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TimesofIndia Business International

Wealth creators are India’s wealth, shouldn’t be eyed with suspicion: PM Modi

NEW DELHI: Standing up for the India Inc, Prime Minister Narendra Modi on Thursday said wealth creators should not be eyed with suspicion and that they are country’s wealth and should be respected.

Addressing the nation from the ramparts of the Red Fort here on the 73rd Independence Day, he said wealth creation is a great national service.

“Let us never see wealth creators with suspicion. Only when wealth is created, wealth will be distributed,” he said. “Wealth creation is absolutely essential. Those who create wealth are India’s wealth and we respect them.”

This is not the first time that PM Modi has stood up for corporate India.

In July last year, Modi had stated that he was not scared to be seen with industrialists as his conscience was clear and that they too had contributed to the development of the country.

In October 2018, he had stated that he does not believe in the culture of criticising industry and corporates, he believes, are doing exemplary social work alongside their business.

The Prime Minister also committed to a five-year vision of investment-led growth, saying a massive Rs 100 lakh crore will be spent on developing infrastructure that will help in achieving the target of $5 trillion economy.

Exuding confidence of achieving the target of $5 trillion, Modi said fundamentals of the economy are strong and a stable government coupled with predictable policies can become a catalyst including in attracting other nations to invest in India.

“We are targeting a $5 trillion economy. Many think it is difficult. But if we don’t do difficult things how will we progress?” he asked. “It took 70 years to reach $2 trillion economy size, and in the last one year alone we added $1 trillion. And this gives us confidence that in the next 5 years, we can take it towards $5 trillion,” Modi stated.

This goal can be achieved through investing more, particularly, in infrastructure, he added.

He further said the world is eager to trade with India. “Over the years we watched people making India a market (for their products). We too should reach the markets of the world. Why can’t every district be an export hub?… If we aim for the global markets and make local products attractive, it will give employment to our youth.”

The country’s economic growth accelerated in the first few years of Modi 1.0 regime, even breaching 8 per cent in 2016 and 2017, and the government was able to push through major reforms, including the introduction of a harmonised goods and services tax.

However, the growth rate has since then slowed to a five-year low of 5.8 per cent in January-March 2019, consumer confidence has waned and foreign direct investment (FDI) has plateaued.

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