Reforms will make India best destination for FDI: Modi

RSTV Bureau
Prime Minister Narendra Modi speaking at the red fort on the 70th Independence Day  Courtesy: PIB_India/Twitter

Prime Minister Narendra Modi speaking at the red fort on the 70th Independence Day
Courtesy: PIB_India/Twitter

Saying that India has become world’s most attractive destination for investments, Prime Minister Narendra Modi highlighted his government’s achievements, like the recently passed Goods and Services Tax legislation.

Speaking at the 70th Independence Day celebrations at Red fort Modi said that NDA’s economic reforms will contribute to India’s robust growth during global slowdown.

“GST will strengthen economy, all parties are to be thanked for its passage,” said the Prime Minister.

Prime Minister said that he has adopted the strategy of ‘reform, perform and transform’ to change India’s economic outlook and attract investment and create jobs.

“Be it the World Bank, the IMF (International Monetary Fund), World Economic Forum or even credit rating agencies, all the institutions of the world have appreciated India’s development,” Modi said.

PM Narendra Modi received by Defence Minister Parrikar at Red Fort on Independence Day Courtesy: PIB_India/Twitter

PM Narendra Modi received by Defence Minister Parrikar at Red Fort on Independence Day
Courtesy: PIB_India/Twitter

Narendra Modi said that world is keenly watching India’s continuous reforms and improvement in its laws and systems and coming forward to take part in development process.

“We have improved India’s rank in ease of doing business rapidly. India has become the most favoured nation in the world for foreign direct investments. India has outpaced some of the biggest nations in the world with its growth rate, GDP (gross domestic product),” PM said.

He said his government achieved success in bringing down retail inflation from double digits to six percent, adding that he was working with the central bank to lower prices to four percent with a plus or minus-two percent band.

“I will continue to strive hard to ensure that this inflation doesn’t affect the food plate of the poor. India’s GDP expanded 7.6 percent in 2015-16, making it the fastest-growing major economy in the world and outpacing its rival China’s growth rate,” he said.

Highlighting the initiatives taken by his government, PM Modi said income tax refund which used to take years and often be obtained by paying bribes has been made online to automatically transfer it to bank account within 1 to 3 weeks.

Prime Minister Narendra Modi speaking at the red fort on the 70th Independence Day  Courtesy: PIB_India/Twitter

Prime Minister Narendra Modi speaking at the red fort on the 70th Independence Day
Courtesy: PIB_India/Twitter

PM also talked about Government’s emphasis on renewable energy and said that generation from wind has gone up by 40 per cent in last one year and that from solar by as much as 16 per cent.

“This is not an incremental change but a high jump. We want to increase to quantum jump and laying of transmission lines has been expedited to 50,000 km per year from previous 30,000-35,000 km,” said Modi in his 3rd Independence Day address at Red Fort.

Of the 18,000 unelectrified villages, power has reached 10,000, he said citing the example of Nagla Padam village which is a three hours drive from the national capital and has been without electricity since Independence.

“20,000 megawatt of electricity worth Rs 1.25 lakh crore can be saved annually after the target of distributing 77 crore LED bulbs is achieved since 2014 ,” Prime Minister said adding that this would prevent global warming and protect the environment.

As against 14 crore people being issued cooking gas LPG connections in 60 years, about 4 crore new LPG connections have been released in 60 weeks, he said.

Under the Ujjwala Yojana, nearly 50 lakh new LPG connections have been issued to the poor free of cost in last 100 days and at this pace the target of 5 crore connections would be achieved much before the scheduled 3 year period.

Stressing that 70 crore people now have Aadhaar cards, he said 21 crore people have been connected with the financial inclusion scheme with opening of bank accounts under Jan Dhan Yojana.