Make India investment magnet:PM Modi

Prime Minister Narendra Modi has asserted that his government will leave no stone unturned to make India a better business destination.

In an exclusive interview to an English daily, Prime Minister Modi said, the vision of the NDA government for the next five years is to have investment-led growth and it is targeting 100 lakh crore rupees worth of investment in the coming five years. He said, the government is working on policies to promote inflows from domestic as well as foreign sources to achieve this vision.

Prime Minister Modi added that it will entail further liberalising the country’s FDI policy, simplification of labour laws, further enhancing ease of doing business, power sector reforms, asset monetisation and asset recycling in public sector, and reforms in banking, insurance and pension sectors. The Prime Minister said the private sector must continue to believe in the India story assuring that he will do his best to make India a better place to do business. Prime Minister Modi said, the Centre is working towards long-term growth, not the kind which happened between 2008 and 2014.

Saying that setting higher goals and objectives and achieving them had been the hallmark of the NDA regime, the Prime Minister added that the Centre has laid a solid foundation for high and sustainable growth over the long run. He said, India has broken the perception that developing countries cannot grow at a higher rate for a reasonable period. He said, during the past 5 years, India witnessed the highest average growth rate with lowest average inflation. All the macro-economic parameters such as current account deficit, fiscal deficit, inflation are brought down to acceptable levels. Prime Minister Modi said this helped in restoring confidence in the economy and witnessed unprecedented FDI inflows.