Modi sees India as $10tr economy with countless startups | The Daily Star
12:00 AM, February 24, 2019 / LAST MODIFIED: 11:57 PM, February 23, 2019

Modi sees India as $10tr economy with countless startups

With fresh general elections just a couple of months away, Indian Prime Minister Narendra Modi yesterday laid out his vision for making India a $10-trillion economy and the third-largest in the world.

Modi said he wants the nation to have countless start-ups and be a global leader in electric vehicles.

Speaking at the Global Business Summit in New Delhi, he said his government inherited an economy in complete policy paralysis, plagued by runaway inflation and rising current account and fiscal deficits.

However, reforms undertaken by his government in the last four and a half years have changed the picture, Modi said. "The change is clearly visible today."

Modi said the BJP-led National Democratic Alliance rule witnessed highest post-liberalisation growth rate of 7.4 percent and the lowest inflation of less than 4.5 percent.

Reforms like goods and services tax (GST) have laid solid foundation for higher gross domestic product (GDP) growth.

“We want to lead the global drive towards renewable sources of energy and we want to give our people energy security. We want to cut down on import dependence. We want to make India a world leader in electric vehicles and energy storage devices.”

The prime minister said the engine of growth for his government is running on two parallel tracks – one providing social infrastructure to all particularly for those who were left out and other providing physical infrastructure for all and particularly for generation next to shape their future as per their dreams.

Modi said it is often lamented that India missed the industrial revolutions bus in the past “but today it is a matter of pride that India is an active contributor to the fourth Industrial Revolution.”

“India may have missed the bus during the first three industrial revolutions, but this time, it is a bus India has not only boarded but will also drive,” he said adding “innovation and technology will form the bed-rock of this resurgence.”

Modi said the outcomes of his government's focus on Digital India, Start-up India, Make In India and Innovate India are converging and reaping rich dividends.

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