To develop modern infrastructure, Modi says Rs 100 lakh crore being invested
New Delhi, Aug 15: Prime Minister Narendra Modi said today that the government make a massive investment of Rs. 100 lakh crore to develop modern infrastructure that will help double the size of the economy to $5 trillion in the next five years.
Addressing the nation from the Red Fort on the 73rd Independence Day, he said that the government will continue to introduce reforms to help India become part of top 50 countries on the ''ease of doing business'' ranking.
"To some the target of nearly doubling the size of Indian economy to $5 trillion in five years may seem difficult. But when we see that we have added $1 trillion to the economy in five years, this target seems achievable," PM Modi said.
PM Modi said political stability provides a unique opportunity for India to grow. He referred to reforms such as GST and Insolvency and Bankruptcy Code (IBC) for aiding the growth process.
PM added that the era of policy paralysis has ended and that the centre is delivering policy-based governance that has helped catapult the country from 142nd place among 190 nations on the World Bank's ease of doing business ranking in 2014 to 77th position this year.
India was ranked 142nd among 190 nations when PM Modi took office in 2014. Four years of reform pushed up India's rank to 100th in the World Bank's ''Doing Business'' 2018 report. It was 130th in 2017 when India was ranked lower than Iran and Uganda.
In its annual ''Doing Business'' 2019 report, India secured 77th position. New Zealand tops the list, followed by Singapore, Denmark and Hong Kong. The United States is placed at 8th and China ranked 46th. Neighbouring Pakistan is placed at 136.
India has improved its ranking by 53 positions in the last two years and 65 places in four years since 2014.
The World Bank ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency.