In a statement Prime Minister Narender Singh Modi said, that the change in reforms should be felt by people in their lives, and not “just grab headlines”. While talking about the transformation of economy, Modi said that an economy is a “marathon, not a sprint” as the government is trying its best to change the scenario by passing key bills.
Taking all parameters into consideration, the economy is doing better than it was 17 months ago. ” By almost every major indicator, India is doing better than when we took office 17 months ago…GDP growth is up and inflation is down. Foreign investment is up and CAD (current account deficit) is down. Revenues are up, the fiscal is down and the rupee is stable,” said Modi.
He gives credit to his government and the “series of well-thought policies.” He stressed on the subject of JAM (Jan Dhan, Aadhar, Mobile-vision) as he says its all about achieving maximum. Maximum in terms of empowerment, technology penetration among the masses and values for every rupee spent.
Addressing the 6th Delhi Economics Conclave, he said, ” I firmly believe that India’s people are far more mature and far more public-spirited than armchair critics and experts give them credit for. An important governance issue is the mutual trust between citizens and the state.” The event was attended by renowned economists from India and abroad.
Highlighting his governments efforts, Modi credited his team who have made ends meet to bring back black money stashed abroad worth rupees 10,500 crore. He also spoke about the reduction of wasteful methods and implementation of innovative methods, like the use of technology in different fields.
The success of Jan Dhan yojana has brought up to 190 million people under the banking net with almost Rs 26,000 crore in the accounts, which is a huge achievement.
He futher argued, “Clearly our financial inclusion had been transformational, yet this quiet revolution has hardly been noticed.”