Saved Indian economy that was heading towards disaster: PM Modi at ASSOCHAM

New Delhi, Dec 20: Prime Minister Narendra Modi on Friday claimed that the central government has "saved" the Indian economy that was heading towards a disaster five-six years ago.

"Five-six years back our economy was heading towards disaster. Our government has not only stabilised it, but also made efforts to bring discipline to it. We have paid attention to fulfilling the decades old demands of the industry," PM Modi said at a function to mark 100 years of ASSOCHAM (Associated Chambers of Commerce and Industry of India) in New Delhi.

"Indian economy has faced slowdown in past, the country will emerge out of the current slump much stronger," he said.

PM Modi said that India has grown strongly in the last five years and is now eyeing to become a USD 5 trillion economy.

"Over the past five years, India has grown so strong that it now aspires to become a $5 trillion economy and is confident of achieving the milestone," added PM Modi.

"Today India is amongst the top 10 nations who have risen best in ease of doing business. Our ranking when I took over was at 142 (in 190 nations) and within 3 years we have stepped up to 63rd rank," he added.

"Six banks are now out of PCA (prompt corrective action). We have also accelerated the process of bank mergers. Today banks are spreading their network across the country and are striving towards making a global mark for themselves," he further said.

PM Modi's comment comes at a time when India's GDP growth rate has been declining for six consecutive quarters. The gross domestic product (GDP) was projected to grow at 4.7%, down from 5.0% in the previous three months and 7% for the corresponding period of 2018.