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ET Awards 2019: We will soon come out of the slowdown, says Amit Shah

The home minister makes an impassioned plea to industry to work with the government to help India achieve the goal of a $5-trillion economy by 2024. He assures them that a responsive government will do all it can to solve their problems.

ET Bureau|
Updated: Dec 02, 2019, 08.08 AM IST
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ET Awards 2019: India will become a $5 trillion economy by 2024, says Amit Shah
ET Awards 2019: India will become a $5 trillion economy by 2024, says Amit Shah
The confidence about India’s economic growth between 2019 and 2024 will come only when you look back upon the country’s economic journey during 2014-19. The situation in 2014 was marked by policy paralysis, scams, political instability, lack of internal and border security, and poor economic parameters.

All this ended when people elected the Modi government, the first government with full majority in 30 years.

MEETING ASPIRATIONS OF THE PEOPLE
In 2014, India was 11th in global economy in terms of GDP. After 5 years, we are 7th today, and our GDP has grown in the last five years from $2 trillion to $2.9 trillion. We are well on our way to achieving our stated goal of becoming a $5-trillion economy by 2024. We are one of the fastest growing economies in the world even now.

The first task of the government was to ensure universal financial inclusion of over 60 crore Indians, who did not own formal bank accounts.

The aspirations of common Indians, such as gas, toilets and electricity, which were not achieved in the last 70 years, have been met in the last five years.

These five years were detoxifying years for the Indian economy. Reforms always have a ripple effect that must be dealt with. Our fiscal deficit has dropped from 4.5% in 2013-14 to 3.3% today.

BOOST TO INFRA DEVELOPMENT
Infrastructure development in the last five years has been unprecedented.

The pace of construction of national highways has increased from 12 km per day to 20 km. The pace of construction of rural roads has increased from 70 km per day to 133 km.

Rural road connectivity increased from 55% to 91% between 2014 and 2019. In the same period, the speed of laying down railway lines has increased from 1,727 km per year to 3,035 km. Railway electrification has increased from 3,038 km to 13,687 km between 2014 and 2019.

The number of airports has increased in the last five years from 65 to 102, while electricity production capacity has gone up from 243 GW to 363 GW. The installed capacity of renewables has increased from 32 GW to 82 GW.

The price of solar power has reduced by 5 times. In the World Bank Ease of Doing Business rankings, the results of PM Modi’s decisive approach shows: India’s rank has jumped from 142 in 2014 to 77 today.

The coverage of optical fibre network has increased from 360 km to 3.48 lakh km in five years. From 59 gram panchayats in 2014, today 1.28 lakh gram panchayats have got broadband coverage.

HONEST INTENTIONS
Our policies and intentions are both honest. In spite of 6 years of government, not a single scam or corruption case has come to light, which is a sea change from the previous regime.

We are laying the foundation of a long innings of economic growth for India. Corporate tax was recently reduced, and India has the lowest corporate tax rates in the world, currently at 17-25%.

In the last five years, inflation has fallen from 5.9% to 3.3%. GST led to tax uniformity, which led to policy clarity, which was a major boost for businesses and supply chain. Former FM Arun Jaitley ji and Modi ji have achieved the goal of One Nation, One Tax.

GeM has given an impetus to MSMEs and given them assured new markets in the form of government purchases. FDI inflow gone up from $36 billion to 65 billion.

FIRM STAND ON RCEP
RCEP is an example of Modi ji’s decisiveness. UPA 2 began negotiations for RCEP in 2009-10 despite the fact the local industries were never going to get any benefit from it, and yet India almost joined it under UPA 2. India’s concerns were ignored by the UPA 2. RCEP would only have benefited China, not India. Not joining was a bold decision and a milestone and a victory for India’s economy.

NO SLOWDOWN IN REFORMS
Under PM Narendra Modi ji’s leadership, India is a global investment destination.

Do not lose confidence simply because of temporary growth slowdown. The Indian economy and markets will emerge stronger because of the decisive, bold leadership that India is currently under. This is a crucial time. Industries must commit themselves to growth. Share your problems with our finance and commerce ministers. We will make sure they are solved. Have the confidence that we will be a $5-trillion economy under the leadership of PM Narendra Modi ji.

While growth has slowed down, the pace of reforms has not. Making India a $5-trillion economy is a shared responsibility between the government and the private sector.

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