ET WLF: PM Modi underscores how evolving at pace with world has put India at pinnacle of growth

Prime Minister Narendra Modi asserted his government’s commitment and conviction in reforms, as well as its focus on making the country self-reliant by achieving goals through quantum leaps, rather than incrementalism, over the past decade. This has turned India into a robust economy that’s expected to soon contribute nearly 20% to global growth, he said.

Addressing prominent industrialists, entrepreneurs and thought leaders from India and abroad at The Economic Times World Leaders Forum in the Capital on Saturday, the PM underlined that he is not one to rest after working on significant policy changes such as GST 2.0 and the Income Tax (Amendment) Bill, but plans to unleash a “new arsenal of reforms” in the coming months. “With the mantra of ‘reform, perform, transform,’ Bharat today is in a position to help the world emerge from slow growth,” Modi said. “We are not people who sit on the shore by stagnant waters, throwing stones for amusement — we are the people who change the course of gushing rivers. As I said from Red Fort, Bharat carries the strength to even bend the course of time itself.”

Bharat is the fastest-growing major economy that will soon be the third-largest, Modi emphasised, adding that experts are of the view the day is not far when it will contribute nearly a fifth of global growth. “This growth, this resilience we are seeing in Bharat’s economy, is the result of the macroeconomic stability that has come in the past decade,” he said.

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“Today, our fiscal deficit is estimated to reduce to 4.4%. And this is when we have faced such a massive crisis like Covid,” the Prime Minister said.

Modi mentioned the upgrading of India’s credit rating by Standard & Poor’s Global, the first such instance in nearly two decades. Through its resilience and strength, Bharat has become a symbol of hope for the rest of the world, he insisted.

However, these achievements will not make him or his dispensation complacent, the Prime Minister added, saying it’s not in his nature to be satisfied with what has been achieved, and this applies to reforms as well.

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“We constantly prepare for the future and we have to move further ahead. Now, I am coming out with an entire new arsenal of reforms. For this, we are working on several fronts. We are eliminating unnecessary laws, simplifying rules and procedures, digitising processes and approvals, and decriminalising numerous provisions,” Modi said. These forthcoming reforms will boost manufacturing, increase market demand, give a shot in the arm to the industry and create new employment, besides improving ease of living and doing business, he added.

“Reforms are neither a compulsion, nor crisis-driven for us,” he said. “They are our commitment and conviction. With a holistic approach, we deeply review one sector, and then carry out reforms in that sector, one by one.”

PM Modi pointed out that the continuity of reforms had been maintained despite hurdles and disruptions created by the Opposition, as seen in the just-concluded monsoon session of Parliament, during which Jan Vishwas 2.0 was introduced and laws on mining, ports and shipping were passed. Also, a new national sports policy is in the works.

He condemned previous regimes for their lackadaisical attitude toward reforms and self-reliance, which led to missed opportunities.

“In common parlance, there is one line we often hear; sometimes we say it ourselves, sometimes we hear it from others — missing the bus. Meaning, an opportunity comes, and it passes by. In our country, earlier governments missed many such buses of technology and industry,” Modi said, referring to India lagging behind during the internet and communications revolutions.

Today, India has been able to build 5G infrastructure indigenously and is set to begin manufacturing semiconductors by the year-end.

Previous governments were not effective in ushering in development, as their “thinking did not go beyond elections,” keeping the country entangled in vote-bank politics, he alleged. The mindset of these dispensations was to leave innovations in “cutting-edge technology” to the developed nations and to import to meet domestic requirements.

Modi countered the criticism over growing unemployment by citing EPFO data, which state that 2.2 million formal jobs were added in India in June alone, an all-time high. Other economic parameters are strong too, with retail inflation at its lowest since 2017 and forex reserves at a record high.

He reiterated his point that the foundation of a Viksit Bharat by 2047 is Atmanirbhar Bharat. Self-reliance, in turn, is based on three parameters — speed, scale and scope, the PM said, adding that this has been visible in the approach of his government in the last decade.