Stock Market

Fundamentals of Indian economy strong, policies are clear: PM Modi

   Download Android App    Share in      FullScreen   CheckVideos

NEW DELHI: Prime Minister Narendra Modi on Friday hit out at 'right talking' critics of his government's decisions such as the new citizenship law and scrapping of special status for Jammu and Kashmir, saying they have hatred for people who walk the path of 'doing the right things' and break the status quo. Speaking at the ET Global Business Summit, he said the global economy has been going through a difficult phase but the fundamentals of the Indian economy are strong and policies are clear that will aid in reaching the target of nearly doubling the size of the economy to USD 5 trillion. In his strongest attack on critics yet, Modi said the 'right talking' gang advocates for rights of migrants world over but are opposed to India giving citizenship to persecuted minorities of neighbouring nations. This gang talks of the protecting the Constitution but opposes the removal of temporary provision of Article 370 and full implementation of the Indian Constitution in Jammu and Kashmir, he said. "There is nothing wrong with talking the right things.

But these people have a particular hatred for people who are doing the right things," he said.

"So when changes are brought in status quo, they see this as disruptions." "People who project themselves as the messiah of gender justice are against triple talaq law," he said.

"People who talk of justice don't hesitate to question the intention of the highest court of the land when one judgment of the Supreme Court is not in their favour." The prime minister said when his party first won elections in 2014, it had the option of walking down the beaten track or take a new route with a fresh approach. "We opted for the new road that gave priority to aspirations of people," he said.

"For us, nation-building is not about development, good governance, and convenience but about our conviction - conviction to do the right things, the conviction to break the status quo." The prime minister further said direct benefit transfer of government subsidies and doles into the accounts of beneficiaries led to the savings of thousands of crores of rupees by plugging diversions. Similarly, RERA law has helped save the real estate sector from black money and help bring the dream of having a home within the reach of the middle class, he said. "We have changed the status quo by bringing in Chief of Defence Staff (CDS) to bring better synergy and collaboration in our defence forces," he said.

"Since 2014, the country is being taken forward by the idea of cooperation in spirt, collaboration in action and combination of ideas." India is creating a sustainable growth model, he said. Listing his government's achievements, he said the speed of construction of highways has been increased to 30 km per day from 12 km earlier and air connectivity extended to smaller places. "For different reasons, the global economy is weak and passing through a difficult phase," he said.

"But the fundamentals of Indian economy are strong and policies clear." He said more than Rs 11 lakh crore worth loans without bank guarantees have been given to first-time entrepreneurs under the Mudra Yojana. Modi said his government is opening up more sectors of the economy for the private sector.

Simplification, rationalisation and transparency are the mantras for opening banking, FDI or natural resource allotment. In 2019, India got USD 48 billion foreign direct investment, a growth of 16 per cent.

Similarly, private equity and venture capital investment saw a 53 per cent growth at USD 19 billion. "To get rid of the status quo, we are not just collaborating at home but also at the international level," he said. Stating that there was a time when maintaining distance from foreign nations was considered neutral, he said India now is being neutral by making friends. "We are friends with Saudi Arabia and Iran at the same time.

We are friends with the US and Russia at the same time," he said.




Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021

Buy Our Merchandise (Peace Series)

 

Contribute US to Start Broadcasting


It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm

STRIPE

Details
Category: Stock Market


21