Prime Minister Narendra Modi on Friday stressed the need for nurturing an atmosphere where the economy is primed for growth and growth promotes all-round development. Addressing a business summit in New Delhi, Mr. Modi said, the development should be employment generating and the employment enabled by skills. He said, elimination of poverty is fundamental to his government.
Mr. Modi said, a series of scams from telecom to coal in the past, had paralysed the country's economy and the new government has to repair the damage that had happened. The Prime Minister said that India can no longer afford flight of capital and labour. He said, inflation has been controlled through firm measures.
Prime Minister Narendra Modi today stressed the need for nurturing an atmosphere where the economy is primed for growth and growth promotes all-round development. Addressing a business summit, Mr. Modi said, transparency and efficiency in governance, and institutional reforms are essential elements for rapid growth. He said, positive regulatory framework, tax stability, and ease of doing business are being pushed ahead at top speed.
He said, reforms must have a concrete objective to improve the welfare of the people and development should be employment generating and the employment enabled by skills. The Prime Minister said that India can no longer afford flight of capital and labour.
Mr. Modi said, government will introduce direct cash transfers in schemes apart from cooking gas subsidy. The Prime Minister reiterated centre's commitment to achieving the fiscal deficit target announced in the budget.
Mr. Modi said setting up of the National Institution for Transforming India, NITI Aayog, is a step in the direction of major institutional reform in the country which will create trust and partnership between the Centre and States.
Referring to past scams, Mr. Modi said, a series of scams from telecom to coal had paralysed the country's economy and the new government has to repair the damage. He said, inflation has been controlled through firm measure by the government.
