PM Narendra Modi Takes Metro Ride To Dwarka Event

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Prime Minister Narendra Modi said on Thursday the size of Indian economy will double to USD 5 trillion by 2022 with manufacturing and agriculture contributing USD 1 trillion each

Written By Press Trust Of India | Mumbai | Updated On:

Prime Minister Narendra Modi took a ride in the Airport Express Metro from Dhaula Kuan to Dwarka on way to lay the foundation stone of India International Convention and Expo Centre on Thursday. Official sources said the ride was completed in 18 minutes. The Prime Minister lay the foundation stone of India International Convention and Expo Centre at Sector 25, Dwarka. Modi has been using the Metro service to reach distant venues to avoid traffic jams which occur during VVIP movement.

Later in the day, Prime Minister Narendra Modi said the size of Indian economy will double to USD 5 trillion by 2022 with manufacturing and agriculture contributing USD 1 trillion each.

Speaking at the foundation laying ceremony of India International Convention and Expo Centre here, he cited this week's announcement of merger of Dena Bank, Vijaya Bank and Bank of Baroda to create the country's third largest lender to say that the government will not shy away from taking tough decisions in the national interest.

Indian economy, he said, will grow at over 8 per cent rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamental of the economy are strong, he said.

The government's push for Make-in-India has led to 80 per cent of mobile phones currently in use being manufactured within the country, helping save Rs 3 lakh crore in foreign exchange. The government, he said, has courage to take bold decisions. 

Besides banks' merger, he cited the rollout the Goods and Services Tax (GST), which amalgamated 17 central and state taxes, among the bold measures taken by the government.

Earlier this week, The government said state-owned Bank of Baroda, Vijaya Bank and Dena Bank will be merged to create the country's third largest lender as part of efforts to revive credit and economic growth.

The move follows top lender State Bank of India last year merging with itself five of its subsidiary banks and taking over Bharatiya Mahila Bank, catapulting it to be among top 50 global lenders.

Announcing the plan, Finance Minister Arun Jaitley said consolidation was always part of the government's agenda and the merger of associate banks last year was a step in that direction.

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