New Delhi: In a move to reach out to India Inc, Home Minister Amit Shah on Saturday said that the National Democratic Alliance (NDA) government under Prime Minister Narendra Modi will work with the industry to make India a $5 trillion dollar economy.
Acknowledging the slowdown in the economy, the Bharatiya Janata Party (BJP) leader said it is a temporary phase.
“Global slowdown is a temporary phase, we have to have positive views. Government is taking steps to work with the industry. The government is with the industry. We will together work to make India a $5 trillion dollar economy,” said Shah at the Economic Times awards 2019 in Mumbai.
Shah also said that the union government was confident that India will be fifth largest economy in the world by 2024. The home minister also argued that a situation of fear should not be created about the economic slowdown.
Shah said he was confident of India making further progress in ease of doing business so that the country will be counted among the 30 most business-friendly nations in the world. He said the administration was making improvements in areas like granting construction permits, property registration and insolvency resolution. “We have raised our rank from 142 to 77. We will reach within 30 by 2024,” the minister said referring to the World Bank’s ease of doing business ranking.
Defending the decision of the union government over RCEP, Shah said that the decision to not join RCEP was a historic step and it shows the intent of the government. He said RCEP conditions were not in favour of India so the government decided not to join it.
“There are problems but this is a proactive government and is working to solve the issues and concerns. India has become a global destination (for investments) and it is a market of 130 core people,” said Shah.
Shah further said that out of the 130 crore people in the country, more than 60 crore were not part of the economy before Narendra Modi took over as Prime Minister in 2014. “60 crore people did not have a bank account earlier but they are now part of economy. People have gas cylinder at home, electricity, toilets and now drinking water in their homes,” Shah added.
Shah also said that the Modi administration has delivered clean governance, a key factor that will encourage investments. “Even after five years of rule, I can say confidently that the Modi government cannot be accused, even by its opponents, of being corrupt.
“Today India has become a global destination. The world is ready to invest here. India’s leadership today has the vision and political will to take the industry out of the slowdown. This is a temporary phase of the global slowdown, which we will have to tide over. The government, the RBI and all departments are working towards this,” Shah said.