PM pitches for 10-fold surge in economy

Prime Minister Narendra Modi Friday pitched for more generation of jobs as he wanted the “New Age India” and the economy to swell from the current $2 trillion to $20 trillion.

Prime Minister Narendra Modi Friday pitched for more generation of jobs as he wanted the “New Age India” and the economy to swell from the current $2 trillion to $20 trillion.

“Development has to result in jobs. What we need is not just more production, but mass production and production by masses,” Modi said at a business conclave, underlying the major challenge before his government.

Even as he primarily addressed business leaders and highlighted his goals for economic reforms and growth, the PM also drew attention to the urgent need for computerisation of public distribution system (PDS) to stop leakages and reach out to the targeted beneficiaries.

The Modi government has expanded the cash subsidy transfer for LPG users. On Friday, Modi said that plans were afoot to introduce direct cash transfers in other benefit schemes.

“The ultimate objective of subsidies should be to empower the poor, to break the cycle of poverty, and become foot-soldiers in our war on poverty. We need to cut subsidy leakages, not subsidies themselves,” he said.

Speaking about the government’s multi-pronged approach to push reforms at ‘top speed’, the PM emphasised on positive regulatory framework, tax stability and boost for infrastructure as key areas. “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,” Modi said.