Published 09:00 IST, October 18th 2019
PM Modi shuns Opposition on economy slowdown, assures $5 trillion aim
PM Modi shunned Opposition's claims on economy, accusing them of spreading 'negativity' in a veiled attack, further asserting on $5 trillion target of the govt.
Prime Minister Modi in retaliation to the opposition parties for targeting the government over the slowdown of the economy assured the youth that the coming years were going to be full of possibilities. He further asserted that the government is committed to make India a $5 trillion economy.
"Howsoever much somebody tries to spread negativity, I assure the youth that the coming years are full of possibilities," Modi said addressing an election rally on Thursday. He said business leaders were keen to come to India, investment has grown in five years and the country is seen as an FDI-friendly country.
"Every business leader I've had a discussion with globally is keen to come to India. The growth in investment in India in the last five years has been five times," he said.
PM Modi said the government has taken steps to boost manufacturing and start-ups and has reduced corporate tax and will do all that is needed to boost investment and secure the bright future of the youth. He said some people who look at statistics may have doubts over the government's target to be a $5 trillion dollar economy in five years but he has faith in the capability of the youth.
He said becoming a USD 5 trillion economy was a pledge aligned to the dreams of all countrymen. "The bigger the economy, the faster the speed with which we will be able to remove poverty and increase income levels," Modi said. He said those who are pessimistic should realise that Modi believes in casting a line on stone and not on butter.
Manmohan Singh on $5 trillion economy
Former Finance Minister Manmohan Singh on Thursday opined that he does not think there is any hope of the Indian economy reaching the target of $5 trillion dollars by 2024, citing a decline in the growth rate "year after year." The former Prime Minister stated that the required growth rate to reach the said target is 10-12% per annum.
"I have said this publicly before that to reach a goal of $5 trillion by 2024, as against 2.7 trillion dollars that we had in 2018, would require a growth rate of 10-12 percent per annum. What is happening in the BJP regime is that the government is faced with the prospect of a declining rate of growth year after year," Manmohan Singh said while addressing a press conference.
Manmohan Singh, the former Prime Minister last month, stressed the need for adopting a ‘well-conceived’ economic strategy. Expressing his concern over the sluggish pace of growth in the Indian economy, increasing unemployment, poor investment, distressed farmers and crisis in the banking sector, he said that democracy is not 'inimical to development' but 'increases' growth.
Updated 09:38 IST, October 18th 2019