After inaugurating the new campus of National Institute of Securities Markets (NISM) in Raigad, PM Narendra spoke to the audience gathered there and enumerated the achievements of the NDA government as well as explained what that meant for India, especially its youth. PM said, “Constitutional amendments on GST that remained pending for years has been passed and the long awaited GST will soon be a reality.” In the wake of the demonetisation drive, PM Modi also addressed the criticism he has faced over the order and said that he will not take any decision with political gain in mind. That all his orders have the development of the country at its heart, especially long-term welfare. He added, “India is been seen as a bright spot. To see how far we’ve travelled we should look back to 2012-13 when the currency was falling sharply.” PM also said, “I wish everybody a Merry Christmas and a very Happy New Year.” Here are the top 10 key takeaways from PM Modi’s speech:
1. My aim is to make India a developed country in one generation. We will not shy away from taking difficult decisions that are in the interest of the country. Demonitisation is only short term pain for a long term gain. Govt will continue with sound economic policies to ensure India’s bright future in long run;no decisions for short term political gains.
2. The true measure of success is the impact in villages, not the impact in Dalal Street or Lutyens’ Delhi. Those who profit from financial markets must make a fair contribution to nation-building through taxes. SEBI should work for closer linkage between spot markets like e-NAM and derivatives markets to benefit farmers.
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3. Our markets should show that they are able to successfully raise capital for projects benefiting the majority. Stock markets need to raise capital in innovative ways for projects in agriculture sector.
4. My government is very keen to encourage start-ups. Stock markets are essential for the start-up ecosystem. India has earned a good name for its well regulated securities markets.
5. We have made progress and improved ease of doing business. FDI has now reached record levels. India is being seen as bright spot. To see how far we’ve travelled we should look back to 2012-13 when the currency was falling sharply.