17 Jan , New Delhi
Prime Minister Narendra Modi has promised reforms at top speed with positive regulatory framework, tax stability and boost to infrastructure which will help the economy rise to 20 trillion dollars from 2 trillion dollars.
Modi asserted that the government will change rules, reform tax system and target subsidies to the needy.
Addressing a business summit in New Delhi Friday, the Prime Minister said the government is cutting down on multiple clearances that choke investment. He said transparency and efficiency in governance, and institutional reforms are essential for rapid growth and the new government is moving fast in designing policies and laws to promote it.
. Modi said setting up of the National Institution for Transforming India, NITI Aayog, is a step in the direction of major institutional reform in the country which will create trust and partnership between the Centre and States.
Modi said, a series of scams in the past has paralysed country’s economy and the new government has to repair the damage.
On infrastructure, he said, it is being given a boost and new approaches and instruments are being put in place to attract greater investment in sectors like railways and roads. He said the schemes like ‘Jan Dhan Yojana’ will pursue to get the poor included in the financial system.
Prime Minister also talked about a massive national programme for computerisation of public distribution system. He said subsidies are needs of the poor and there is a need to cut leakages in the process.
Modi said the new government will introduce direct cash transfers in different schemes apart from cooking gas subsidy while stating that the cash subsidy transfer to users of cooking gas is the world’s largest cash transfer programme.
Modi also stressed need for nurturing an atmosphere where the economy is prime for growth as growth promotes all-round development.He said reforms must have a concrete objective to improve the welfare of the people and development should be employment generating and the employment