Vision is just about achieving maximum: PM Modi This is what he said: PM: We have improved the economy by every economic indicator our economy is doing better than what we took 18 months ago. “The Gross Domestic Product (GDP) growth is up and inflation is down, foreign investment is up, current account deficit is down”, Prime Minister Modi said in his address inaugurating Delhi Economics Conclave 2015 here.
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While claiming that reforming to transform is a marathon not a sprint, the prime minister said that agriculture remains India’s mainstay in terms of providing livelihood. “It is basically Sabka Sath Sabka Vikas”, the Prime Minister said while elaborating on the financial, institutional, structural and governance reforms undertaken by the government over the last one and a half year.
The conclave is also participated by an array of Ministries and dignitaries including Finance Minister Arun Jaitley, RBI Governor Raghuram Rajan, Minister of State for Finance Jayant Sinha, Chief Economic Advisor ArvindSubramanian and Niti Ayog Vice Chairman Arvind Panagariya, Luis Henrique Paiva, former head of Brazil’s successful cash transfer scheme Bolsa Familia, Brian Forde of the Massachusetts Institute of Technology, and Paul Niehaus of the University of San Diego in the US.
“My appeal to all of you is to think beyond conventional remedies”.
Modi emphasized that the good tidings for the economy didn’t come by accident and the success was the result of a series of well thought out policies on fiscal consolidation, public investment, subsidies and expenditure management. “We have entered for the first time into a monetary framework agreement with the Reserve Bank to curb inflation”. “Thus over Rs 10,500 crore of black money from overseas has been detected and assessed”.
“I have also instructed that the performance appraisal system for Income-Tax Officers be changed”. Queries to be raised and answered on line or by email.
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Earlier, electronic returns had to be followed by a paper verification which used to take weeks to get processed, Modi said. “This is being piloted in five big cities”, Modi said.
