019
Our vision of new India includes addressing the challenges of the future while also solving problems of the past: PM
Today, while India has made its fastest train, it has also eliminated all un-manned railway crossings: PM
— PMO India (@PMOIndia) February 23, 2019
Today, while India is building IITs & AIIMS at a a rapid pace, it has also built toilets in all schools across the country: PM
Today, while India is building a 100 smart cities across the country, it is also ensuring rapid progress in over 100 aspirational districts.
— PMO India (@PMOIndia) February 23, 2019
Today, while India has become a net exporter of electricity, it has also ensured that crores of households got electricity: PM
We have moved away from the A,B,C mentality
— PMO India (@PMOIndia) February 23, 2019
A for avoiding, B for burying and C for confusing
Instead of avoiding, we dealt with the issue;
Instead of burying it, we dug it out & communicated to the people;
Instead of confusing the system, we showed a solution is possible: PM
What happened in the past is not in our hands, but what will happen in the future is firmly in our hands.
— PMO India (@PMOIndia) February 23, 2019
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: PM
The extent and magnitude of our contribution will surprise the world: PM
— PMO India (@PMOIndia) February 23, 2019
I am also confident that India may have missed the bus during the first three industrial revolutions, but this time, it is a bus India has not only boarded but will also drive: PM
With the support and partnership of the people, India has made rapid strides since 2014. This was not possible without Jan-bhagidari.
— PMO India (@PMOIndia) February 23, 2019
It is this experience that gives us confidence that our country can provide opportunities to all its citizens, to grow, prosper and excel: PM
We look forward to making India a ten trillion dollar economy,
— PMO India (@PMOIndia) February 23, 2019
We look forward to making India the third largest economy,
We want to make an India of countless startups,
We want to lead the global drive towards renewable sources of energy: PM
We want to give our people energy security
— PMO India (@PMOIndia) February 23, 2019
We want to cut down on import dependence;
We want to make India a world leader in electric vehicles and energy storage devices.
With these goals in mind, let us re-dedicate ourselves to create a New India of our dreams: PM
