Prime Minister Narendra Modi said on Saturday that India has the potential to emerge as a 10 trillion dollars economy with countless startups and rank as the third largest globally.
The country has made rapid strides since 2014 with an average GDP growth rate of 7.4 per cent and inflation at less than 4.5 per cent, he said while speaking at the ET Global Business Summit.
“This will be the highest growth and lowest inflation during the period of any government in post-liberalisation era,” said Modi.
“India today is a country where the impossible is now possible. This is in contrast to the sentiment prevalent in the previous government where the only competition was over corruption.”
Modi said after the NDA government came to power in 2014, hesitations have been replaced by hopes and issues have been replaced by initiatives. “The change is clearly visible. With unprecedented changes and reforms, a transformation is happening.
The Insolvency and Bankruptcy Code, GST and Realty Act have laid the foundation for solid growth in coming years.”
The change has come due to a different style of governance. “We have removed ABC (avoiding burying and confusing) from the governance. Instead of avoiding issues, we address them. Instead of burying, we dug it out and communicate to the people.
Instead of confusing the system, we demonstrated that the solution is possible.”
The Prime Minister said the government is working hard to create a New India which fulfils the aspirations and dreams of 130 crore Indians.
“Since 2014, we are witnessing various forms of competition. A competition between ministries, a competition between states, a competition on development, a completion on achieving targets. Before 2014 also, we heard about a competition, although of a different kind. There was competition on who can do maximum corruption and who can do fastest corruption. I will leave it to you to decide which form of competition you would prefer,” Modi said. “We also know who were the main players involved in this competition (of corruption).”
Today, he said, there is a competition as to whether India will get 100 per cent sanitation first or 100 per cent electrification first.
At the same time, he said, India has made significant improvements in almost all rankings. In the Ease of Doing Business Index, it moved up from 142 to 77 in just four years. In Global Innovation Index, the country moved up from 76 in 2014 to 57 in 2018. In the World Travel and Tourism Competitiveness index, it moved up from 65 in 2013 to 40 in 2017. The number of foreign tourist arrivals increased by around 45 per cent.
India will be a significant player as the Fourth Industrial Revolution unfolds, said Modi adding the government will ensure that benefits of economic prosperity percolate down to the masses for inclusive growth.