$5 trillion economy is just a phase, targets are bigger and higher: PM Modi

Action against corrupt should not be seen as govt crackdown on corporates, says PM

Prime Minister Narendra Modi on Monday said action against a few corrupt entities should not be seen as the government crackdown on the corporate sector, as he sought to allay doubts over his regime's intentions.

Speaking at centenary celebrations of Kirloskar Brothers, he said the attempt was to allow the industry to create wealth fearlessly in a transparent environment where there are no obstacles.

In this endeavour, the government is attempting to rid the industry of web of laws, the Prime Minister said, adding during the past five years his government has worked honestly.

The attempt has been to bring transparency, efficiency and accountability in tax system, and reduce human interface with the tax department, he said.

Also, corporate tax has been reduced to their lowest so as to propel corporates to invest, he said.

The Prime Minister asked industry to shun pessimism, saying the government will stand shoulder to shoulder with India Inc in its attempt to expand business in any nook and corner of the country.

He said the target to nearly double the size of the economy to USD 5 trillion is just a phase and the targets are bigger and higher.