PM wants startups to power India’s $10 trillion economy dream

New Delhi: Prime Minister Narendra Modi Sunday laid out his vision for making India a $10-trillion economy, and the third-largest in the world, saying he wants the nation to have countless startups, and be a global leader in electric vehicles.

Speaking at the Global Business Summit in New Delhi, the PM said his government inherited an economy in complete policy paralysis, plagued by runaway inflation and rising current account deficit. Reforms in the last four and half years have changed the picture. “Change is clearly visible today,” he said.

BJP-led NDA rule witnessed highest post-liberalisation growth rate of 7.4 per cent, and lowest inflation of less than 4.5 per cent, he said adding that reforms like goods and services tax (GST) have laid solid foundation for higher gross domestic product (GDP) growth.

Having missed the past three industrial revolutions, India, he said, is an active contributor to the fourth revolution.

“What happened in the past is not in our hands, but what will happen in the future is firmly in our hands,” he said recounting the steps taken by his government to improve the economy.

He credited the progress made to the support and partnership of the people of the country, saying the progress made since 2014 has given him confidence that nothing is impossible.

“Namumkin ab mumkin hai (impossible is now possible),” he said. ‘Namumkin ab mumkin hai’ is BJP’s slogan for the 2109 general elections.

“For decades, a narrative was made that certain things are just impossible in India. It was said that making a clean India was impossible, but the people of India are making it possible. It was said that a corruption-free government in India was impossible, but the people of India have made it possible.     

“It was said that it is impossible to remove corruption from the process of giving people their dues, but people of India are making it possible. It was said that it is impossible for the poor to leverage the power of technology, but the people of India are making it possible.

“It was said that removing discretion and arbitrariness in policy making was impossible, but people of India are making it possible. It was said that economic reforms in India were impossible, but the people of India are making it possible. It was said that governments cannot be pro-growth and pro-poor at the same time, but people of India are making it possible,” he said.

Highlighting his government’s industry-friendly policies, he said a business with a turnover of up to Rs 40 lakh does not have to register for GST, one with a turnover of up to Rs 60 lakh does not have to pay any income tax and a business with a turnover up to Rs 1.5 crore is eligible for the composition scheme.