Modi says focus on social and physical infrastructure to shape future of gen-next

Prime Minister Narendra Modi speaking at The Economic Times Global Business Summit in New Delhi on February 24, 2019.
Prime Minister Narendra Modi speaking at The Economic Times Global Business Summit in New Delhi on February 24, 2019.
Prime Minister Narendra Modi today said the engine of growth for his government was running on two parallel tracks -- one providing social infrastructure to all particularly for those who were left out and the other providing physical infrastructure for all and particularly for generation-next to shape their future as per their dreams.
"What happened in the past is not in our hands, but what will happen in the future is firmly in our hands," he said in his inaugural address at The Economic Times Global Business Summit.
"We often lament at missing the industrial revolutions in the past, but today it is a matter of pride that India is an active contributor to the fourth Industrial Revolution. The extent and magnitude of our contribution will surprise the world.
"I am also confident that India may have missed the bus during the first three industrial revolutions, but this time, it is a bus India has not only boarded but will also drive. Innovation and Technology will form the bed-rock of this resurgence," he said.
Modi began by speaking about the challenges facing the country during the second half of 2013 and early 2015 on parameteres such as inflation, current account deficit and fiscal deficit which, according to him, were threatening the macro-economic stability of the country and indicating a gloomy future.
"The country was facing total policy paralysis. This was preventing the economy from reaching the level which it was worthy of; the global fraternity was worried about the health of this member of fragile five club. There was a perception of surrender to existing circumstances," he said.
"It was in this background that our government came to serve the people and today change is clearly visible," he said.
"After 2014, hesitations have been replaced by hope. Obstacles have been replaced by optimism. And issues have been replaced by initiatives.
"Since 2014, India has made significant improvements in almost all international rankings and indices. This not only shows how India is changing but also represents how the world’s perception about India is changing," he said.
He went on to speak about the improvement in India's rankings in the Ease of Doing Business and World Travel and Tourism Competitiveness Index and the Global Innovation Index.
"The change is due to a new style of governance and is often visible in interesting ways.
"We are now witnessing various forms of competition. A competition between ministries, a competition between states, a competition on development, a competition on achieving targets.
"Today, there is a competition as to whether India will get 100% sanitation first or 100% electrification first. There is competition as to whether all habitations will be connected by road first or all homes will get gas connection first. There is competition as to which state will attract more investment. There is competition as to which states will build houses  for the poor fastest. There is competition as to which aspirational district will progress fastest.
"Before 2014 also, we heard of about a competition, although of a different kind. A competition between ministries, a competition between individuals, a competition on corruption, a competition on delays.
"There was competition on who can do maximum corruption, there was competition on who can do fastest corruption, there was competition on who can do most innovation in corruption.
"There was competition as to whether coal will get more money or spectrum. There was competition as to whether CWG would get more money or defence deals. We all saw that and we also know who were the main players involved in this competition. I will leave it to you to decide which form of competition you would prefer," he said.
Modi said that, for decades, a narrative was made that certain thiiings were just impossible in India. "The progress our nation has achieved since 2014 gives me confidence that nothing is impossible for 130 crore Indians," he said.
He went on to list the government's achievements in areas such as sanitation, fighting corruption, use of technology and  removing discretion and arbitrariness in policy making.
"It was said that economic  reforms in India were impossible, but people of India are making it possible. It was said that governments cannot be pro-growth and pro-poor at the same time, but people of India are making it possible. I have also been told, that there is a perception or theory that a developing economy cannot grow at higher rate for a longer period, without facing the problem of inflation.
"Post liberalisation, that is after 1991, almost all governments formed in our country had to face this problem – what many experts call 'over-heating' of economy after a short period of growth. As a result of this we never had sustainable higher rate of growth. You may recall, that we had a government, between 1991 and 1996  where the average growth was about five percent, but the average inflation was more than ten percent.
"The government just before us between 2009 to 2014 had an average growth of about six and half percent with an average inflation again in double digit. During 2014 to 2019, the country would register average growth of seven point four percent and the average inflation would be less than four and half percent. Post liberalisation of Indian economy, this will be the highest rate of average growth and lowest rate of average inflation witnessed during the period of any government," he said. 
Modi said that, with these changes and reforms, transformation is happening in the way the economy has moved. He said not just domestic investors but also investors from all across the world were showing confidence in the Indian economy.
"In the last four years, the amount of Foreign Direct Investment received in the country was almost equal to what was received in seven years before 2014. 
"To achieve all this, India needed reforms to transform. And by having the Bankruptcy Code, GST, Real Estate Act to name a few, – a solid foundation for decades of higher growth has been laid," he said.
"Four years ago, who would have believed that rupees three lakh crore or about forty billion dollars would be returned by defaulting borrowers to financial and operational creditors. This is the impact of Bankruptcy and Insolvency Code. This  will help the country in allocating financial resources more efficiently," he said.
The Prime Minister said all these reforms were implemented without halting work for the well-being of the larger sections of society.
"India is a country of 130 crore aspirations and there can never be a singular vision for development and progress. Our vision of new India caters to all sections of the society, irrespective of their economic profile, their caste, creed, language and religion. We are working hard to create a New India which fulfils the aspirations and dreams of 130 crore Indians.
"Our vision of new India includes addressing the challenges of the future while also solving problems of the past," he said.
"So today, while India has made its fastest train, it has also eliminated all un-manned railway crossings. Today, while India is building IITs & AIIMS at a rapid pace, it has also built toilets in all schools across the country. Today, while India is building a 100 smart cities across the country, it is also ensuring rapid progress in over 100 aspirational districts.
"Today, while India has become a net exporter of electricity, it has also ensured that crores of households which were in darkness since independence have got electricity. Today, while India aims to land on Mars, it is also ensuring that every Indian has a roof over his head. Today, while India is the fastest growing world economy, it is also removing poverty at the fastest speed," he said.
"We are reaching out to twelve crore small and marginal farmers by providing them a comfort of rupees six thousand every year. This will transfer 7.5 lakh crore rupees or about one hundred billion dollars to our farmers over the next ten years.
"We are rolling out a pension scheme for crores of our informal sector workers. The outcomes of our focus on Digital India, Start-up India, Make In India and Innovate India are converging and reaping rich dividends," he said.
"You would be happy to know that today 44 percent of the startups registered in India are from tier 2 and tier3 cities. A network of hundreds of Atal Tinkering Labs is coming up across the country and helping foster an atmosphere of innovation. This will give a solid foundation for our students to help them become innovators of tomorrow.
"It is equally heartening to see how youth in villages are leveraging Wi-Fi and digital tools to help in clearing competitive exams. It is technology which is bridging the gap between the haves and have-nots in our country.
"With the support and partnership of the people, India has made rapid strides since 2014. This could not have been possible without Jan Bhagidaari. It is this experience that gives us confidence that our country can provide adequate opportunities to all its citizens, to grow, prosper and excel. 
"We look forward to making India a ten trillion dollar economy. We look forward to making India the third largest economy. We want to make an India of countless startups. We want to lead the global drive towards renewable sources of energy. We want to give our people energy security. We want to cut down on import dependence.
We want to make India a world leader in electric vehicles and energy storage devices. 
"With these goals in mind, let us re-dedicate ourselves to create a New India of our dreams," he added.

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