A AKHTER / NEW DELHI
Following criticism from different quarters on government economic policy, Prime Mnister Narendra Modi today said that he was not LAKEER KA FAQEER (I am not among those who remain adamant on something), indicating that his government might take some measure that would ease tension writ large on common man, particularly business community.
He assured the business community that government is ready to make changes to ease any bottlenecks in the Goods and Services Tax, GST. Mr Modi said, he will not let the present problems jeopardize the future of the country.
Addressing Company Secretaries at the inauguration of the Golden Jubilee Year of the Institute of Company Secretaries of India, ICSI – Prime Minister said that in the policy and planning of the Government, care was being taken to ensure that savings accrue to the poor and the middle class.
Prime Minister however said that as he works to empower the people and the nation, even though he faces criticism on some occasions, he cannot mortgage the country’s future, for his own present.
PM said there were few people in ‘our country who attempt to weaken the honesty of our social structures, and lower the nation’s dignity’. He said that the Government was working towards cleansing the system of such elements.
The Prime Minister said that as a result of the efforts of the Government, the economy is functioning with less cash. The cash to GDP ratio has come down to 9 per cent, from 12 per cent before demonetization. The Prime Minister cautioned against people who only wish to spread a feeling of pessimism. The Prime Minister recounted instances in the past when the growth rate had fallen below 5.7 per cent, witnessed in the last quarter. He said that low growth rates, on those occasions, had been accompanied by higher Inflation, higher Current Account Deficit and higher Fiscal Deficit.
The Prime Minister said that there was a time when India was considered to be part of the Fragile Five economies, which were dragging back global recovery.
Acknowledging the decline in growth in the previous quarter, the Prime Minister said that the Government is committed to reversing this trend. He said several important reform related decisions have been taken and this process will continue. He asserted that the country’s financial stability will be maintained. He assured the gathering that the steps taken by the Government will take the country to a new league of development in the years to come. He said that a premium would be placed on honesty, and the interests of the honest would be protected.
The Prime Minister outlined the massive increase in investment and outlays in some key sectors over the last three years. He said that 87 reforms have been carried out in 21 sectors in this period. He presented figures to show the quantum jump in investment.
He said, foreign investment in the country has been the highest in the last three years since the opening of economy.