Let's work together to make India a $5 trillion economy: PM Modi

In Lok Sabha, PM Modi also exhorted all the members to give suggestions on ways to take advantage of opportunities thrown up by the current global economic situation.

Prime Minister Narendra Modi on Thursday underlined the need for working together to make India a $5 trillion economy, while stressing that the government has been able to maintain macro-economic stability amid tough global environment.

In the Lok Sabha, he also exhorted all the members to give suggestions on ways to take advantage of opportunities thrown up by the current global economic situation.

"Let's move ahead with the resolve to make India a $5 trillion economy," he said while replying to a debate on Motion of Thanks to President for his address to Parliament.

The prime minister said that steps taken by the government have kept the fiscal deficit and price rise in check. "There is also macro-economic stability."

Modi also sought suggestions on increasing income of farmers and fisherman. Talking about the investment climate in the country, he said several measures have been taken to increase the trust of investors in the economy.

The prime minister said that foreign direct investment during April-September 2019 increased to $26 billion from $22 billion in the same period previous year, adding that this reflects confidence of foreign investors in India.

The vision of the government, he said, is to ensure greater investment, better infrastructure, increased value addition and maximum job creation.

In the coming days, the government is moving ahead with Rs 100 trillion infrastructure projects as the sector helps in pushing economic growth and job creation, Modi said.

"We have taken many initiatives in industry, irrigation, social infrastructure, rural infrastructure, ports, and water ways. Among the things that will drive India's progress is next-generation infrastructure," Modi said adding that Stand up India, Start up India, Mudra schemes are adding prosperity in the lives of people.

Further, he said the government is working on labour reforms and that too after consulting the labour unions.

Attacking opposition parties, he said driven by politics, some states are not allowing farmers to benefit from the PM-Kisan scheme."I appeal to them - let there be no politics in farmers welfare. We all have to work together for the prosperity of farmers of India," he said adding agriculture budget has risen five times during this government's tenure.