True Reforms Are Those Which Transform Lives of Citizens": PM Modi at Global Business Summit 2016

Reaffirms confidence in enormous potential and opportunities India has to offer

The Hon’ble Prime Minister of India, Shri Narendra Modi inaugurated the ‘Airtel and The Economic Times Global Business Summit’ today at Hotel Taj Palace in New Delhi. In his inaugural speech, the Prime Minister spoke on the progress of the Indian economy and the business environment in India, emphasizing the need for further reforms that can transform the lives of the citizens.

Addressing a big gathering of business and political leaders, policymakers and economic thinkers from over 10 countries, the Prime Minister articulated that the need to improve governance is as important as economic reform. He opined, “If a government is progressive, and runs an honest and efficient administration, the biggest beneficiaries are the poor. We have to improve the use of our natural and human resources. We should create new opportunities for citizens to progress and also give them a choice of opportunities. Opportunity is like oxygen to the aspirational citizen and we are keen that this is never in short supply. Thirdly, we have to increase the quality of life of common citizens, and more so of the poor.”

Highlighting the policy objectives achieved by his government, he added, “Economists talk about GDP growth, inflation, investment, and the fiscal deficit as key economic parameters. Since this Government took office, growth has increased and inflation has decreased. Foreign investment has increased and the fiscal deficit has decreased. And despite a slow-down in global trade, the balance of payments deficit has also decreased. Yet, such broad statistics give only a partial picture of what we are attempting, and what we are achieving. It is often said “the devil is in the detail”. But I believe that God is in the proper execution of many so-called details. It is these so-called details which, when done well, add up to a big picture.”

Following are the key highlights from his speech at the Economic Times Global Business summit:

* India contributed 7.4% of global GDP in purchasing power terms in 2014-15 but 12.5% of global growth. Thus, its contribution to growth is 68% higher than its share of the global economy
* FDI increased by 39% in 18 months, even while global FDI has fallen
* In less than 2 years, India has reached the top in foreign investments and growth
* 65 lakh people have voluntarily surrendered their LPG subsidy
* India is committed to reducing the emission intensity of its GDP by 33% by 2030
* Create opportunities for cities and towns to grow, which is very crucial. A key initiative for urban transformation is the Smart City Mission
* Special emphasis on empowering SC/ST and women to become masters of their own destinies
* Highest ever levels achieved in 2015 across parameters - new cooking gas connections, coal production, power generation, rail capital expenditure, highway kilometers awarded, motor vehicle production, software exports, foreign exchange reserves and ease of doing business ranking, amongst others

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Times Conferences Ltd., functional under the brand name ET Edge, is an Economic Times initiative founded to empower multiple industries and segments by sharing critical business knowledge through strategic conferences and summits. Encompassing the Indian business vista, ET Edge strives to bring together visionaries and key leaders on its knowledge platforms to create social and business ecology conducive to the positive changes required by the industry. The main aim of this initiative is to channel global business intelligence through summits and conferences in overarching lectures, hands-on workshops, panels, roundtables and case studies.

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