Transforming the economy is a marathon, not a sprint: Modi

We must reform to transform… secondly reforms for whom – to impress a group of experts or reforms that help all citizens to achieve better life.

He said the JAM (Jan-Dhan Aadhar Mobile) Vision is just about achieving maximum.

We have improved the economy by every economic indicator, and the economy is doing better than what it was when we took over 17 months ago, Prime Minister Narendra Modi said.

Modi emphasized that the good tidings for the economy didn’t come by accident and the success was the result of a series of well thought out policies on fiscal consolidation, public investment, subsidies and expenditure management. “We entered for 1st time into a monetary framework agreement with RBI to curb inflation”, he added. We have undertaken major managerial improvements in the transport sector.

The Prime Minister said that reforms to transform is like a marathon not sprint.

He dwelt at length on various steps taken by the government to deepen financial inclusion, expand coverage of social security schemes and alleviate property. This needs to be harnessed so that we become a nation of job-creators rather than job seekers. He also added that more than 19 crore people have been brought under the banking system in 19 months.

The prime minister said that by now the “Make in India” initiative, along with considerable progress towards ease of doing business in India, was well established.

He said the view of the government now was that reforms should be inclusive and broad-based and not limited to a few standard notions.

This is the first time that the Delhi Economic Conclave has been inaugurated by the Prime Minister.

Among the foreign dignitaries and economists slated to attend the meet will be Luis Henrique Paiva, former head of Brazil’s successful cash transfer scheme Bolsa Familia, Brian Forde of the Massachusetts Institute of Technology, and Paul Niehaus of the University of San Diego in the US.