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%.