Politics
Government committed to structural reforms, says PM Narendra Modi | Economic and political news
Prime Minister Narendra Modi addresses the Kautilya Economic Conclave, New Delhi, Friday, October 4, 2024. (PTI Photo)
Prime Minister Narendra Modi on Friday said his government was determined to undertake structural reforms in its third term to make India a developed country. He said India is now the fastest growing large economy in the world and whether it is science, technology or innovation, the country is clearly in an ideal position.
The Indian economy is currently undergoing a significant transformation. With strong economic fundamentals, India is on the path to high and sustained growth. Today, India is not only striving to reach the top but is also making concerted efforts to stay there. Today's world offers immense opportunities in all sectors, Modi said while addressing the 3rd Kautilya Economic Conclave.
The Prime Minister said the government's commitment to structural reforms was reflected in the work accomplished during the first three months of its third term. Bold policy changes, a strong commitment to jobs and skills, a focus on sustainable growth and innovation, modern infrastructure, quality of life and continued rapid growth are reflected in the policies of our first three months. During this period, decisions amounting to more than Rs 15,000 billion were taken, he added.
Citing ongoing conflicts between Russia and Ukraine and Israel and Iran, Modi said this conclave was being held at a time when two major regions of the world are in a state of war. These regions are crucial for the global economy, particularly in terms of energy security. In the midst of such global uncertainty, we are gathered here to discuss the Indian era. This shows that trust in India today is unique. This demonstrates that India's self-confidence is exceptional, he said.
Modi said the confidence placed in India's growth forecasts by international agencies such as the World Bank, International Monetary Fund (IMF) and Moody's also shows the direction India is heading. Last year, our economy performed better than any predictions. All these institutions say that despite global uncertainty, India will continue to grow at a rate above 7. We Indians are confident that we will do even better than that, he added.
The Prime Minister said that the world today considers India as a preferred destination for investments, whether in manufacturing or services sector. This is not a coincidence but the result of major reforms carried out over the last ten years. These reforms have transformed India's macroeconomic fundamentals, he said.
Citing the example of remarkable growth in the electronics sector, Modi said that over 330 million mobile phones are now manufactured in India. In fact, no matter which sector you look at, there are exceptional opportunities for investors in India to invest and earn high returns. Soon, five semiconductor factories in India will start delivering Made in India chips to every corner of the world, the Prime Minister added.
Modi said inclusive spirit was a notable factor in our growth story. It was previously thought that inequality increased alongside economic growth. However, in India, the opposite is currently happening. In India, inclusion also comes with growth. Thus, over the last 10 years, 250 million [people] came out of poverty. Along with rapid economic growth, we ensure that inequality declines and the fruits of development benefit all, he said.
The Prime Minister said that while the Center had incorporated process reforms into the government's ongoing initiatives, it is now encouraging state governments to accelerate the same reforms. We have eliminated over 40,000 compliances and decriminalized the Companies Act. Many provisions that previously made business operations difficult have been changed. The National Single Window System was introduced to simplify the processes of establishing, closing and obtaining permits for businesses, he added.
First publication: October 4, 2024 | 9:12 p.m. EAST
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