New Delhi, December 20: Prime Minister Narendra Modi, on Friday, said his government has not only stabilised the economy but also made efforts to bring discipline to it. The theme of the event was 'New India Aspiring for a $5-trillion economy'. His comment came at a time when India’s economy is struggling and multiple indicators are showing that the economy is not at all in good shape.
Modi was addressing a gathering at the centenary celebration of Associated Chambers of Commerce and Industry of India (ASSOCHAM)
"Five-six years back our economy was heading towards disaster. Our government has not only stabilised it, but also made efforts to bring discipline to it. We have paid attention to fulfilling the decades-old demands of the industry," Modi said.
On the contrary, many economists very blatantly flagged some serious concerns about the India economy. Former chief economic advisor Arvind Subramanian recently commented that the Indian economy is facing a 'great slowdown' and is headed to ICU. And apart from the slowdown, many economists have also said that amidst lowering growth, down sliding consumption and ongoing liquidity crunch target to achieve $5 trillion dream is a little doubtful.
Modi, while talking about the feasibility of achieving his ambitious $5 trillion economy dream, said, "In the last 5 years, the country has strengthened itself in a major way and thus, we can strive and achieve targets such as the $5 trillion economy target."
"When I set the $5 trillion target, I was aware of the negative campaign against it. The $5 trillion target is not spontaneous. It is being debated for the last five years. In 2014, I set the target of making India open-defecation free and the country made efforts to achieve this. People's mobilisation and system modernisation are important for any program to succeed," he added.
As this government had taken some big measures to make the banking system robust; be it a mega bank merger or be it a recapitalisation of banks, labelling these rafts of measures as the next generation reforms.
Throwing light on the Indian banking system, the PM said the banking system in the country has become transparent and can empower the dream of India becoming a $5 trillion economy. He also said that this is due to his government's consistent efforts have turned the fortune of 13 banks of India who all have turned profitable. "Six banks are now out of PCA (prompt corrective action). We have also accelerated the process of bank mergers. Today banks are spreading their network across the country and are striving towards making a global mark for themselves."
Modi, while making his intention clear, said his government is keen to formalise and modernise the Indian economy. "From providing measures to increase digital transactions to GST, and from Aadhar-linked payments to DBT, we've tried to include such positive moves in our economy," he said.