Prime Minister Narendra Modi says will invest Rs 100 lakh crore in infra, USD 5 trillion economy target achievable

Prime Minister Narendra Modi on Thursday said his government will invest a massive Rs 100 lakh crore on developing modern infrastructure that will aid in nearly doubling size of Indian ecomy to USD 5 trillion in next five years.

dressing nation from ramparts of Red Fort in New Delhi on 73rd Independence Day, he said reforms will continue to be ushered in to help India break into top 50 countries on 'ease of doing business' ranking.

"To some target of nearly doubling size of Indian ecomy to USD 5 trillion in five years may seem difficult. But when we have in five years (of BJP rule) ded USD 1 trillion as compared to USD 2 trillion size achieved in 70 years of independence, n this target is achievable," he said.

Modi said political stability through a massive mandate for his government alongside predictable policy provides a unique opportunity for India to grow. " country shouldn't lose this opportunity," he said ding that his government has provided high growth while keeping inflation at low rate.

He referred to reforms such as Goods and Services Tax (GST) and Insolvency and Bankruptcy Code (IBC) for aiding growth process and said government will invest Rs 100 lakh crore in building modern ports, highways, railways, airports, hospitals and educational institutions.

prime minister said era of policy paralysis has ended and his government was giving policy-based governance that has helped catapult country from 142nd place among 190 nations on World Bank's ease of doing business ranking in 2014 to 77th position this year.

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Reforms will continue and procedures would be furr eased to make it easier for companies to do business in country, he said ding that efforts are on to increase size of ecomy to USD 5 trillion.

" target is to break into top 50 nations," he said.

India was ranked 142nd among 190 nations when Narendra Modi's government took office in 2014. Four years of reform pushed up India's rank to 100th in World Bank's 'Doing Business' 2018 report. It was 130th in 2017 when India was ranked lower than Iran and Uganda.

In its annual 'Doing Business' 2019 report, India secured 77th position. New Zealand tops list, followed by Singapore, Denmark and Hong Kong. United States is placed at 8th and China ranked 46th. Neighbouring Pakistan is placed at 136.

India has improved its ranking by 53 positions in last two years and 65 places in four years since 2014.

World Bank ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, tre across borders, enforcing contracts, and resolving insolvency.

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