Narendra Modi: Economy was headed towards disaster in 2014, my govt brought discipline

Amid slow down economic growth in India, Prime Minister Narendra Modi said his government brought back discipline and averted a major downturn of the Indian economy.

“Indian economy was headed towards disaster 5-6 years back. My government checked and brought back discipline,” PM Modi said at an Assocham event in New Delhi on Friday.

Highlighting his government’s economic policies, the PM said there was a new mood of innovation and enterprise in the entire country today.

“Global investors are looking at India today with renewed hope and belief,” Modi said.

He added that India is currently one of the top 10 FDI destinations in the world. “In the last few years, the speed of influx of FDI in India has increased. FDI, for me, has two meanings. I use them accordingly. One is Foreign Direct Investment, and for me, another one is, ‘First Develop India’,” Modi remarked.

“India has government, which listens to farmers, labourers and corporate world… There’s unprecedented belief on India’s ability across the world.

Not all business failures are due to frauds; failures cannot be considered crime,” Modi observed.

“We’re going to invest Rs 100 lakh crore on infrastructure in the coming years. On the rural infrastructure, we have dedicated an investment of Rs 25 lakh crore. We’ve also dedicated Rs 3.5 lakh crore to ensure drinking water to every family in the country,” Modi said.

Emphasising on the government’s efforts, Modi said that India is moving towards faceless assessment to bring transparency, efficiency and accountability in tax system.

Modi’s remarks come at a time when India’s GDP growth in the last quarter has hit a low of 4.5%.