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A definite change is now visible in India, says PM Narendra Modi
Change in the economic and social content, represents the essence of the New Rules for the New India and the New Economy: PM
India, once mentioned among the ‘Fragile Five’ is now rapidly moving towards becoming a “Five Trillion Dollar” economy: PM
India is playing a key role in the entire world’s growth, the country’s share of the world GDP has risen from 2.4% in 2013, to 3.1% in 2017: PM
A new approach and a new work culture has developed in India: PM Narendra Modi
Speed + Scale + Sensitivity = Success: PM Narendra Modi
Unprecedented investment is being made today in infrastructure, agriculture, technology, health sector, and education sector: PM

The Prime Minister, Shri Narendra Modi, today addressed the Economic Times Global Business Summit in New Delhi, 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 said that within the last four years, the discourse has changed from India being a “Fragile Five” economy, to the target of India becoming a “Five Trillion Dollar” 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.

Shri 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.

The Prime Minister 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.”

 

 

 

Click here to read PM's speech 

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PM reviews steps taken to improve Ease of Doing Business
December 13, 2018
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PM Modi chairs high-level meeting to review progress with regard to Ease of Doing Business
PM stresses on the need to improve last mile delivery, and focus on streamlining procedures to enhance the "Ease of Living" for small businesses and the common man

The Prime Minister, Shri Narendra Modi, today chaired a high-level meeting to review progress with regard to "Ease of Doing Business."

The meeting was attended by senior Union Ministers related to economic matters; Maharashtra Chief Minister Shri Devendra Fadnavis; Lieutenant Governor of Delhi Shri Anil Baijal; and senior officials from the Union Government, Maharashtra Government and Delhi Government.  

The Prime Minister was briefed on progress being made on various parameters related to Ease of Doing Business. Subjects such as construction permits, enforcement of contracts, registering property, starting a business, getting electricity, getting credit, and resolving insolvency came up for discussion.  

India’s rise in the World Bank “Doing Business” rankings from 142 to 77, over the last four years, was taken note of. 

Officials explained the steps being taken to plug shortcomings and resolve bottlenecks in implementing business reforms.  

The Prime Minister stressed on the need to improve last mile delivery, and focus on streamlining procedures, which would  improve not just the "Doing Business" rankings, but also increase the "Ease of Living" for small businesses and the common man. He said this is extremely important for India, as an emerging and vibrant economy. He also spoke of the tremendous global interest about the rise in India's "Doing Business" rankings.