With a ‘high jump’ and $5 trillion target, PM Modi hints major reforms soon
Prime Minister Narendra Modi on Thursday reiterated his government’s resolve to make India a $5 trillion economy in the five years through several initiatives, including Rs 100 lakh crore investment in infrastructure, making policy environment more predictable and pushing for ‘Make in India’ with special emphasis on rural economy, and micro, small and medium enterprises (MSMEs).
“In the last 70 years we became a 2 trillion-dollar economy, but in the last five years, we added 1 trillion dollars to the economy. This gives me the confidence of becoming a $5 trillion economy in the coming years,” PM Modi said in his Independence Day speech.
The government had announced its intent to make India a $5 trillion economy in the budget last month. “The Indian economy will grow to become a 3 trillion dollar economy in the current year. It is now the sixth largest in the world. Five years ago, it was at the 11th position,” finance minister Nirmala Sitharaman had said in her budget speech.
He said fundamentals of the Indian economy are “very strong”, the reason for his confidence to achieve the target. “Today, the government in India is stable, policy regime is predictable...the world is eager to explore trade with India. We are working to keep prices under check and increase development,” he said.
PM Modi hinted at major economic reforms in future based on global best practices that would hasten the growth. “India does not want incremental progress. A high jump is needed; our thought process has to be expanded. We have to keep in mind global best practices and build good systems,” he said.
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He stressed on the need to boost exports by utilising local strengths. “Time has come to think about how we can boost exports. Each district of India has so much to offer. Let us make local products attractive,” he said. He said that the local exports strengths could be harnessed through export hubs.
Underscoring importance of tourism is developing local economy, he urged citizens to visit domestic tourist destinations. “I know people travel abroad for holidays but can we think of visiting at least 15 tourist destinations across India before 2022, when we mark 75 years of freedom,” he said.
Recognising importance of entrepreneurship he said “Wealth creation is a great national service. Let us never see wealth creators with suspicion. Only when wealth is created, wealth will be distributed.
Wealth creation is absolutely essential. Those who create wealth are India’s wealth and we respect them.”
He said the recent economic development has created positivity among the people who are aspiring for more. “If a decision to set up a railway station is taken, people now demand, when will Vande Bharat Express come to my area? People do not want only good railway stations or bus stations, they demand a good airport. “If we install an electricity tower, they ask when will we have 24-hour power?” PM Modi said.