Independence Day: India will be the source of growth for world economy for the next three decades as the ‘sleeping elephant’ has now woken up and begun to march, Prime Minister Narendra Modi said on Wednesday during his speech on India’s 72nd Independence Day. The structural economic reforms such as goods and services tax (GST) are powering the rise of India, he added. While addressing the nation from the ramparts of the Red Fort, PM Modi highlighted how once considered part of ‘fragile 5’, India’s economy became the fastest growing in the world under his government.
Before 2014, India’s economy was marred by policy paralysis and delay in much-needed economic reforms, he said. However, now the country is being seen as a destination of multi-billion dollar investment and the entire narrative has changed, he said.
The government works with the sole motto – reform, perform or transform, he said.
Before 2014, the global institutions and experts discussed about the economic bottlenecks and roadblocks when talking about India, he said. However, now the perception has completely changed and they talk about how sleeping elephant has now started running after waking up from sleep, he added. Modi was referring to the recent commentary by International Monetary Fund (IMF) that said the country is back on growth track. Backed by economic reforms India, the sixth largest economy in the world, is all poised to power the global economy and be its engine of growth for the next 30 years, Modi said.
Our government has the capacity to take tough decisions and we are not partisan, he also said. Before our government was elected, the world used to say that India’s economy is risky. Now the same institutions and people are saying that reform momentum is providing strength to fundamentals, PM Modi said.
Modi also name reforms like Goods and Services Tax (GST), bankruptcy and insolvency law and benami property which are supporting growth of Indian economy.