My aim is to make India a developed country in one generation: PM Modi

After inaugurating the new campus of National Institute of Securities Markets in Raigad, Modi said that India has earned a good name for its well regulated securities markets.

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Raigad, Dec 24: Prime Minister Narendra Modi spoke at at the inauguration of the new campus of the National Institute of Securities Markets, a public trust and educational institute set up by the Securities and Exchange Board of India, in Maharashtra's Raigad district, on Saturday.

Speaking at the event, the PM stated that his government will not shy away from taking difficult decisions for the benefit of country. "This is a time there is an economic slowdown... (But) India's place is the fastest growing economy," he began speaking about India's relative upsurge compared to the global economic downturn.

Make India a developed country: PM

"The true measure of success (of our economy) is the impact in villages, not the impact in Dalal Street or Lutyens' Delhi," Modi quipped. "Stock markets are essential for the start-up ecosystem," the prime minister stated. Unless we can make our stock markets useful for our farmers, they will remain costly ornaments in our economy," the PM added stating that his government is keen to encourage start-ups.

The PM said, "Financial markets can play an important role in the modern economy. However, history has shown that financial markets can also do damage if not properly regulated." Modi also said that market must provide benefits to large section of our society namely farmers. "We have a long way to go, our stock markets needs to raise capital in innovative ways for agricultural sector," he said.

"Those who profit from financial markets must make a fair contribution to nation-building through taxes," Modi stated. "My aim is to make India a developed country in one generation," the PM said concluding his address.

The PM had earlier in the day tweeted about the Shivaji memorial, calling the Maratha king "a torchbearer of courage and good governance. I am honoured to be getting the opportunity to perform the Bhoomipujan of Shiv Smarak."

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