Economy has moved from policy paralysis, scams & corruption to bold, transparent decisions: Amit Shah

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Home Minister Amit Shah has expressed hope that by 2024, India will become a five trillion dollar economy with a place among the top five global economies.

Mr Shah said this while delivering a keynote address at the Economic Times Awards for Corporate Excellence in Mumbai yesterday. He said, the Indian Economy has moved from the era of policy paralysis, scams and corruption pre-2014 to an era of bold, transparent and decisive decision making under the Narendra Modi Government.

The Home Minister said, the last 5 years were of the detoxification of the economy and in the next five years a series of reforms will be taken to make India one of the most powerful economies of the world.

The Home Minister asserted that the current slowdown in the economy is a temporary phase. Mr Shah said, the Indian Industry which contributes 60 percent of Gross Domestic Product (GDP) to economy will join with the vision of Narendra Modi Government to make India a five trillion dollar economy by 2024. He expressed hope that Indian Industry and Indian Market will tide over this temporary crisis despite slowdown.

The Home Minister assured the industry that the government is standing solidly behind them and is tackling all the challenges in a proactive fashion. He said, India is already a destination of global companies due to its huge market and Foreign Direct Investment (FDI) is at record level at present.

The Minister said, in 2014, India was the 11th economy in the world, but in the last 5 years it has jumped to the 7th position. He expressed hope that by 2024, the country will hold a position in the top five global economies.

The Home Minister said, the government is committed to strengthen the Industry and the Trade. He also said that a series of labour reforms are in the offing. Referring to the World Bank’s Ease of Doing Business ranking, Mr Shah said, he is confident that by 2024, India will be counted among the 30 most business-friendly nations in the world.

Mr  Shah said, the decision to not join the Regional Comprehensive Economic Partnership (RCEP) was taken in the interest of Industry as India already has Free Trade Agreements with China, Australia and New Zealand.