In his first address to FICCI, Shah dicusses long-term gains of Modi’s economic policies
In his first address to India Inc at the Federation of Indian Chambers of Commerce and Industry's national executive meet, BJP chief Amit Shah on Saturday described various measures taken by Modi government, like GST and demonetization, as an effort to implement policies aimed at long-term gains.
"We are looking to provide a stable policy for 30 years," said Shah adding that GST will reap benefits in the next 10 years.
He said the biggest achievement of Modi government has been bringing forth a paradigm shift in the scale of thinking. "An image of Brand India has developed because of PM Modi's government."
He asked organisations like FICCI to constitute consortium for research and development, especially in sectors like pharmaceuticals, so the country can make a profit from patent registration and intellectual property rights.
Shah lambasted the UPA government for its 10-year rule riddled with scams and blamed it on the accumulated NPAs (non-performing assets).
"The country was engulfed in an atmosphere of despair for 10 years under UPA rule. The GDP had come down to around four per cent, and the fiscal deficit had crossed five per cent. Inflation was at its pinnacle and scams and corruption had shaken the country," he said, pointing out Modi government's success in reducing the financial losses by bringing the fiscal deficit down to three per cent.
Shah also pointed out how the Modi government has changed the way people regard GDP. They ensured that a growth in GDP also included the impact it will have on the lives of 125 crore people.
"Earlier, GDP was attached to agricultural and industrial development, but we have added infrastructure to it. If roads are constructed, toilets are built, and electricity and LPG cylinders are made available, not only does it improve the living standard of people, but also hikes growth in GDP," he said.
On demonetization, Shah said he hopes it will boost the formal economy. " Everyone has to accept it. Black money has come into the government's treasury and it is being used for the benefit of the people. We have stopped the Mauritius, Cyprus, and Singapore treaties as a measure, too," said Shah.
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