Work on to get India in $5 trillion club soon: Modi


New Delhi, Nov 19 (IANS): Reaching out to top industrialists and businessmen, Prime Minister Narendra Modi on Monday said the government is working towards making India a $5 trillion economy and for this the country will have to continue scaling up the World Bank's Ease of Doing Business (EODB) ranking.

"Now our target is to get India into the $5 trillion club in the shortest possible time. For this, we have to improve all areas of the economy," he said addressing them at his residence here while launching the "Ease of Doing Business Grand Challenge".

Currently, India is a $2.5 trillion economy.

Modi said the government is working on an industrial policy that takes into account the changing economic scenario and will be aligned to the aspirations of the new industrialists in New India.

"We will have to keep the changes in mind. Manufacturing and services sectors are now complementary to each other with both adding value to the other. New techniques, artificial intelligence and information technology is now an essential part of the ecosystem," he said.

Modi said the industrial policy will give importance to EoDB in which India has climbed up 65 ranks from 142 to 77 in the last four years. He said the Centre is working continuously with the state governments on EoDB ushering in cooperative, competitive federalism.

"Now we all have to work together to get into the top 50 rank. In days to come, I will hold review meetings with different departments as decisions rolled out by December will get reflected in the EoDB rankings of next year," he said.

Modi said business, trade and industry are an essential part of the country as the country needs growth, infrastructure, jobs and increase in per capita income. He said the government is putting stress on "policy driven governance and predictable transparent policies".

The Prime Minister said the government is not only working to improve its business-friendly ranking but also towards giving a quality life to the common citizens.

"World Bank's ranking is decided only on some parameters but the government's strategy of reform, perform and transform is much wider than that. We are working to improve the ease of living for common citizens, traders and small industrialists.

"The country is continuously working on reforms to make people's life simple and easy. India's rank is rising or has already risen in the several evaluations done by either IMF, Moody's, World Economic Forum or UNCTAD," he said.

The objective of the Grand Challenge is to invite innovative ideas based on artificial intelligence, Internet of Things, big data analytics, block chain and other cutting-edge technology to reform government processes.

  

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Comment on this article

  • sri_elder, Karkala

    Tue, Nov 20 2018

    Thank you modiji...

    I request government to come out with exclusive digital crypto currency backed by the government.
    Introduce on experimental basis first...
    Just introduce parallel crypto rupee and retain paper currency as well forever...
    Educated people can switch to digital mode and transfer their some bank balance to crypto rupee...
    So paper currency can be removed from the system to great extent... Just like paper currency , banks should deposit crypto currency as asset class and should give interest on deposits as normal currency mode...

    DisAgree [5] Agree [3] Reply Report Abuse

  • geoffrey, hat hill

    Tue, Nov 20 2018

    In a system such as ours, where miscreants are always a step ahead of law enforcers, cryptocurrency will make tax evasion a piece of cake.

    DisAgree Agree [1] Reply Report Abuse

  • Abu Mohammed, KSA, Mangalore

    Tue, Nov 20 2018

    Nowadays uneducated people trying to explain the technology to the educated. be it the master feku or his blind bhakts, they dream something and try to preach the same. Like gutter gas chai! Haha ha ...,

    DisAgree Agree [1] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, Nov 20 2018

    Stop wasting money on Useless Statutes & Bullet Trains ...

    DisAgree [6] Agree [8] Reply Report Abuse

  • Mangalurian, Mangaluru

    Tue, Nov 20 2018

    And after that...

    ...wait for a few more days, and the Gujju-bhai will put $5 trillion in everyone's bank account.

    In the meantime, many Gujjus, after borrowing 1000s of crores from the Nationalised banks (i.e. taxpayers' money), will be applying for the citizenship of Antigua.

    DisAgree [4] Agree [4] Reply Report Abuse

  • SMR, Karkala

    Tue, Nov 20 2018

    It is a distinction that no country wants: the place with the most people living in extreme poverty. According to a recent report from the Brookings Institution, Nigeria overtook India in May to become the country with the world’s highest number of people living in extreme poverty, which is defined as living on less than $1.90 a day. The threshold captures those who struggle to obtain even basic necessities such as food, shelter, and clothing, and takes into account differences in purchasing power between countries. Its figures showed that India had 70.6 million people living in extreme poverty, while Nigeria had 87 million.
    Embarrassed by its own panel showing that India’s economy grew faster under Manmohan Singh compared to under PM Modi, Modi Govt has now said that the GDP back series data are “not official estimates”.
    The Ministry of Statistics and Programme Implementation (MoSPI) said in a statement that "these are not official estimates".
    India Ranks 145 Among 195 Countries on Healthcare Access and Quality. India ranks worse than Bangladesh, Sri Lanka and Bhutan among its neighbours but better than Pakistan, Afghanistan, and Nepal.
    Now government with lack of funds eyeing for 9.5 lakh RBI treasury for the mess it created during demonetization and GST implementation. Plan to a sale of stocks worth at least 30 billion rupees ($412.26 million) seized from people who moved to Pakistan following partition in 1947 has been approved by Modi’s Cabinet on Thursday.
    India in $5 trillion club soon?
    Statue of unity remains tallest and poor Indians below $5. No new appointment to the statistics department. No data. No criticism.
    Jai Hind

    DisAgree [3] Agree [6] Reply Report Abuse

  • Sahil, Mangaluru

    Mon, Nov 19 2018

    Chup karo JI normal people like me and others will not understand your $5trillion club.

    They need petrol and diesel hand reachable price ji.They need inflation rate lower Ji.They need peaceful life Ji.

    After RBI damaaka modiji bada pataka with over excitement.

    DisAgree [4] Agree [6] Reply Report Abuse

  • Swamy, Mangalore

    Mon, Nov 19 2018

    We can see that BJP doing it with RBI making country's economy Mooji Kaas.

    DisAgree [3] Agree [5] Reply Report Abuse


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