India to become 5 trillion dollar economy by 2025, says Modi

“Our present development agenda is based on five pillars. First and foremost, we do understand that our systems need to change. Hence, we are persisting with far reaching structural reforms. Thus, our first pillar is our mantra of reform, perform and transform,” Modi said while addressing the plenary session of the World Economic Forum. 

He said: “India is an investment in future,” also adding that: “Indians accepted in one voice and moved towards a less cash society and a unified tax system in the form of GST.” Saying reforms have touched almost all sectors, Modi said: “This specially includes: formalising the informal economy through demonetisation and digital transactions, direct tax reforms and expansion of the tax base, banking reforms, DBT (direct benefit transfer) through UID (Unique ID) and bank accounts, minimising discretion, combating corruption and controlling inflation. Also, we have consistently reduced fiscal deficit and current account deficit.” 

He pointed out over the last three years, the Centre has resolved a number of regulatory and policy issues facing businesses, investors and companies.”