Thus spoke Modi on economy

The cash to GDP ratio has come down to 9 percent, from 12 percent before demonetisation, said the prime minister

GN Bureau | October 5, 2017


#Economy   #Narendra Modi Speech   #Narendra Modi   #GDP  


Prime minister Narendra Modi strongly defended the fundamentals of the Indian economy, gave a befitting reply to critics and cautioned against people who spread pessimism in his speech at the inauguration of the Golden Jubilee Year of the Institute of Company Secretaries of India.

Here are the highlights of Modi’s speech:
 

  • There are a few people in our country who attempt to weaken the honesty of our social structures, and lower the nation's dignity. The government is working towards cleansing the system of such elements.
  • As a result of the efforts of the government, the economy is functioning with less cash. The cash to GDP ratio has come down to 9 per cent, from 12 per cent before demonetisation.
  • In the past the growth rate had fallen below 5.7 per cent. The low growth rates, on those occasions, had been accompanied by higher inflation, higher Current Account Deficit and higher fiscal deficit.
  • The government is committed to reversing this trend of the decline in growth in the previous quarter.
  • Several important reform related decisions have been taken and this process will continue.
  • The country's financial stability will be maintained.
  • A premium would be placed on honesty, and the interests of the honest would be protected.
  • Businessmen and traders now returning to mainstream may be worried that old records will be checked. We will not allow that to happen. I welcome you now, leave the old things behind and do not be worried. I am with you in the future.
  • People now think fifty times before dealing in black money.
  • There are many Shalyas (a character in Mahabharata) today. They spread pessimism and get a good night’s sleep only after they spread gloom and hopelessness.
  • 87 small and big reforms have been carried out in 21 sectors.
  • Care is being taken to ensure that savings accrue to the poor and the middle class, even as their lives change for the better.
  • Won’t let the present problems jeopardise the future of the country.



Click here to read the full speech


 

Comments

 

Other News

Ajay Singh is president’s press secretary

Ajay Kumar Singh, who has been the editorial director of Governance Now, has been appointed the press secretary of the president of India. The decision was made by the Appointments Committee of the Cabinet headed by prime minister Narendra Modi on Monday. The appointment will be on contract

Amit Shah on India’s languages: What else he said

Home minister Amit Shah’s remark on the need for a single national language has rightly sparked a debate, but the headlines missed much in his speech about language, culture, and identity. Giving away Rajbhasha Gaurav Puraskar and Rajbhasha Kirti Puraskar awards on the occasion of Hin

On A Personal note with musician Apache Indian

Renowned British singer, songwriter and reggae DJ, Apache Indian (originally known as Steven Kapoor) shot to fame with his style of music which came to be known as bhangramuffin (also called bhangragga) – a mix of bhangra, reggaemuffin and traditional dance hall in the early 1990s. His style changed

Traffic fines: Find the sweet spot between penalty and self-goal

When close to five lakh people are killed in road accidents every year in India, road transport minister Nitin Gadkari should have been complimented on his not-so-populist move to impose higher fines for traffic violations. Instead, many people are unhappy and several states – mostly ruled by the BJP

A unique project gives new life to a chaotic Mumbai fishing village

Traditional fishermen or Kolis; synonymous with feasting, song and dance; are the original inhabitants of Mumbai. For generations, they have loved their vocation and prided in it. But their work and lifestyle are facing threats from reclamation, land acquisition by builders, lack of sustainable fishing pra



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter