Prime Minister Narendra Modi delivered the keynote speech at inaugural Republic TV Summit 2018 on the theme 'Surging India' on Tuesday. Following PM Modi's keynote address, Sanjeev Sanyal, Principal Economic Adviser in the Finance Ministry, spoke about the development in the Indian economy over the past years.
"I think Prime Minister Modi reiterated his visions from the new India which breaks away from an India that was based on patronage and rent-seeking to one that is now based on the rule of the law. An enormous amount of progress has been made in the few years which he talked about. Just go back five years ago, India was suffering from high inflation, fiscal deficits were in problem, current account blowing up and credit was expanding at an irresponsible rate. Much of these have been brought into control now. For eg, fiscal deficit is under control for several years now. Credit growth has been slowed down and the banks have been cleaned. Now we are at a stage where we will be able to sustain expansion with responsibility."
He went onto add that while the imposition of reforms like GST were painful at the start, with the necessary developments, India continued to be one of the fastest growing economies in the world:
"This is a huge change and all of it was about imposing order. Some painful and difficult reforms like GST and the insolvency in the bankruptcy code, all of which are destructive changes. And despite that, we continue to be one of the fastest growing economies in the world. Prime Minister was quite right in pointing out that not everything is perfect. If you want Surging India then these changes are necessary. Next 25 years are about a different set of reforms. We will do the things that India should be doing, like reforming the legal system."