Financing is not limited to banks, one can clearly see the difference our govt has made in three years: PM Modi

Financing is not limited to banks, one can clearly see the difference our govt has made in three years: PM Modi

New Delhi, October 5: Prime Minister Narendra Modi, at the inauguration of golden jubilee year of the Institute of Company Secretaries, asserted that it is the company secretaries who guide India’s corporate culture. He added that government has worked to institutionalise systemic honesty.

PM Modi addressed the gathering, “I will not jeopardise the future of the country for my present gains,” he added that the government would focus on structural reforms rather than be giving doles to win praises.

The prime minister claimed that, by forming a special investigation team on black money, his government has fought against corruption right from day one. He also enlisted the achievements of NDA government.

PM Modi asserted that the UPA government were not courageous to approve demonetization or GST. He added that government is ready for changes to ease any bottlenecks on the new tax regime completing three months, and train one lakh people about GST regulations.

“The result of our relentless labour is that the country’s economy is running with fewer cash transactions,” said PM Modi adding that the cash to GDP ratio has come down from 12 percent to nine percent after demonetization.

PM Modi said, “the dip in economic growth in one quarter has boosted pessimists; these are people who revel in disappointment.”

When some people go on criticising the way GST was implemented, PM Modi said that India was part of a group of countries called the fragile five. “How did it happen when big economists were there?” asked PM Modi.

He asserted that the fundamentals of Indian economy are strong and the reform process will continue keeping financial stability in mind.

“GDP growth dipped to 5.7 percent or below eight times during the UPA regime when the nation was faced with high inflation, CAD, and fiscal deficit,” claimed PM Modi. “Inflation was more than GDP growth during the previous regime when high price rise, fiscal deficit, and CAD made headlines,” added the prime minister, “Double-digit inflation has come down to less than three percent, CAD brought down to 2.5 percent, fiscal deficit reduced to 3.5 percent.”

PM Modi assured that decisions of the government will take the nation to the next league. He told that after registering a growth of over seven percent in the past three years, we suffered the economic slowdown. But at the same time, he ensured that his government is equipped to deal with the issue.

The prime minister’s comments came days after senior BJP leader Yashwant Sinha in an article described Indian economy as a “mess” and Arun Shourie had termed demonetization as the largest money laundering scheme ever, “idiotic jolt” to the Indian economy.

PM Modi terms demonetization, the strict rule made against black money, as a great success. He said, “hoarding black money is not easy now.” He added that the registration of 2.10 lakh companies out of 3 lakh suspicious firms identified, has been canceled post note ban.

The prime minister enlisting growth in Indian economy said that in the past two months the number of air passengers has gone up by 14 percent, the sale of telephones has also seen a growth of 14 percent and the sale of tractors has gone up by 34 percent. He asserted, “this happens when people have faith in the government and they know that the economic condition of the country is sound.”

PM Modi added, “Today, financing is not limited to banks so you can clearly see the difference our government has made in three years.”

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