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PM Narendra Modi's speech at The Economic
Some of you may recall what I have said before that true
reforms are those which result in transformation in the lives of citizens .
As I have said before my goal is reform to transform . Let
me start with the basics . What should be the basic guiding principles of
economic policy in any country
I am very happy to be here today .
The global economy is
going through a period of uncertainty .
At a time like this I
am glad that so many participants not only from India but also from abroad have
taken the time to come here .
I am sure all of us
in India will benefit from the experience of other countries . I will take this
opportunity to present to you some of my thoughts on the progress of the Indian
economy and on the business environment in India .
Firstly we have to improve the use of our natural and human resources to
increase the value addition we can get from them .
This means increasing
the efficiency in allocation of resources .
It means greater
managerial efficiency . It means removing unnecessary controls and distortions
.
Secondly we should create new opportunities for citizens to progress and also give them a choice of opportunities . Opportunity is like oxygen to the aspirational citizen and we are keen that this is never in short supply . In simple terms it means Sabka Saath Sabka Vikas .
Thirdly we have to increase the quality of life of the common citizen and even more so the quality of life of the poor .
Secondly we should create new opportunities for citizens to progress and also give them a choice of opportunities . Opportunity is like oxygen to the aspirational citizen and we are keen that this is never in short supply . In simple terms it means Sabka Saath Sabka Vikas .
Thirdly we have to increase the quality of life of the common citizen and even more so the quality of life of the poor .
Quality of life may
have an economic aspect, but it is not economics alone. If a government is
progressive, and runs an honest and efficient administration, the biggest
beneficiaries are the poor. I know from my experience, that poor governance
hurts the poor more than it hurts others. Therefore, improved governance is as
important as economic reform.
We live in a globally connected world. Actions of one country affect another. Such actions are not only based on trade and investment but also in matters of pollution and environment. A poet had said that no man is an island. Today it can be said that no country can live alone. It is often said that all politics is local. To me, all economics is global. Indeed the distinction between domestic affairs and foreign affairs is increasingly losing relevance. For a country in the modern day, it is not sufficient that its economic policies should only address its domestic priorities. To me, India's policies must be such that they make a positive contribution to the rest of the world.
Many of you are aware of the contribution India can make to the global economy at a time of economic stagnation in many parts. For the last four quarters, India has been the fastest growing large economy in the world. In 2014-15, India contributed 7.4% of global GDP in purchasing power terms. But it contributed 12.5% of global growth. Thus its contribution to growth is 68% higher than its share of the global economy. FDI in India has increased by 39% in the last 18 months, at a time when global FDI has fallen.
But a country's contribution goes beyond economics. Protecting our planet from climate change is one of the most important tasks for this generation. If one country reduces its environmental footprint, it creates benefits for all others. It is for this reason that in the COP 21 Summit, India made far reaching commitments towards the larger welfare of the planet. In history, every country that has grown has increased its per capita emissions footprint.
We live in a globally connected world. Actions of one country affect another. Such actions are not only based on trade and investment but also in matters of pollution and environment. A poet had said that no man is an island. Today it can be said that no country can live alone. It is often said that all politics is local. To me, all economics is global. Indeed the distinction between domestic affairs and foreign affairs is increasingly losing relevance. For a country in the modern day, it is not sufficient that its economic policies should only address its domestic priorities. To me, India's policies must be such that they make a positive contribution to the rest of the world.
Many of you are aware of the contribution India can make to the global economy at a time of economic stagnation in many parts. For the last four quarters, India has been the fastest growing large economy in the world. In 2014-15, India contributed 7.4% of global GDP in purchasing power terms. But it contributed 12.5% of global growth. Thus its contribution to growth is 68% higher than its share of the global economy. FDI in India has increased by 39% in the last 18 months, at a time when global FDI has fallen.
But a country's contribution goes beyond economics. Protecting our planet from climate change is one of the most important tasks for this generation. If one country reduces its environmental footprint, it creates benefits for all others. It is for this reason that in the COP 21 Summit, India made far reaching commitments towards the larger welfare of the planet. In history, every country that has grown has increased its per capita emissions footprint.
We are
committed to re-writing that history. We are committed to reducing the emission
intensity of our GDP by 33% by 2030 even while growing at a fast pace. For a
country which is already at a very low base of per capita emission, this is a
very ambitious target. We have committed that by 2030, 40% of our electric
power capacity will be from non-fossil fuel. We have also committed to building
an additional carbon sink of over 2.5 billion tonnes of carbon dioxide
equivalent. This will be done by creating additional forest cover by 2030. 
This
commitment is from a country with a very low per capita land availability. We
have taken the lead in launching an international solar alliance, involving 121
countries falling between the Tropic of Cancer and the Tropic of Capricorn.
This initiative will help many developing countries, from Africa to South
America, to take advantage of developments in renewable energy around the
world.
Let me now return to the three policy objectives I mentioned. I will start with the performance of Indian economy. Economists talk about GDP growth, inflation, investment, and the fiscal deficit as key economic parameters. Since this government took office, growth has increased and inflation has decreased. Foreign investment has increased and the fiscal deficit has decreased. And despite a slowdown in global trade, the balance of payments deficit has also decreased.
Yet, such broad statistics give only a partial picture of what we are attempting, and what we are achieving. It is often said "the devil is in the detail". But I believe that God is in the proper execution of many so-called details. It is these so-called details which, when done well, add up to a big picture.
You may be interested to know that
India's highest ever urea fertiliser production was achieved in 2015
India's highest ever production of ethanol as blended fuel, benefiting sugarcane farmers, was in 2015
The highest number of new cooking gas connections to the rural poor was achieved in 2015
India's highest ever output of coal was achieved in 2015
India's highest ever generation of electricity was achieved in 2015
India's highest ever quantity of cargo handled by major ports was in 2015.
India's fastest average turnaround time in ports was in 2015
India's highest ever increase in railway capital expenditure was achieved in 2015
India's highest ever number of new highway kilometres awarded was in 2015
India's highest ever production of motor vehicles was achieved in 2015
India's highest ever software exports were achieved in 2015
India's highest ever rank in World Bank Doing Business Indicators, was achieved in 2015
Let me now return to the three policy objectives I mentioned. I will start with the performance of Indian economy. Economists talk about GDP growth, inflation, investment, and the fiscal deficit as key economic parameters. Since this government took office, growth has increased and inflation has decreased. Foreign investment has increased and the fiscal deficit has decreased. And despite a slowdown in global trade, the balance of payments deficit has also decreased.
Yet, such broad statistics give only a partial picture of what we are attempting, and what we are achieving. It is often said "the devil is in the detail". But I believe that God is in the proper execution of many so-called details. It is these so-called details which, when done well, add up to a big picture.
You may be interested to know that
India's highest ever urea fertiliser production was achieved in 2015
India's highest ever production of ethanol as blended fuel, benefiting sugarcane farmers, was in 2015
The highest number of new cooking gas connections to the rural poor was achieved in 2015
India's highest ever output of coal was achieved in 2015
India's highest ever generation of electricity was achieved in 2015
India's highest ever quantity of cargo handled by major ports was in 2015.
India's fastest average turnaround time in ports was in 2015
India's highest ever increase in railway capital expenditure was achieved in 2015
India's highest ever number of new highway kilometres awarded was in 2015
India's highest ever production of motor vehicles was achieved in 2015
India's highest ever software exports were achieved in 2015
India's highest ever rank in World Bank Doing Business Indicators, was achieved in 2015
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