100 years of ASSOCHAM : PM Modi emphasizes vision of making India a $5 trillion economy

PM Modi

Prime Minister Modi has re-assured the nation of making the country a $5 trillion economy and a global economic powerhouse. He was speaking at the inaugural session of ‘100 years of Associated Chambers of Commerce and Industry of India’ (ASSOCHAM) in New Delhi. Speaking at the inaugural session today, he said that his government has brought ‘discipline and positivity’ in the economy and the economy has strengthened itself to achieve the $5 trillion economy target. Prime Minister’s statement has come at the time when the Indian economy is facing sharp slowdown and GDP growth has downgraded to a six-year low point.

Emphasising on the most-sought vision of economy, he said, ‘Every group that can enable the economy is keeping the target of $5 trillion economies at the centre of its plans and talks are happening in several sectors. These talks are positive’. He said that this is a government that listens to the farmer, the labourer, and the entrepreneur as well.

Commenting upon the achievement of NDA government, he said that the economy was headed ‘towards destruction 5-6 years ago’ but NDA government brought changes with ‘discipline and positivity’. PM Modi invited the investors to invest in the economy, saying, ‘We all know that 5 years ago, our economy was running towards destruction. Our Govt has changed that and has brought discipline and positivity. I today want to assure those associated with the banking sector and corporate sector that we have been to an extent successful in controlling the earlier weaknesses. So take decisions, invest and spend without any hesitation.’

The Prime Minister also highlighted the recent achievement of his government in upgrading the rank in Ease of Doing Business. He said that India has climbed to 63rd position in three years.  He said, ‘You climb up the ‘Ease of Doing Business’ rankings when you work hard day and night, when you bring about a change in the policies, starting from the ground.’

Adding that the Government is still working on making easier to do business in the country, Modi said that many offences under the Companies Act have been decriminalised and the work is in the process to decriminalise more provisions to make the environment friendlier to do business.

The Prime Minister talked about the measures taken for economic growth and digital transactions like GST and Aadhaar. He said, ‘From providing measures to increase digital transactions to GST, and from Aadhar linked payments to DBT, we’ve tried to include such positive moves.’

The Prime Minister assured the nation that Indian will come out of the current situation on the ground of measures taken like corporate tax reduction to boost economic growth.


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