India world’s brightest economic spot with high growth rate: PM Modi

28 March, New Delhi

Prime Minister Narendra Modi has said India is world’s brightest economic spot with low inflation, a low balance of payments current account deficit and a high rate of growth. He said this is a result of fiscal prudence, sound policies and effective management.

Addressing the Bloomberg India Economic Forum in New Delhi today, Modi said FDI inflow is concrete evidence of Make in India policy having effect on employment intensive sectors.

He said net foreign direct investment in the third quarter of the current financial year is an all-time record. He said FDI flow is largest in the fertilizer, sugar, and agricultural machinery sectors which are closely connected with rural economy.

The Prime Minister expressed confidence of achieving the target to double farmers’ incomes in the coming years. He said it will have strong benefits for other sectors also.

Modi said the government has introduced a big focus on irrigation with a large increase in budgets and it is taking a holistic approach which combines irrigation with water conservation. He said the centre is also focusing on provision of quality seeds and on efficiency of fertilizer use.

Modi also said his government’s goal is to transform the lives of ordinary people through administrative reforms with a focus on execution of policies. He said the layers of bureaucratic controls will be removed in new licensing and exploration policy for oil and gas blocks and there will be pricing and marketing freedom with a transparent revenue-sharing methodology.

On large corporate defaulters, the Prime Minister said government and RBI are taking tough action against them to recover dues.