India’s average GDP growth at 7.3% over the last four and a half years has been highest for any Indian government since 1991, said Prime Minister Modi while inaugurating the 8th edition of the Vibrant Gujarat Global Investor Summit (VGGIS). The average rate of inflation, too, has come down to 4.6%, lowest for any Indian government since 1991.
Listing out the measures the Central Government has taken since last four-and-a-half years to boost the economy, PM Modi said, “In the last 2 years, we have moved toward a low-tax regime on the Corporate side. We have lowered the tax from 30% to 25% for new investments as well as small and medium ventures.” He added that the Foreign Direct Investment (FDI) worth USD 260 billion was received, which is about 45% of the FDI received in the last 18 years.
He further added that India is now the fifth largest producer of renewable energy in the world with 4th largest in wind energy and 5th largest in solar energy. Not just that, India has also become a net exporter of electricity. The large-scale distribution of LED bulbs has resulted in tremendous energy saving and transmission lines have been installed at an unprecedented rate.
Speaking on the Ayushman Bharat scheme, which has been lauded on an international level by World Health Organisation (WHO) as well as Microsoft founder and philanthropist Bill Gates, Modi said, heart stents have become cheaper by 85% and the cost of knee implant surgery has come down by 70%. With just heart stents getting cheaper, it will bring a total savings of Rs 4,500 crore for poor and middle-class people. Elaborating on the steps taken by the government to benefit the economically weaker section of the society, Prime Minister Modi said that for educational institutes and government jobs, 10% reservation will be provided to people from the economically weaker section. The central government, as well as state governments, are directed to implement the reservation criteria.
Speaking on the implementation of GST, PM Modi said GST and other tax reforms have reduced transaction costs and made the processes simpler. He even said how India is among the largest ecosystems in the world for startups.