Time is right to create a ‘Naya Bharat’, says PM Modi

New Delhi: Prime Minister Narendra Modi on Friday said that the time was ripe to build a “New Bharat”, and pointed out that various factors were coming together to create favourable circumstances that presented a grand opportunity for the country to embark on an unprecedented development journey.

“There are occasions when everything starts to come together to build a foundation for a brighter and more robust future. I can see that the time is now,” the PM said in an address at the ET NOW Global Business Summit, stressing that the interim budget was based on principles of stability, consistency, and continuity, and gave a “Modi Ki Guarantee” that India could become the world’s third largest economy in his government’s third term.

The Prime Minister also said that the White Paper presented in Parliament a day earlier -- it highlighted the economic challenges under the previous government -- was brought out only after the situation was fixed over the last 10 years, stressing that the government chose national interest over narrow political ends.

Read more: Jagan Mohan Reddy meets PM Modi, reiterates special status demand for Andhra Pradesh

“I could have released that data 10 years back... I was stunned to see what I discovered in 2014. The economy was in tatters. There was disappointment among global investors. Had I released this data then, it could have sent a wrong signal... That would have suited me politically but national interest did not let me do that,” Modi said.

The paper said the previous government took advantage of reforms initiated when Atal Bihari Vajpayee was the prime minister and benign global conditions to exploit growth for its narrow political ends. It said the process culminated in India’s clubbing among the “Fragile Five” while non-performing assets in banks and the fiscal deficit soared, with inflation in double digits and a number of corruption scandals breaking.

Modi said the policies followed before 2014 were taking the country on the path of poverty. “Earlier, the formula for poverty alleviation was debated sitting in AC rooms, and the poor remained poor. But after 2014, when the poor parents’ son became the Prime Minister, this industry running in the name of poverty ended.”

Now, he said, the governance model was moving forward on two streams simultaneously. “On the one hand, we are also addressing the challenges we inherited from the 20th century. On the other hand, we are also busy in fulfilling the aspirations of the 21st century. There are many sectors in which so much work has been done in the last 10 years that was not been done in the last 70 years.”

It was for these reasons, Modi said, that the current period was unprecedented, with growth rate consistently increasing and the fiscal deficit decreasing. “Our exports are increasing and the current account deficit is decreasing. It is a time when our investments are at a record high and inflation is under control... It is a time when the number of our critics is at an all-time low.”

Read more: PM Modi says he chose rashtraneeti in 2014, didn't bring white paper on economy then

He added completing projects in a timebound manner has become his government’s identity, referring to the fast completion of the construction of the new Parliament building, Mumbai’s Atal Setu bridge, among others. That is why it is said that Modi inaugurates the projects he lays foundation stone for, he said. “By completing projects in stipulated time, we saved money for the country.”

To drive home the point that money saved is money earned, he said that the Eastern Dedicated Freight Corridor was started in 2008, and had the previous government worked at the desired pace, it would have cost ₹16,500 crore. “However, it was completed last year and the cost increased to ₹50,000 crore.”

Modi also referred to some of his government’s larger economic pushes and areas of stress -- capital expenditure, investment in welfare schemes, control over wasteful expenditure, and financial discipline -- and said his government has not only formulated new schemes but also ensured they covered every eligible beneficiary. “We are a welfare state. The life of the common man of the country should become easier; quality of life should improve... this is our priority.”

Modi said he was not answerable only to the present generation but also to those who will follow. “I want to go after securing the future of the coming generations,” the Prime Minister said.