Our goal is not a mirage, USD 5 trillion economy achievable: PM


New Delhi, Prime Minister Narendra Modi on Friday asserted the India Inc. should become fearless in taking decisions and making investments and assured them of all government backing.Addressing an ASSOCHAM annual conference here, Mr Modi said,'We have worked hard to improve our economy. Our focus is to achieve USD 5 Trillion now. We are not afraid of challenges as we have the capability to do it'.

A strong foundation has been laid for achieving this target, he stressed, adding that there has been constant improvement in India's ranking in Ease of Doing Business in the past three years.'You climb up the 'Ease of Doing Business' rankings when you work hard day and night, when you bring about a change in the policies, starting from the ground 5-6 years back, our economy was heading towards disaster. Our government stabilised it and made efforts to bring discipline into it. We've paid attention to fulfilling the decades-old demands of the industry,' he said.

The credit for achieving the success goes to the people of the country, he maintained. The Prime Minister said the government has tried to formalise most of the sectors of the economy. 'We are also moving forward by using technology to modernise and speed-up the economy,' he said.Banking system of the country has improved, he said, adding that 'we have put an end to government interference in banking.'

'Now, there's no criminal act for mismanagement of certain rules in Companies Act. To bring transparency, efficiency, and accountability in the system, we are moving towards faceless tax administration'. Upgradation for global competition necessary, Mr Modi maintained. Associated Chambers of Commerce and Industry of India (ASSOCHAM) have completed 100 years this year. Earlier, Mr Modi released the industry body's postal stamp.

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