Prime Minister Narendra Modi has made a strong re-election pitch to corporate India as he drew contrasts between the governance styles of Congress and his party, saying competition for corruption in the previous regime had been replaced by highest growth rate and lowest inflation of post-liberalisation era. Speaking at the Economic Times' Global Business Summit, Modi elaborated on his vision for making India a $ 10 trillion economy and the world's third largest is one where the country has countless startups and is a global leader in renewable energy sources and electric vehicles.
In a blistering attack on governance under UPA, he said there was a “competition between ministries, a competition between individuals, a competition on corruption (and) a competition on delays.” Modi said, “There was competition on who could do maximum corruption, there was competition on who could do the fastest corruption, there was competition on who could do most innovation in corruption.” He also added that there was competition on where more money could be made, in coal allocation or spectrum allocation, in commonwealth games or in defence deals. “We all saw that and also know who were the main players involved in this competition,” he said.
The PM also said that under the present regime, all this has been replaced by a competition to attract more investment and to build houses for the poor. There is a competition to see if all habitations are connected with road first or all homes with gas connection first, as well as competition to get 100 per cent sanitation first, or 100 per cent electrification first, Modi asserted that adding there is a competition between ministries and states on development for achieving targets.
“During 2014-19, the country would register an average growth of 7.4 per cent and the average inflation would be less than 4.5 per cent. Post liberalisation of the Indian economy, this will be the highest rate of average growth and lowest rate of average inflation witnessed during the period of any government,” Modi said. He added, “It was said that governments cannot be pro-growth and pro-poor at the same time, but people of India are making it possible. The country was facing total policy paralysis (before 2014). This was preventing the economy from reaching the level which it was worthy of. The global fraternity was worried about the health of this member of the fragile-five club. There was a perception of surrender to existing circumstances.”
The PM said he wants India to become a $ 10 trillion economy and the third-largest in the world. India currently is a $2.5 trillion economy and the sixth-largest in the world. “We want to make an India of countless startups. We want to lead the global drive towards renewable sources of energy. We want to give our people energy security. We want to cut down on import dependence. We want to make India a world leader in electric vehicles and energy storage devices.”
