Let’s Dream of India with a $20 Trillion Economy: PM Modi

Economic Diplomacy

Restoring growth momentum will be an uphill task. It will take hard work, sustained commitment and strong administrative action

Prime Minister Narendra Modi laid out details of his grand economic and development vision for the country at the Economic Times Global Business Summit held in New Delhi on January 16, 2015.

Referring to the dawn of a New Age India, the prime minister said that India was making the transition from a ‘winter of subdued achievement’ to a ‘new spring’.

“India is a $2 trillion economy today. Can we not dream of India with a $20 trillion economy?” the prime minister asked.

Assuring reforms at ‘at top speed’, PM Modi said: “The positive regulatory framework, tax stability and boost to infrastructure will help take the economy to $20 trillion from $2 trillion. My government will change rules, reform tax system and target subsidies to the needy”.

“Quick and easy reforms will not be enough for creating a fast-growing economy. That is our challenge and that is what we aim to do. It will take hard work, sustained commitment and strong administrative action. But we can overcome the mood of despair,” he said, referring to growth that slumped below five percent in the past two fiscal years.

The prime minister shared his concept of economic good governance and all round development. “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.”

Calling improvement in governance as a continuous process, Modi emphasised: “We are cutting down on multiple clearances that choke investment. Our complex tax system is crying for reform which we have initiated. I believe in speed; I will push through change at a fast pace. You will appreciate this in times to come. We have to repair the damage that has happened. Restoring growth momentum will be an uphill task. It will take hard work, sustained commitment and strong administrative action. But we can overcome the mood of despair.”

Highlighting the importance of infrastructure development, Modi said: “New approaches and instruments are being put in place to attract greater investment in sectors like railways and roads.”

Citing cash subsidy transfer to users of cooking gas (LPG) as the world’s largest cash transfer programme, Modi maintained: “We plan to introduce direct cash transfers in other benefit schemes.”

PM Modi also announced a ‘massive national programme’ for computerisation of the Public Distribution System (PDS), which has the potential to revolutionise India’s most important social welfare programme. “The entire PDS supply chain, from the FCI (Food Corporation of India) godown to the ration shop and consumer will be computerised. Technology will drive welfare and efficient food delivery. We need to take care of the poor, deprived and left behind sections of society. I believe that subsidies are needed for them. What we need is a well-targeted system of subsidy delivery. We need to cut leakages, not subsidies themselves.”

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Author

Alankar Srivastava
Alankar Srivastava

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Diplomatist Magazine was launched in October of 1996 as the signature magazine of L.B. Associates (Pvt) Ltd, a contract publishing house based in Noida, a satellite town of New Delhi, India, the National Capital.

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