Past is passe, future is in a $10-trn economy, start-ups galore: PM Modi

Says his govt inherited an economy in complete policy paralysis, plagued by runaway inflation and rising CAD. Reforms in past four-and-half years changed the picture

Prime Minister Narendra Modi Saturday said India is on the way to becoming the fifth largest economy in the world and the government is taking reform measures to make the country a $10-trillion economy and world's third-largest economy.

 

Speaking at the ET Global Business Summit 2019, Prime Minister said, 'we want to make an India of countless start-ups, we want to lead the global drive towards renewable sources of energy'.

 

He said his government inherited an economy in complete policy paralysis, plagued by runaway inflation and rising current account deficit. Reforms in the last four and half years have changed the picture. "Change is clearly visible today," he said.

 

Laying out his vision for making India a $10-trillion economy, Modi said what happened in the past is not in our hands, but what will happen in the future is firmly in our hands. We often lament at missing the industrial revolutions in the past, but today it is a matter of pride that India is an active contributor to the 4th Industrial Revolution," Modi said.

 

At $2.6 trillion, the Indian economy is currently ranked sixth in the world behind the US, China, Japan, Germany and the UK.

 

The prime minister listed out some of the initiatives like launching Vande Bharat - India's fastest train, building 100 smart cities, ensuring rapid progress in over 100 aspirational districts.

 

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, With these goals in mind, let us re-dedicate ourselves to create a New India of our dreams, said the Prime Minister.