ET Global Economic Summit: From Fragile Five, India targets to become a $5 trillion economy NEWS BY : Feb 23, 2018 | ET Now Digital

New Delhi: Noting that the Union Government is going to complete four years of assuming office in a few months, Prime Minister Narendra Modi said that a definite change is now visible. Addressing the Economic Times Global Business Summit in New Delhi, on the theme: New Economy – New Rules, PM said this change in the economic and social content, represents the essence of the New Rules for the New India and the New Economy.

The Prime Minister said that within the last four years, the discourse has changed from India being a “Fragile Five” economy, to the target of India becoming a “Five Trillion Dollar” economy.

Presenting figures, the PM said that India is now playing a key role in the entire world’s growth. He said that in nominal terms, India’s share of the world GDP has risen from 2.4% in 2013, to 3.1% in 2017 and the country has been performing better on various macro-economic parameters.

“India’s competitiveness is being validated by the entire world today,” he said, adding that GST has delivered a better tax compliance system and a better revenue system.  He also mentioned other reforms such as the Insolvency and Bankruptcy Code.

Stating ‘speed, scale and sensitivity’ as important factors to ensure the success of the government’s initiatives, he said there has been an increase in pace in the infrastructure sector.

“There is unprecedented investment being made today in infrastructure, agriculture, technology, health sector, and education sector,” he said, adding that various initiatives have been taken in the health sector, such as Mission Indradhanush, Jan Aushadhi Stores, and the Ayushman Bharat scheme.

Talking about the Digital India Mission, the Prime Minister said that the trinity of 100 crore bank accounts, 100 crore Aadhaar cards and 100 crore mobile phones, would create a unique ecosystem, not seen anywhere else in the world. He also spoke of initiatives taken for the MSME sector.

The Prime Minister appealed that those entrusted with the responsibility of ensuring rules and ethics in various financial institutions, should work with full dedication – especially those who are responsible for supervising and monitoring. He made it clear that the government would take strict action against irregularities in financial matters.

“Illegal accumulation of people’s money is unacceptable, and this is the basic mantra of New Economy – New Rules,” he said.

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