News

Reforming is marathon, not a sprint: PM Modi

by IBNS 05 Nov 2015, 06:14 pm

New Delhi, Nov 6 (IBNS) Prime Minister Narendra Modi on Friday said by all indicators India is doing better economically than 17 months ago when he took over.

"By almost every major economic indicator, India is doing better than when we took office 17 months ago," said the PM speaking at the at  Delhi Economics Conclave (DEC), organised by the finance ministry..

"We embarked on a course of fiscal consolidation. We entered for 1st time into a monetary framework agreement with RBI to curb inflation," said the PM. 

He said the GDP growth is up and inflation is down, foreign investment is up, and current account deficit is down.
 
 He said there is now maximum value for every rupee spent. "Maximum empowerment for our poor. Maximum technology penetration among the masses," he claimed.

He said the JAM (Jan-Dhan Aadhar Mobile) Vision is just about achieving maximum. 

"Another financial reform is the provision of a safety net through new social security schemes," he said.

He said India has  great entrepreneurial energy and this needs to be harnessed so that "we become a nation of job-creators rather than job seekers."

"What we have done in the last 17 months is to bring one hundred and ninety million people into the banking system," he said, adding that reforming to transform is a marathon , not a sprint: 

He urged industry to think broad based and be more inclusive to go beyond conventional remedies. 

The PM focused on infrastructure development and said the "pace of award of new highway works increased from 5.2 km per day in 2012-13 & 8.7 km per day in 2013-14 to 23.4 km per day currently."