Explaining India's roadmap to becoming a $5 trillion economy, PM Narendra Modi, on Wednesday, unveiled his plan for the next five years, in the Q&A session at Bloomberg Global Business Forum (GBF) in New York. When asked about the Indian economy's success story, he added that India must reform its systems according to the global benchmark. Talking about India's business focus, he said that investor safety was an area of interest. PM Modi had delivered the keynote speech at the plenary of the GBF.
"I agree that in today's world no one can do isolated business. We are passing through the era of interdependency. We have to work according to the global benchmark. First, we have to attach all the laws, institutions, governance, efficiency according to the global benchmark, so that the world feels an ease of access and increases their trust (on us). To do this, the reforms needed in the law are being done by us. Secondly, we are focussed on investor's safety - they should receive their returns," he said.
Talking about the two areas setting India apart, he listed democracy and India's English judiciary. He stated that the judiciary's practice to function in English helps businessmen to easily interpret the laws in case of disputes. He added that this was true irrespective of which nation the businessman belongs to. He said that these factors played in India's favour.
"In this matter, two things set India apart from the world - democracy and other is our judiciary functioning in English. Due to this, if an investor has any dispute, these two systems give him confidence. The advantage of having judiciary in English helps ease in interpretation. Irrespective of whether a person is in the US or UK, the interpretation is the same as that done in India. Language is playing a major role which is favourable to us," he added.
Talking about the various sectors which would play a role in his $5 trillion economy aim, he stressed on infrastructure, healthcare, and agriculture as the main areas of focus. He said that his government plans on building airports, roads, trains, electric networks, houses etc. Explaining India's 'Ayushman Bharat', he talked about various investment opportunities and job-creation due to the scheme. Unfolding India's aim to be the world's food basket, he talked about promoting agriculture and food-processing.
"First- we wish to take our infrastructure to the next level. We wish to construct new airports, increase the speed of our trains, complete electrification and (better) roads. We wish to give homes to all our families. In a way, Infrastructure is one of our priority sectors. Secondly, we are focussed on value-addition. We wish to take our agriculture towards food processing. If we try, India can become a 'food basket.' We wish to prioritize organic farming, due to which the world's market in healthcare can be tapped by us," he said.
Promoting Start-up India and Digital India, he added, "Recently, we have started the world's biggest health assurance scheme. Through Ayushman Bharat - we are giving health assurance to more number of people in America, Canada and Mexico put together. This has provided me with the opportunity to build more than 2000 new hospitals in India, which is an assured income. We are moving towards Digital India. In more than 600 villages, we ave laid optical fiber to provide for this. We are promoting Start-Up India, which has made us third rank in start-up economies."
He concluded by saying that all these moves initiated by the Centre, will build India's story of achieving $5 trillion dream. PM Modi unveiled his plan at the Bloomberg Global Business Forum which is an annual public-private gathering alongside the United Nations General Assembly (UNGA) convening hundreds of CEOs and heads of state and government.
"The result of all these moves will be accelerated growth in our economy. We have had experience in the past five years of moving from $2 trillion to $ 3 trillion. Hence I do not feel it is out of our reach to reach $ 5 trillion. We are already on this journey," he said.
The $ 5 trillion economy dream of the BJP government was first revealed in the BJP manifesto released on April 8. The manifesto paved a plan for India to become a 5 trillion dollar economy, jumping ranks from being the 6th largest economy in the world to the 3rd. The areas of focus mentioned in the manifesto were Tax Policy and GST, Yoga, Infrastructure, Make in India, Micro, Small and Medium Enterprises, Entrepreneurship, Tourism, and International trade. To achieve this aim, the Economic Survey and the Union Budget predicted that a GDP growth rate of 8% must be maintained with a focus on savings, investment supported by the private industry as a 'key demographic" in creating jobs. The $ 5 Trillion aim has been promoted by PM Modi in many of his public addresses, latest - in his Independence Day address on August 15.