$5 Trillion economy is possible: PM Modi in ASSOCHAM

New Delhi: PM Modi Modi has once again reiterated said that the goal of achieving the $5 Trillion Economy is much possible. Addressing a gathering of leaders from the Corporate World, Diplomats and others, in the 100 Years of ASSOCHAM at Vigyan Bhavan PM Modi said that that the idea of making India a $5 Trillion worth economy is not a sudden one. In the past five years the country had made itself so strong that it not only could set for itself such a target but also make efforts in that direction, he said.

"We brought in fundamental changes in India's economy so that it can run with set rules in a disciplined manner. We have met with the decades-old demands of the Industrial Sector and we have built a strong foundation for a $5 Trillion Economy". He said, "We are building the Indian Economy on two strong pillars of formalisation and modernisation. We are trying to bring in more and more sectors into the horizon of a formal economy. Along with this, we are linking our economy with the latest technology so that we can speed up the process of modernisation"

"Now instead of several weeks it merely takes a few hours to register a new company. Automation is helping quick Trading across borders. Better linking of Infrastructure is reducing the turn-around time at Ports and Airports. And these are all examples of a modern economy. "

"Today we have a Government that listens to the Industry, understands its needs and which is sensitive to its suggestions.

Prime Minister said that the country could make a significant jump in the rankings of Ease of Doing Business due to a sustained effort.

"Ease of Doing Business may sound just like four words, but in order to improve its rankings there is a lot of effort that goes into it including changing the policies and rules at the ground level"

Prime Minister also emphasised the efforts being made towards a faceless Tax Administration in the country in order to reduce the human interface between the taxpayer and the authorities.

Modi said that the Government has decriminalised several laws in the Corporate Sector in order to reduce the burden and allow the industry to function in a fearless ecosystem.

"You know that there were several provisions of the Company Act as per which even small deviations were also dealt with as a Criminal Offence.
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Our Government has now decriminalised many such provisions. And we are trying to decriminalise many other provisions."

PM said that the Corporate Tax at this time in the country is the lowest ever and this would propel a boost in economic growth.

"The Corporate Tax is the lowest at the moment, meaning if there is any Government that is taking the lowest Corporate Tax from the Industry, then it is ours"

Prime Minister also spoke about the efforts being made towards bringing about Labour Reforms.