'Change is Clearly Visible': PM Modi Sees India as $10 Trillion Economy with Countless Start-ups

Agencies
February 23, 2019

New Delhi, Feb 23: Prime Minister Narendra Modi Saturday made a strong re-election pitch to corporate India as he drew contrasts between the governance styles of Congress and his party, saying competition for corruption in the previous regime had been replaced by highest growth rate and lowest inflation of post-liberalisation era.

Addressing the Economic Times' Global Business Summit here, Modi elaborated on his vision for making India a USD 10-trillion economy and the world's third largest is one where the country has countless startups and is a global leader in renewable energy sources and electric vehicles.

Back-breaking inflation, increasing current account deficit and higher fiscal deficit threatened macro-economic stability of the country just before the BJP-led NDA came to power in May 2014, he said.

Launching a blistering attack on governance under UPA, he said there was a "competition between ministries, a competition between individuals, a competition on corruption (and) a competition on delays."

"There was competition on who could do maximum corruption, there was competition on could do the fastest corruption, there was competition on who could do most innovation in corruption," he said, adding that there was competition on where more money could be made - in coal allocation or spectrum allocation, in commonwealth games or in defence deals.

"We all saw that and we also know who were the main players involved in this competition," he said.

This under the present regime, all this has been replaced by a competition to attract more investment and to build houses for the poor, he said.

There is a competition to see if all habitations are connected with road first or all homes with gas connection first, as well as a competition to get 100 per cent sanitation first, or 100 per cent electrification first, he asserted, adding that there is a competition between ministries and states on development for achieving targets.

"During 2014-19, the country would register an average growth of 7.4 per cent and the average inflation would be less than 4.5 per cent. Post liberalisation of the Indian economy, this will be the highest rate of average growth and lowest rate of average inflation witnessed during the period of any government," he said.

"It was said that governments cannot be pro-growth and pro-poor at the same time, but people of India are making it possible," Modi added.

"The country was facing total policy paralysis (before 2014). This was preventing the economy from reaching the level which it was worthy of. The global fraternity was worried about the health of this member of the fragile-five club. There was a perception of surrender to existing circumstances," he said.

But after 2014, hesitations have been replaced by hope, obstacles by optimism and issues by initiatives, he said. "Today change is clearly visible."

The Prime Minister said he wants India to become a USD 10-trillion economy and the third largest in the world.

India currently is a USD 2.5 trillion economy and the sixth-largest in the world.

"We want to make an India of countless startups. We want to lead the global drive towards renewable sources of energy. We want to give our people energy security. We want to cut down on import dependence. We want to make India a world leader in electric vehicles and energy storage devices.

"With these goals in mind, let us re-dedicate ourselves to create a New India of our dreams, he said.

Having missed the past three industrial revolutions, India, he said, is an active contributor to the fourth industrial revolution.

"What happened in the past is not in our hands, but what will happen in the future is firmly in our hands," he said recounting the steps taken by his government to improve the economy.

He credited the progress made to the support and partnership of the people of the country, saying the progress made since 2014 has given him confidence that nothing is impossible.

"Namumkin ab mumkin hai (impossible is now possible)," he said.

'Namumkin ab mumkin hai' is BJP's re-election slogan for the 2109 general elections.

"For decades, a narrative was made that certain things are just impossible in India. It was said that making a clean India was impossible, but the people of India are making it possible. It was said that a corruption-free government in India was impossible, but the people of India have made it possible.

"It was said that it is impossible to remove corruption from the process of giving people their dues, but people of India are making it possible. It was said that it is impossible for the poor to leverage the power of technology, but the people of India are making it possible.

"It was said that removing discretion and arbitrariness in policy making was impossible, but people of India are making it possible. It was said that economic reforms in India were impossible, but the people of India are making it possible. It was said that governments cannot be pro-growth and pro-poor at the same time, but people of India are making it possible," he said.

Highlighting his government's industry-friendly policies, he said a business with a turnover of up to Rs 40 lakh does not have to register for gods and services tax (GST), one with a turnover of up to Rs 60 lakh does not have to pay any income tax and a business with a turnover of up to Rs 1.5 crore is eligible for the composition scheme.

Comments

Ismail khalil ahmef
 - 
Saturday, 23 Feb 2019

Definitely all changes visible GST,Demontsn,15 lakh,unemployment,make in pakoda,hatred, lynching,mob attack,writers and journalist death,pulwama.........ooooooh .....no end,only EVM vote BJP.10 trillion biggest Jumla.

