New Delhi (NVI): Stating that five trillion dollar economy is “achievable”, Prime Minister Narendra Modi today said that to achieve this target the government will invest Rs 100 lakh crore in the infrastructural sector and another Rs 25 lakh crore in the rural sector.
Inaugurating the ‘Hundred Years of ASSOCHAM’ here, the Prime Minister said, “The idea of making India a five trillion dollar worth economy is not a sudden one, our country has strengthened itself so much in the last five years that we can aim to achieve such goals”.
“Five years before, the economy was heading for . Our government has brought in fundamental changes in India’s economy so that it can run with set rules in a disciplined manner,” Modi said.
He said, “We have met with the decades old demands of the Industrial Sector and we have built a strong foundation for a five trillion dollar economy ”.
He said that the government was building the Indian economy on two strong pillars of “formalisation and modernisation”.
“We are trying to bring in more and more sectors into the horizon of formal economy. Along with this we are linking our economy with latest technology so that we can speed up the process of modernisation,” he added.
He said that through automation a new company gets registered in just few hours. Adding that “Automation is helping quick trading across”.
The Prime Minister said that the country could make a significant jump in the rankings of Ease of doing business due to a sustained effort.
“Ease of doing business may sound just like four words, but in order to improve its rankings there is a lot of effort that goes into it including changing the policies and rules at the ground level, ” he said.
“Today we have a government that listens to the industry, understands its needs and which is sensitive to its suggestions.
He also emphasised the efforts being made towards a faceless tax administration in the country in order to reduce human interface between the tax payer and authorities.
“In order to bring about transparency, efficiency and accountability in the tax system, we are moving towards a faceless tax administration”, he added.
He said that the government had decriminalised several laws in the corporate sector to reduce the burden and allow the industry to function in a fearless ecosystem.
Prime Minister said that the Corporate Tax at this time in the country is the lowest ever and this would propel a boost in the economic growth.
“The Corporate Tax is the lowest at the moment, meaning if there is any government that is taking the lowest Corporate Tax from the industry, then it is ours, ” he added.
He also spoke about the efforts being made towards bringing about labour reforms, besides sweeping reforms in the Banking Sector to make it more transparent and profitable.
“Owing to the steps taken by the government, today 13 banks are on the path of profit out of which six banks are out of PCA. We have also hastened the process of unification of banks. Today banks are expanding their countrywide networks and are in the direction of achieving global recognition” he added.
