Preparing for a giant leap: PM Modi sees a $20 trillion economy

New Delhi: Prime Minister Narendra Modi on Friday asked the nation to aspire to become a $20 trillion economy from $2 trillion, saying that government is preparing ground for such a giant leap. “India is a $2 trillion economy today. Can we not dream of an India with a $20 trillion economy? Should we not create the environment for this to happen? We are preparing the ground for it,” said the Prime Minister.

He agreed that this is hard work. “Quick and easy reforms will not be enough for creating a fast growing economy. That is our challenge and that is what we aim to do,” said Mr Modi. He said that India is being made an attractive destination for investment.  “The new age India has also begun its transition; from a winter of subdued achievement lasting 3 to 4 years, to a new spring that beckons,” said Mr Modi. 

Read: Industrial vibrancy or make-believe?

Hitting previous UPA government, PM said that India had fallen into deep despair, with two back-to-back years of below 5 pert cent growth. “A series of scams had paralysed the economy. We deviated from the dream of India as a land of opportunity. No longer can we afford the flight of capital and labour, for lack of opportunity,” said Mr Modi.

He said that the government would have to repair the damage that has happened.  “First, we are committed to achieving the fiscal deficit target anno-unced in the budget. We have worked systematically for this,” said Mr Modi.

He said that gas prices have been linked to international prices. “This will bring a new wave of investment. It will increase supplies. It will resolve problems in key power sector,” said Mr Modi.

Read: Immense opportunities for global investors in India: PM Modi at Vibrant Gujarat Summit

He said that our cooking gas subsidy is the world’s largest cash transfer programme. “Building on this, we plan to introduce direct cash transfers in other benefit schemes,” said Mr Modi. He said that inflation has been controlled through firm measures.  To check leakages in PDS, PM informed that he intends to launch a massive National Program for PDS computerisation.

PM said that government has no business to be in business. “There are many parts of the economy where the private sector will do better and deliver better. In 20 years of liberalisation, we have not changed a command and control mindset. This must change,” he said.