"...BJP’s victories in the Odisha, Haryana, and Delhi assembly elections were a vindication of the trust people have in government, which is working at thrice the pace of the previous dispensation”.
- PM Narendra Modi said at the 'Economic Times Global Business Summit' in New Delhi.
PM Modi emphasized the importance of the private sector in India's economic journey towards becoming the third-largest economy.
Highlighting various reforms, including legal and banking changes, he noted the significant progress made in improving ease of doing business and reducing government interference.
The recent tax exemption increase and property rights initiatives were also mentioned.
The NDA government sees the private sector as a key partner in the country’s journey toward Viksit Bharat and becoming the third-largest economy in the world, he said.
India will march in lockstep with the rest of the world in the Fourth Industrial Revolution as the current administration has replaced fear of business with ease of doing business through reforms in the legal and banking systems, besides opening up space, defence, drone technology, renewables, and nuclear energy for the private sector and uplifting backward districts, the PM said. (reports ET)
In his first address after his successful visit to the US and France, Modi referred to the BJP’s victories in the Odisha, Haryana, and Delhi assembly elections.
He said these wins were a vindication of the trust people have in his government, which is “working at thrice the pace of the previous dispensation”.
Among the government’s top priorities are envisaging and implementing far-reaching economic reforms to transform the lives of the poor and the middle class.
“When I came for the last ET-GBS, the general elections were about to be held,” Modi said.
“I had with all humility said then that in my third term, Bharat will move at thrice the previous speed. I am satisfied that this is clearly visible and has the support of all. In June 2024, we won the Odisha assembly election, then Haryana and now… the people of Delhi have expressed their full support. This is an acknowledgement that people are moving shoulder to shoulder in this march towards a Viksit Bharat.”
He also made special mention of the increase in the tax exemption limit to Rs 12 lakh per year from Rs 7 lakh, the Bharatiya Nyaya Sanhita (BNS), banking reforms, reduction in red tape for property rights, and all-round change in aspirational districts.
"Many such aspirational districts are now inspirational," he said.
The BNS came into effect in July 2024, replacing the Indian Penal Code.
“The confidence in Bharat among nations and at the world forum today is unprecedented,” Modi said, adding that India is either at the centre of global changes or is leading them.
Along with carrying out the necessary reforms, Modi expressed his commitment to reducing the interference of the government in the lives of people.
“My government will establish a Deregulation Commission soon,” he said, echoing a theme of the Economic Survey.
** "Banking the unbanked, Securing the unsecured and Funding the unfunded has been our strategy...
# We have transformed the fear of business into the ease of doing business.
** India missed the first three industrial revolutions but is ready to move forward with the world in the fourth.
** In India's journey towards becoming a Viksit Bharat, our government sees the private sector as a key partner. 25 crore Indians have risen out of poverty in just 10 years.
The Prime Minister wondered what the state of the nation would have been had the people not “blessed” the BJP, taking aim at the opposition and its “negative politics” as well as its gradualism.
“Bharat is in the midst of a new revolution,” he said. “This would not have happened — would so many changes have taken place? The country has seen the Congress’ speed of development and the Congress’ speed of corruption...
In 2014, the Congress was planning that by 2044, India will move from the 11th to the third-largest economy in the world. This was a 30-year time period and this was the Congress speed of development.
In one decade, India is among the top five economies and I can say with full responsibility that it will be the third largest in the near future.”
The country has shed the mindset of slavery prevalent in previous regimes, the Prime Minister said, citing examples of changes that have been made to bring this to an end.
“The baggage of this tradition of slavery under the British was still being carried,” he said. “It was heard for long that justice delayed is justice denied but there was no thought given to how this could be changed. Some would not let the change take place...
A perception was spread that negativity is good for democracy.”
The increase in the zero tax limit from ₹7 lakh to ₹12 lakh will give a boost to economic activity, he said. Modi underlined that his government is proactive and sensitive and has the trust of the people. The banking sector was in a fragile state before 2014 and access to credit was difficult for the common people.
“My government carried out reforms at various levels in the banking sector,” he said. “Our strategy has been—banking the unbanked, securing the unsecured, funding the unfunded.”
Prime Minister remarked that previous dispensations avoided reforms, with a mindset of not wanting to undertake hard work. He added that today the reforms being undertaken in India was with full conviction.
He highlighted that there was rarely any discussion about how major reforms could bring significant changes to the country. He pointed out that living under the burden of colonialism had become a habit in India. Even after independence, remnants of the British era continued to be carried forward.
He cited an instance where phrases like 'justice delayed is justice denied' were heard for a long time, but no concrete steps were taken to address this issue. The Prime Minister highlighted that over time, people became so accustomed to these things that they didn't even notice the need for change.
He added that there was an ecosystem that doesn't allow discussions about good things to take place and puts energy into preventing such discussions. Shri Modi emphasized that in a democracy, it is crucial to have discussions and debates about positive things.
However, he added that a narrative has been created that saying something negative or spreading negativity is considered democratic, whereas if positive things are discussed, democracy is labeled as weak. He stressed that it was essential to come out of this mentality.
Highlighting that until recently, the penal codes in India dated back to 1860 which aimed at strengthening colonial rule and punishing Indian citizens, Modi noted that a system rooted in punishment could not deliver justice, leading to prolonged delays.
He remarked that since the implementation of the new Indian Judicial Code 7-8 months ago, noticeable changes have occurred. For example, a triple murder case was resolved in just 14 days from FIR to sentencing, resulting in life imprisonment. Similarly, a case of a minor's murder was concluded within 20 days.
The Prime Minister pointed out that in Gujarat, a gang rape case registered on October 9, 2024 saw a charge sheet filed by October 26, and today, the court has convicted the accused.
He cited another example from Andhra Pradesh, wherein a crime involving a 5-month-old child, the court sentenced the perpetrator to 25 years, with digital evidence playing a crucial role.
In another case, the e-prison module aided in locating a rape and murder suspect who had previously served time for a crime in another state, leading to a swift arrest. He said now there were numerous instances where people are now receiving timely justice.
ends
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