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News Network
February 12,2020

Feb 12: China on Wednesday reported another drop in the number of new cases of a viral infection and 97 more deaths, pushing the total dead past 1,100 as postal services worldwide said delivery was being affected by the cancellation of many flights to China.

The National Health Commission said 2,015 new cases had been reported over the last 24 hours, declining for a second day. The total number of cases in mainland China reached 44,653, although many experts say a large number of others infected have gone uncounted.

The additional deaths raised the mainland toll to 1,113. Two people have died elsewhere, one in Hong Kong and one in the Philippines.

In the port city of Tianjin, just southeast of Beijing, a cluster of cases has been traced to a department store in Baodi district. One-third of Tianjin’s 104 confirmed cases are in Baodi, the Xinhua state news agency reported.

A salesperson working in the store’s small home appliance section became the first individual in the cluster to be diagnosed on Jan. 31, Xinhua said. The store was already closed at that point, then disinfected on Feb. 1. Nevertheless, several more diagnoses soon followed.

The next to have their infections confirmed were also salespeople at the store. They had not visited Wuhan recently and, with the exception of one married couple, the patients worked in different sections of the store and did not know one another, according to Xinhua.

Japan’s Health Ministry said that 39 new cases have been confirmed on a cruise ship quarantined at Yokohama, bringing the total to 174 on the Diamond Princess.

The U.S. Postal Service said that it was “experiencing significant difficulties” in dispatching letters, parcels and express mail to China, including Hong Kong and Macau.

Both the U.S. and Singapore Post said in notes to their global counterparts that they are no longer accepting items destined for China, “until sufficient transport capacity becomes available.”

The Chinese mail service, China Post, said it was disinfecting postal offices, processing centers and vehicles to ensure the virus doesn’t spread via the mail and to protect staff.

It said the crisis is also impacting mail that transits China to other destinations including North Korea, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan, Uzbekistan and Vietnam.

The World Health Organization has named the disease caused by the virus as COVID-19, avoiding any animal or geographic designation to avoid stigmatization and to show the illness comes from a new coronavirus discovered in 2019.

The illness was first reported in December and connected to a food market in the central Chinese city of Wuhan, where the outbreak has largely been concentrated.

Zhong Nanshan, a leading Chinese epidemiologist, said that while the virus outbreak in China may peak this month, the situation at the center of the crisis remains more challenging.

“We still need more time of hard working in Wuhan,” he said, describing the isolation of infected patients there a priority.

“We have to stop more people from being infected,” he said. “The problem of human-to-human transmission has not yet been resolved.”

Without enough facilities to handle the number of cases, Wuhan has been building prefabricated hospitals and converting a gym and other large spaces to house patients and try to isolate them from others.

China’s official media reported Tuesday that the top health officials in Hubei province, of which Wuhan is the capital, have been relieved of their duties. No reasons were given, although the province’s initial response was deemed slow and ineffective. Speculation that higher-level officials could be sacked has simmered, but doing so could spark political infighting and be a tacit admission of responsibility.

The virus outbreak has become the latest political challenge for the party and its leader, Xi Jinping, who despite accruing more political power than any Chinese leader since Mao Zedong, has struggled to handle crises on multiple fronts. These include a sharply slowing domestic economy, the trade war with the U.S. and pushback on China’s increasingly aggressive foreign policies.

China is struggling to restart its economy after the annual Lunar New Year holiday was extended to try to curb the spread of the virus. About 60 million people are under virtual quarantine and many others are still working at home.

In Hong Kong, the diagnosis of four people living in an apartment building prompted worried comparisons with the deadly SARS pandemic of 17 years ago.

More than 100 people were evacuated from the building after a 62-year-old woman diagnosed with the virus was found living 10 floors directly below a man who was earlier confirmed with the virus.

Health officials called it a precautionary measure and sought to assuage fears of an epidemic, dismissing similarities to the SARS community outbreak at the Amoy Gardens housing estate in 2003.

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News Network
August 8,2020

Kozhikode, Aug 8: A family of five, returning to their hometown at Koducalli in Kozhikode from Dubai, were aboard the fateful Air India Express flight that crash-landed at the Kozhikode airport claiming at least 18 lives on Friday.

Saifudheen, 40, is a businessman in Dubai. During the vacation when schools were closed here, his wife Fasalunnisa travelled, along with their children Muhammad Shahil, Fathima Sana and Aysha Shanza, to meet her husband.

On Friday, they were all travelling in the Air India aircraft to Kozhikode.

All five have received injuries and have been admitted to Baby Memorial Hospital Kozhikode except Sana, who is admitted to Al Shifa Hospital at Perinthalmanna in Malappuram.

