Newdelhi:23/2/19: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Hesitations have been replaced by hope, and obstacles have been replaced by optimism, he said.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.
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.