Startups will make India $10 trillion economy: PM Narendra Modi

Pledging to make India a $10 trillion economy, Prime Minister Narendra Modi said he wants the nation to have countless start-ups, and be a leader in the global drive towards renewable sources of energy.

Addressing the Global Business Summit in New Delhi on Saturday, PM Modi said his government is working hard to create a "new India", which will fulfil the aspirations and dreams of all Indians. "India is a country of 130 crore aspirants, and there can never be a singular vision for development and progress. Our vision for 'new India' is to cater to all sections of society, irrespective of their economic profile, caste, creed, language or religion. We are working hard to create a 'new India' which fulfills the aspirations and dreams of 130 crore Indians," he said.

Before 2014, he said, there was competition between ministries and individuals over corruption and delays, but these have been replaced with development-based contests. "We have a competition to see whether India will get 100 per cent sanitation first or 100 per cent electrification," he said.

There was a perception that a developing economy cannot sustain higher rates of growth without encountering inflation, he said, adding that India has proven that wrong. "Between 2014 and 2019, India registered a 7.4 per cent average growth, while average inflation was under 4.5 per cent. Post-liberalisation, this is the highest average growth rate and lowest average inflation rate witnessed," he said.

Reforms like GST have also laid a strong formation for higher GDP growth, he said. "Nothing is impossible for 130 crore Indians. They said corruption-free government was impossible, but people of India have made that possible," he said.