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PM Modi Announces Outlay of Rs 103.5 Lakh Crore for Roadmap to $5 Trillion Economy

News18.com

Last Updated: August 16, 2019, 07:50 IST

The Prime Minister also spoke about India leapfrogging several positions in the Ease of Doing Business index and how that will help the nation in achieving the $5 trillion economy goal.

New Delhi: Prime Minister Narendra Modi on Thursday said his government has laid out plans worth Rs 103.5 lakh crore that will aid in nearly doubling the size of the Indian economy to $5 trillion in the next five years.

During his Independence Day speech on Thursday, Modi highlighted the broad schemes of a people’s movement for water conservation and a concentrated focus on development of infrastructure.

“Today, from the ramparts of Red Fort, I announce that we will launch Jal Jeevan Mission to provide drinking water to all. The state governments will work with the Centre. Rs 3.5 lakh crore will used for this mission,” Modi announced. Several states in India are at present grappling with a severe water crisis.

Highlighting the importance of the mission, Modi said half the households in India have no access to drinking water. “Half their day is spent in getting water. Therefore, we in our government gave a thought to provide drinking water to all,” he added.

Modi also equated the scheme with the Swachhta Mission. “This mission should not just be at the government's level. This should be a people's mission,” he said.

Drawing attention to India’s infrastructural needs, Modi announced a whopping Rs 100 lakh core outlay for development in the country. “Rs 100 lakh crore will be used for infrastructural developments in India. For betterment of airports, railway stations, roads, highways etc,” he announced.

The Prime Minister also spoke about India leapfrogging several positions in the Ease of Doing Business index and how that will help the nation in achieving the $5 trillion economy goal.

Describing his plan to achieve the economic goal, he said, “$5 trillion dollar economy is my goal now. If every citizen starts contributing for the nation, we can achieve this. People say it is difficult but if it's not, then why strive for it? In the last 70 years, we became a $2 trillion economy and only in the last five years we added $1 trillion. This gives me confidence of becoming a $5 trillion economy soon.”

One of the focus areas in order to get there, he said, is farmers. “Their income needs to be doubled. They need to be provided optimum price for their produce. Our farmers also need to be taken to the international markets,” he said.

“Why shouldn't we think of becoming an export hub? Every region in India has indigenous handicraft, its own handloom, unique products. Why can't we utilise this to provide India the impetus for becoming an exporting nation?” asked PM Modi.

first published:August 16, 2019, 07:30 IST
last updated:August 16, 2019, 07:50 IST