5 Trillion Dollar Economy is achievable: Prime Minister Modi

Prime Minister Narendra Modi on Friday said that the goal of achieving the 5 Trillion Dollar Economy is achievable.

He was participating at the inaugural session of the Hundred Years of ASSOCHAM in New Delhi. Addressing a gathering of leaders from the Corporate World, Diplomats and others, the Prime Minister said that the idea of making India a 5 Trillion Dollar worth economy is not a sudden one.

He said that in the past five years the country had made itself so strong that it not only could set for itself such a target but also make efforts in that direction.

Modi said, “We are building the Indian Economy on two strong pillars of formalisation and modernisation. We are trying to bring in more and more sectors into the horizon of formal economy. Along with this we are linking our economy with latest technology so that we can speed up the process of modernisation”

“Now instead of several weeks it merely takes a few hours to register a new company. Automation is helping quick Trading across borders. Better linking of Infrastructure is reducing the turn-around time at Ports and Airports. And these are all examples of a modern economy,” he said.

“Today we have a Government that listens to the Industry, understands its needs and which is sensitive to its suggestions,” he added.

The Prime Minister said that the country could make a significant jump in the rankings of Ease of Doing Business due to a sustained effort.

Modi also emphasised the efforts being made towards a faceless Tax Administration in the country in order to reduce the human interface between the tax payer and the authorities.

“In order to bring about transparency, efficiency and accountability in the Tax System, we are moving towards a faceless Tax Administration”, he said.

Prime Minister said that the Government has decriminalised several laws in the Corporate Sector in order to reduce the burden and allow the industry to function in a fearless ecosystem.

PM Modi said that the Corporate Tax at this time in the country is the lowest ever and this would propel a boost in the economic growth.

He also spoke about the efforts being made towards bringing about Labour Reforms.

He said with this overall all-round positivity the economy is propelling towards a 5 Trillion Dollar target. Prime Minister said that the Government would invest 100 Lakh Crore Rupees in the infrastructural sector and another 25 Lakh Crore Rupees in the Rural Sector in order to provide support to achieve the target.