Indian economy better placed today, reforms will be pursued: PM

Prime Minister, Narendra Modi addressing at the Delhi Economics Conclave 2015, in New Delhi on November 06.

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SME Times News Bureau | 06 Nov, 2015
Prime Minister Narendra Modi on Friday said almost every key indicator of the Indian economy was better placed today than 17 months ago when his government took office, and that reforms will be pursued in the right earnest.

"We have ensured maximum value for every rupee spent, maximum empowerment for our poor, maximum technology reach to the masses, among other things," the prime minister told the Delhi Economics Conclave, adding that more than 19 crore people have been brought under the banking system in 19 months.

"Today, accounts opened under Jan-Dhan Yojana have a total balance of almost Rs.26,000 crore. For me, JAM (Jan Dhan, Aadhaar, Mobile) vision is just about achieving the maximum," said Modi, and added that India's growth has also accelerated as inflation has come down.

"JAM for me is Just Achieving Maximum - maximum value, maximum empowerment to people and maximum technological penetration among the masses," he said.

He said much work was also being done to ensure that the youth of the country get employment. "We have great entrepreneurial energy. This needs to be harnessed so that to become a nation of job creators not job seekers."

Modi also spoke of government finances. "We embarked on a course of fiscal consolidation and signed for first time a monetary framework agreement with RBI to curb inflation," he said at the event, attended by ministers, top bureaucrats and economists.

The prime minister said by now the "Make in India" initiative, along with considerable progress towards ease of doing business in India, was well established.

"We have also increased the pace of awarding new highways from 5.2 km per day in 2012-13 and 8.7 km per day in 2013-14 to 23.4 km per day."

He said the view of the government now was reforms should be inclusive and broad-based and not limited to a few standard notions.

"Reforming to transform is a marathon not a sprint."

According to Modi, reforms needed to be undertaken with the right perspectice.

"But there are two issues...reforms for what is it just to increase the GDP growth or bring about a transformation in the society. We must reform to transform," he said.

"Secondly reforms for whom - to impress a group of experts or reforms that help all citizens to achieve a better life. It is basically Sabka Sath Sabka Vikas," he added.