‘Economy has capacity to reverse slowdown’ — PM Modi wants corporates to ‘invest boldly’

Speaking at an Assocham event, Prime Minister Narendra Modi said Rs 100 lakh crore will be spent on building infrastructure & another Rs 25 lakh crore on rural economy.

Prime Minister Narendra Modi at the ASSOCHAM Annual Summit in New Delhi | Praveen Jain | ThePrint

New Delhi: Prime Minister Narendra Modi Friday said the Indian economy has the capacity to reverse the current slowdown and return to high growth trajectory. Speaking at Assocham’s Annual Summit, PM Modi also urged the corporates to make bold investment decisions and help push the GDP growth.

PM Modi spoke at length about his government’s decisions such as decriminalisation of corporate offences and promised that “no inappropriate action will be taken on genuine corporate decisions”.

He also said that Rs 100 lakh crore will be spent in the coming years on building infrastructure and another Rs 25 lakh crore on rural economy which will the Indian economy to reach the USD 5 trillion target by 2024.

PM Modi said that economic growth had fallen to 3.5% in one of the quarters during the previous Congress-led UPA regime with headline consumer price inflation hovering at 9.4%. | Photo: Praveen Jain | ThePrint

The Prime Minister also highlighted that India climbed from 142nd among 190 nations on the World Bank’s ‘ease of doing business’ ranking to 63rd place in three years. | Photo: Praveen Jain | ThePrint

PM Modi added that India is among the top 10 nations, which, in the last three years, have made continuous improvement. | Photo: Praveen Jain | ThePrint

The Prime Minister said many provisions of Companies Act have been decriminalised and more amendments will follow. | Photo: Praveen Jain | ThePrint

He said companies facing failures have been given exit routes in the insolvency and bankruptcy code. These decisions will help safeguard the corporate world and its capital, the PM added. | Photo: Praveen Jain | ThePrint

Modi said the time taken to register companies has been cut to few hours from months, and better infrastructure has enabled the cut in the turnaround time at airports and ports.| Photo: Praveen Jain | ThePrint

Dynamic changes have been made in the Goods and Services Tax, he said. | Photo: Praveen Jain | ThePrint

PM Modi said India received highest foreign direct investment during the last five years and its global competitiveness has improved, adding the country has the third-largest start-up ecosystem in the world. | Photo: Praveen Jain | ThePrint