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Addressing the annual session of the PHD Chamber of Commerce and Industry here, Shah said by 2047, due to the “remarkable” initiatives taken by the Modi government, India will emerge as one of the most developed countries in the world.
He said ever since Prime Minister Narendra Modi assumed charge in 2014, the government has brought reforms in various sectors resulting in infrastructure upgradation, improved connectivity, digital economy, expansion of railway networks, setting up of manufacturing industries for semi-conductors, and electric vehicles among others.
“We have brought reforms and economic development to the country. During this period, not a single corruption charge has been levelled against our government. This was acknowledged even by the opposition,” he said at the session on ‘Developed India @2047: Marching Towards the Peak of Progress’.
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He said when Modi took charge, there was a “policy paralysis” which was ended swiftly with decisive actions within a very short term. Modi replaced it with “policy of performance”, he said.
Shah said India was once described as a “Fragile Five” economy but the Modi government took the country out of that situation and now the IMF calls it a “bright spot”.
“Fragile Five” is a concept used by a financial analyst at Morgan Stanley in August 2013 to describe emerging market nations that have grown overly reliant on risky foreign investment to fund their growth aspirations. It named Indonesia, Brazil, Turkey, India, and South Africa as the five “fragile” countries.
The home minister said 10 years ago, India was a country of double-digit inflation but now it has become a country of double-digit growth.
Referring to the various welfare schemes launched for the marginalised sections in the last 10 years, Shah said the Modi government has been providing free food grains to 80 crore people, five crore people have been given free housing, 12 crore toilets have been constructed, 11 crore people have been given free electricity connections and 15 crore people potable water.
The home minister said India was a market of 50 crore people as rest of the 80 crore people were busy in earning their daily bread and butter and had no purchasing power.
However, the Modi government has ended these issues of 80 crore people by providing them free food grains and India is now a market of 130 crore people, he said.
Shah said in the next 25 years, India will become a global leader in all sectors like manufacturing, the semiconductor industry, electric vehicles, digital economy and the Modi government has been working sincerely in this direction