New Delhi: Standing up for India Inc, Prime Minister Narendra Modi said Thursday wealth creators should not be eyed with suspicion and that they are country’s wealth and should be respected.
Addressing the nation from the ramparts of the Red Fort here on the 73rd Independence Day, Narendra Modi said wealth creation is a great national service.
“Let us never see wealth creators with suspicion. Only when wealth is created, wealth will be distributed,” Modi asserted. “Wealth creation is absolutely essential. Those who create wealth are India’s wealth and we respect them.”
This is the third time in one year that Modi has stood up for corporate India. In July last year, Modi had stated that he was not scared to be seen with industrialists as his conscience was clear and that they too had contributed to the development of the country. In October 2018, he had stated that he does not believe in the culture of criticizing industry and corporate.
Narendra Modi also informed that his government will invest a massive Rs 100 lakh crore on developing modern infrastructure that will aid in nearly doubling the size of the Indian economy to USD five trillion in the next five years. He said reforms will continue to be ushered in to help India break into top 50 countries on the ‘ease of doing business’ ranking.
“To some the target of nearly doubling the size of Indian economy to USD five trillion in five years may seem difficult. But when we have in five years (of BJP rule) added USD one trillion as compared to USD two trillion size achieved in 70 years of independence, then this target is achievable,” the Prime Minister asserted.
Modi said political stability through a massive mandate for his government alongside predictable policy provides a unique opportunity for India to grow. “The country shouldn’t lose this opportunity,” Modi said and added that his government has provided high growth while keeping inflation at low rate.
Modi referred to reforms such as the Goods and Services Tax (GST) and Insolvency and Bankruptcy Code (IBC) for aiding the growth process and said the government will invest Rs 100 lakh crore in building modern ports, highways, railways, airports, hospitals and educational institutions.
The Prime Minister said the era of policy paralysis has ended and his government was giving policy-based governance that has helped catapult the country from 142nd place among 190 nations on the World Bank’s ‘ease of doing business ranking’ in 2014 to 77th position this year. “The target is to break into top 50 nations,” Modi told the gathering.
It should be stated here that India has improved its ranking by 53 positions in the last two years and 65 places in four years since 2014.
PTI