wealth creation, collaboration with the private sector, fair competition

Prime Minister Narendra Modi is more determined than ever to reach ambitious goal of saving $ 5 trillion by 2024-25.

At the sixth edition of the Economic Times World Business Summit, on the theme "Collaborating to create – sustainable growth in a fractured world", he said that the vision of collaborating for sustainable growth was the need of the day and the foundation of the future.

Prime Minister said the theme was adapted to the current era, giving the example of the coronavirus threat and stating that everyone needed to collaborate to manage the epidemic.

"Collaborating to create is a requirement in our time to achieve the goal of sustainable growth and lay the foundation for our future," he said.

"We must Take on this challenge together and come out victorious with the power of "Collaborate to Create"."

Driving Aspects of India's Growth

Prime Minister Modi highlighted the three driving forces behind India's growth today: Cooperation in spirit, collaboration in action, and combination of ideas.

"India is creating a model of sustainable development that will benefit the world, both in terms of financial inclusion schemes or sanitation programs."

He said the government would focus on collaborations with the private sector, fair competition, wealth creation and suppression of archaic laws to grow further. He also revealed figures to showcase the country's growth. "In 2014, when we arrived, India was the 11th largest economy; today is the fifth. "

Modi said that the world economy was facing a crisisand the government was working to ensure that India was not affected.

"The global economy is weak and going through a difficult phase," he said. "But, the fundamentals of the Indian economy are solid and the policies clear. "

The Prime Minister announced that more than loans worth Rs 11 lakh crore without bank guarantees had been granted to new entrepreneurs under the Mudra Yojana.

Take more ownership

In his speech, Modi said that "inaction is the most practical actionAnd that is why the government was trying to get every sector of society "out of action". "We have opted for the new route that prioritizes people's aspirations," he said.

"For us, good governance, national development and nation building are about our belief – the conviction to do the right thing, the conviction to break the status quo."

(Under the supervision of Teja Lele Desai)

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