INSUBCONTINENT EXCLUSIVE:
New Delhi: Prime Minister Narendra Modi on Thursday said the fundamentals of the Indian economy were strong and had inherent capability for
higher growth rates.Replying to the debate in Rajya Sabha on a motion thanking the president for his address to the joint sitting of both
houses of Parliament, he said there was no reason for being despondent.Rejecting pessimism over the target of nearly doubling the size of
the economy to $5 trillion, he said aspirational targets were needed to move ahead."There is no question of thinking small
Pessimism and gloom do not help us
We talk about a $5-trillion economy
Yes the aim is ambitious, but we have to think big and think ahead," he said, adding his government is focusing on infrastructure
development, small businesses, textiles, startups, and tourism.PM Modi said the focus on 'Make in India', his government's flagship scheme
to boost domestic manufacturing, is yielding results
Also, tax compliance is being simplified to make it easier to do business in the country.On Goods and Services Tax (GST), which from July
2017 amalgamated 17 different central and state taxes, he said frequent changes were a reflection of federal structure of the country and
showed the government was willing to improve the law.On Gujarat opposing GST when he was the chief minister, Modi said he had wanted
concerns of manufacturing-states such as Tamil Nadu, Maharashtra to be addressed before rolling out of tax regime
These concerns, he said, were addressed when his government came to power, ensuring rollout of the landmark tax reform.