"Saifudheen is my uncle. He and his family members were returning from Dubai when this unfortunate incident occurred. We were informed about the mishap at 8 pm. Now the family members have been shifted to Baby Memorial Hospital and everyone is fine now," Muhammad Salih, nephew of Saifudheen said.

The death toll in the flight crash landing incident at Kozhikode International Airport in Kerala rose to 18, including two pilots, Civil Aviation Minister Hardeep Singh Puri said on Saturday.

The minister said that he will visit the Kozhikode airport to take stock of the situation.

Two special relief flights have been arranged from Delhi and one from Mumbai for rendering humanitarian assistance to all the passengers and the family members.

Aircraft Accident Investigation Bureau (AAIB), Directorate General of Civil Aviation (DGCA) and Flight Safety Departments have reached to investigate the incident, the Air India Express stated.

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Agencies
January 16,2020

New Delhi, Jan 16: In trouble brewing for the Gautam Adani-led M/S Adani Enterprises, the Central Bureau of Investigation (CBI) on Thursday said that it has registered a case against former officials of the National Co-operative Consumer Federation (NCCF) and others over alleged irregularities in supply of coal to the Andhra Pradesh Power Generation Corporation (APGENCO) in 2010.

The CBI in its FIR has named Virendra Singh, the then Chairman of the NCCF, G P Gupta, the then MD of the NCCF, S C Singhal, the then Senior Advisor of NCCF, Adani Enterprises Ltd and other unknown public servants and others for criminal conspiracy, cheating and criminal misconduct by public servants.

According to CBI, the case was filed on Wednesday after the preliminary enquiry revealed the crime by the officials named in the FIR and the Adani Enterprises was found to be true.

The FIR alleged that on June 26, 2010, APGENCO floated a tender enquiry for supply of six lakh metric tonnes of imported coal "on free on rail destination" basis to Dr Narla Tata Rao Thermal Station (NTTPS), Vijaywada and Rayalasaleema Thermal Power Plant (RTTP), Kadapa, Andhra Pradesh/RTPP via Kakinada-Vizag-Chennai-Krishnapatnam or any other ports

The same was forwarded by the Chief Engineer, APGENCO to seven PSUs -- PEC Limited, STC Limited, MSTC Limited, NCCF, MMTC, Coal India Limited and SCCL Limited.

The FIR alleged that during the probe, the Adani Enterprises used a proxy company to get the supply contract. It said, "NCCF received bids from six companies -- Adani Enterprises Ltd, Maheshwari Brothers Coal Limited (MBCL), Vyom Trade Links Pvt. Ltd, Swarana Projects Pvt. Ltd, Gupta Coal India Ltd and Kyori Oremen Ltd.

During investigation it was found that Gupta Coal India Ltd had quoted the NCCF margin of 11.3 percent, while the MBCL quoted the margin of 2.25 percent and rest did not quote any margin to the NCCF.

The FIR said the quotes of the Gupta Coal India Ltd, Kyori Oremen Ltd and Swarana Projects Pvt. Ltd were rejected by the NCCF as they were not found to be fulfilling the tender conditions.

"Post tender negotiation was done by senior officials of NCCF to give undue favour to Adani Enterprises Ltd despite it not qualifing the tender (terms)," the FIR said, adding instead of cancelling the bid of Adani Enterprise Ltd, senior management of NCCF conveyed the offer margin to the company through one of its representative -- Munish Sehgal, who was sitting in the NCCF head office. It is prima facie evident that when the bids were being processed at NCCF head office in Delhi, a representative of Adani Enterprises Ltd. was informed regarding their imminent rejection due to non-submission of NCCF margin and also that MBCL was eligible bidder quoted 2.25 percent margin," it alleged.

The CBI in its FIR, further alleged that Adani Enterprises Ltd. had given an unsecured loan of Rs 16.81 crore to Vyom Trade Links Ltd in 2008-09. "And further it was revealed that the bank guarantees of the Adani Enterprises Ltd. and Vyom Trade Links Ltd. were issues by the same branch of the State Bank of India and at the same time," it said.

"It was clear that Adani Enterprises Ltd. presented Vyom Trade Links Ltd. as a proxy company in this particular tender and Vyom Trade Links Ltd. later withdrew its offer on flimsy ground," the CBI FIR said.

"The aforesaid acts of commissions and omissions on the part of the senior management of the NCCF disclose that during their tenure, they acted in a manner unbecoming of public servants and committed irregularities by way of manipulation in the selection of bidders, thereby giving undue favours to Adani Enterprises Ltd. in award of work for supply of coal to APGENCO despite its disqualification," it added.

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