The government is working to take Indian economy past the $ 5-trillion mark in the next few years, Prime Minister Narendra Modi said on Sunday. Addressing global and domestic investors at Magnetic Maharashtra, an investors’ meet organised by the state government, Modi said that when India entered the one-trillion-dollar club, it hit headlines. But owing to scams in the next few years, what took centre stage was the country being classified as among the Fragile Five economies. “Today, once again we hear about India’s efforts to achieve five-trillion-dollar growth by 2025. Now, this confidence has come from development policies which are growth-oriented and investor-friendly. It also reflects the visionary leadership and efforts of the government and its positive impact on the people,” he said.
At $ 2.5 trillion, India is now the sixth largest economy in the world behind the US, China, Japan, Germany and the UK. He said, “The New India is to accommodate the aspirations of the people and usher in a transparent and accountable ecosystem.” He added that in a span of three-and-a-half years, “we have brought a new work culture”. Lauding Chief Minister Devendra Fadnavis, he said Maharashtra’s leadership in industries and infrastructure will make it the first trillion-dollar-economy state of the country.
Among the projects that drew his attention were the Samruddhi Corridor, the proposed Navi Mumbai International Airport and the Mumbai Trans Harbour Link. The Delhi-Mumbai Industrial Corridor, he said, has been enlisted among the ten best projects globally.
“The budgets are no longer confined to outlays and output, but transcend to outcomes. The government has provided additional Rs 1 lakh crore for rural growth and economy. We have initiated major reforms in the agriculture and rural sectors in the last two successive years. In the present budget our focus was health and clean energy,” he said.
Referring to the policy reforms, Modi said: “We have abolished 1,400 laws which were obsolete. And instead we are moving towards simplifying the procedures and rules which are people-centric.”
On the first day of the conclave, Dubai-based Bin Zayed Group committed to a direct infrastructure investment of US $ 7 billion in Fadnavis’s pet project, the Mumbai Nagpur Samruddhi Corridor. The 711-km corridor is aimed at cutting travel time between Mumbai and Nagpur to just six hours. Several industrial development nodes have been proposed along the corridor, especially in lesser developed pockets in Vidarbha and Marathwada.
The ambitious project of setting up a pod-based high speed mass transit network between Mumbai and Pune was also flagged off, with the government signing an “intent agreement” with British billionaire Richard Branson-led Virgin Group for building a hyperloop network between the two cities. Branson, who was at the event, said, “I’m incredibly excited about the potential to transform not just transportation but wider society.”