Indian Economy doing better than before: PM Modi

SansadTV Bureau


PM-Narendra-Modi-and-Arun-JaitleyIndian is doing better than before, said Prime Minister Narendra Modi backing the pace of reforms under his government. Claiming that the economy has performed better on all parameters including inflation and foreign investment in the past 17 months, PM Modi stressed on inclusive reforms that are aimed at improving people’s lives and not just grabbing the news headlines.

Speaking on the ‘Black Money’ stashed abroad while addressing the gathering at Delhi Economics Conclave 2015 on Friday, he said the BJP-led NDA government’s efforts to bring back black money stashed abroad have detected as much as Rs 10,500 crore.

“India is doing better than when we took office 17 months ago. GDP growth is up and inflation is down, foreign investment is up and CAD is down, revenues are up…the fiscal deficit is down and the rupee is stable,” the Prime Minster said.

“Obviously this did not happen by accident…This success is a result of a series of well thought policies,” he added further.

Lending details on the pace of reforms under the incumbent government, Prime Minister Modi termed the reforms to transform India as “a marathon and not a sprint”. He further told that these measures should aim at improving the lives of people.

“Our idea of reform should be inclusive and broad based. The goal of reform is not better headlines in the big papers but better lives for our people,” he said while inaugurating the Delhi Economics Conclave 2015, which is being attended by several economists from India and abroad.

The Prime Minister also said government’s JAM (Jandhan, Aadhar and Mudra) initiatives were all about “achieving maximum values for every rupee spent, maximum empowerment and maximum technology penetration among the masses.”

“We have embarked on a course of fiscal consolidation. We have entered for the first time into a monetary framework agreement with the Reserve Bank to curb inflation,” he said on various macro-economic initiatives of the government.

Besides, PM Modi also claimed that his government has taken ‘decisive steps” to curb the menace of corruption, which constrains growth. These initiatives include reforms in the working of the state-owned banks, removal of discretion in allocation of key resources like coal, spectrum, FM radio etc, doing away with the interviews for lower-level jobs and introduction of electronic filing and scrutiny of tax returns, he said.

Talking on the issue of ‘Black Money’, one of the prominent poll promise of the ruling BJP, the Prime Minister said, “Our campaign against tax evasion and money laundering is well known. Rs 6,500 crore was assessed before the new black money act implemented. Additionally, over Rs 4,000 crore has been declared under the new Act. Thus over Rs 10,500 crore of black money from abroad has been detected and assessed.”

(With inputs from the PTI)