Path of reforms is not a 'sprint' but a 'marathon': Modi

The PM said that as per macroeconomic indicators, India's economy is in a much better shape today than when they came to power

Prime Minister Narendra Modi on Friday said the government's economic agenda was a 'marathon' and not a 'sprint, and that the government's reform announcements over the past 17 months were the beginning along the long road.

"Reforms are not the end, they are just a small path on the long road. Our aim is reforming to transform. Reforms are a marathon and not a sprint," Modi said in his inaugral address at the Delhi Economics Conclave (DEC).

Modi said that as per macroeconomic indicators, India's economy is in a much better shape today than when the NDA government came to power. "GDP is up, inflation is down, revenues are up, interest rates are down, spending is up, current account deficit is down, fiscal deficit is down and the rupee is stable. But we have to achieve greater success which comes from well thought out policies," Modi said.

The DEC this year took a major departure from its previous iterations. It is for the first time that the Prime Minister himself inaugurated the event. The theme, unlike academic discussions of the previous years, was 'Realising India's Jan Dhan-Aadhaar-Mobile (JAM) Vision'. "JAM is about better governance and improving capacity of the state. JAM is to provide people with financial stability, psychological and social self-esteem and bringing the poor into the mainstream," said Chief Economic Advisor Arvind Subramanian in his speech.

Modi touched upon the various reform measures that his government has implemented in its tenure so far, which he described as financial, institutional and structural reforms like Make in India, Ease of Doing Business, social security schemes, Skill India,and Jan Dhan bank accounts scheme. The Prime Minister said that the government had opened more than 19 crore accounts under Jan-Dhan, with Rs 26,000 crore in deposits.

"Our reforms are deeper than is recognied. Take interest rates, which is a big topic of discussion. Reams of newsprint and hours of television programming are spend on credit policy. But what good is it to a person who is locked out of the financial system ? Someone who cannot make deposits or take loans. We have got in 19 crore new people to be a part of the financial system under Jan Dhan," Prime Minister said.

Modi also spoke about some of the reform measures that the government has planned over the coming years, including proper roll-out of the Kisan soil health card scheme and the affordable housing scheme, under which the government plans to build 50 million new houses in urban and rural areas.

"Goal of reforms is not to make better headlines for the pink papers, but better lives for our people," Modi concluded thus.