ET Global Summit: Key Points of PM Narendra Modi's address - Economic Times

Prime Minister Narendra Modi outlined his vision for a New Age India at The Economic Times Global Business Summit on Friday. He said the government is moving fast in framing policies and laws to promote growth and highlighted many steps taken by his government. Modi also said the objective of reforms must be to improve the welfare of the people. While acknowledging that government systems are complex and slow, he also said they need change and should become sharp, effective, fast and flexible.

Global Business Summit. This is a good platform for bringing together economists and industry leaders. I compliment The Economic Times for organising it. Over the next two days, you will debate growth and inflation, manufacturing and infrastructure, missed chances and unlimited possibilities. You will see India as a country of opportunities, unmatched across the world. I assure you that your inputs shall receive my government's highest attention.

Friends, Makar Sankranti was celebrated on 14 January. It is an important festival. It is the beginning of Uttarayan, which is considered to be a punya kaal. The Lohri festival also coincides with it. On this day, the sun begins its journey north. This marks the transition from winter to spring.

TRANSITION HAS BEGUN

The New Age India has also begun its transition — from a winter of subdued achievement lasting three to five years to a new spring that beckons.

The country had fallen into deep despair, with two back-to-back years of below 5% growth and governance at rock bottom. A series of scams — from telecom to coal — had paralysed the economy. We deviated from the dream of India as a land of opportunity. No longer can we afford the flight of capital and labour for lack of opportunity. We have to repair the damage that has happened.

Restoring growth momentum will be an uphill task. It will take hard work, sustained commitment and strong administrative action. But we can overcome the mood of despair. And we must. It is in this context that all the steps we have taken must be seen.

Friends, destiny has favoured me to serve this great nation. Mahatma Gandhi said that we should not rest until we "wipe every tear from every eye." Elimination of poverty is fundamental to me. This is at the core of my understanding of cohesive growth. To translate this vision into the reality of a New Age India, we must be clear about our economic goals and objectives.

The government must nurture an ecosystem:

.. where the economy is primed for growth and growth promotes all-round development;

.. where development is employment-generating and employment is enabled by skills;

.. where skills are synced with production and production is benchmarked to quality;

.. where quality meets global standards and meeting global standards drives prosperity. Most importantly, this prosperity is for the welfare of all.

That is my concept of economic good governance and all-round development. It is up to us to create conditions for the people of India to blossom and create this New Age India.

Friends, let me outline what we are doing to usher in this new spring. My government is moving fast in designing policies and laws to promote growth. This is where I seek everybody's cooperation.