India to become primary engine of world growth, PM Modi
Prime Minister Narendra Modi, speaking at the Uttarakhand Investors Summit on Sunday, said India is going through a phase of major social and economic changes. India will become primary engine of world growth.
“India is witnessing rapid economic and social changes. The country is going through a big transformation. We are marching towards a New India.” The resultant India will prove to be a catalyst for global development.
He noted that, “The scale and speed at which reforms are happening are unprecedented. In the last two years, the central and state governments have ushered in more than 10,000 reforms. Thanks to this, India has made a significant jump of 42 points in the global ‘ease of doing business’ index.”
PM Modi mentioned that his government has reformed the tax system in the country making it swifter and more transparent. GST is the biggest tax-reform introduced post-independence. This has merged the entire country into a single market. Also, the tax base has widened.
India will be driving engine of world growth, says PM Modi https://t.co/34xuserYNE pic.twitter.com/OM7RC4aQV0
— NDTV (@ndtv) October 7, 2018
The government it is moving ahead in a modernisation of 400 railway stations and construction of 100 New Airports and helipads. He said, Ayushman Bharat Yojana offers huge investment opportunities in the medical sector.
PM Modi, mentioning about growth in various sectors, said by 2030 40% energy will be from non-fossil fuel and by 2022 175 GW of Green Energy will be generated. India is moving ahead in direction of becoming world leader in renewable energy.
He further added that infrastructure development is taking place at a record speed with more than 10,000 kilometres of national highways built in the last one year.
PM Modi emphasised that over the last few years Indian economy has stabilized. The fiscal deficit has reduced, and inflation is under control. The living standards of the middle class have improved.
Showing confidence in the economy, the prime minister stated, “Every major institution in the world is predicting that in the coming decades, India is going to be the driving engine of world growth.”