Prime Minister Narendra Modi has said that the government will invest a massive Rs 100 lakh crore on developing modern infrastructure, which will aid in nearly doubling the size of the domestic economy to $5 trillion in the next five years.
According to Modi, reforms will continue to be ushered in to help India break into top 50 countries on the ‘Ease of Doing Business’ ranking.
“To some, the target of nearly doubling the size of the Indian economy to $5 trillion in five years may seem difficult. But when we have, in five years (of BJP rule), added $1 trillion as compared to the $2 trillion size achieved in 70 years of independence, then this target is achievable,” PTI quoted Modi as saying.
Modi said political stability through a massive mandate for his government, alongside predictable policy, provides a unique opportunity for India to grow. “The country should not lose this opportunity,” he said, adding that his government has provided high growth while keeping inflation at a low rate.
He referred to reforms such as Goods and Services Tax (GST) and Insolvency and Bankruptcy Code (IBC) for aiding the growth process, and said that the government would invest `100 lakh crore in building modern ports, highways, railways, airports, hospitals and educational institutions.