My aim is to make India developed in one generation: Modi in Maharashtra

Prime Minister Narendra Modi stressed the crucial role played by financial markets for the growth of the Indian economy.

Published: 24th December 2016 03:09 PM  |   Last Updated: 24th December 2016 06:41 PM   |  A+A-


Prime Minsiter Narendra Modi. | (PTI)

By Express News Service

MUMBAI: Prime Minister Narendra Modi emphasised more on statistics and kept aside the politics while saying that his government aims at benefiting the poor and not the rich as the opposition Congress has been saying.

The Prime Minister also stressed that the government shall continue pursuing “sound and prudent economic policies” to ensure long-term good of the nation. 

“We will not shy away from taking difficult decisions, if those decisions are in the interest of the country. Demonetisation is an example. It has short term pain but will bring long term gain,” he said.

“In less than 3 years, this government has transformed the economy. We have cut the fiscal deficit target every year and also achieved it every year. The current account deficit is low. Even after the redemption of loans taken under the special currency swap in 2013, foreign exchange reserves are high. Inflation is low, running at less than 4 per cent compared to double-digit inflation under the previous government. Public investment has increased largely, even while the overall fiscal deficit has been cut. A new monetary policy framework has been introduced by law with an inflation target,” Modi said as he addressed inaugural function of the new campus of National Institute of Securities Markets (NISM) at Patalganga in neighbouring Raigad district on Saturday.

Modi said that the government was very keen to encourage start-ups while asking the markets to cater to the emerging needs of new players.

“The true measure of success is the impact in villages, not the impact in Dalal Street or Lutyens' Delhi,” he added.

“My aim is to make India a developed country in one generation. India cannot become a developed country without world class securities and commodity markets,” the Prime Minister said while appealing the students at the institute to contribute more towards achieving this goal.


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