New delhi sources stated that prime minister narendra modi on friday said the indian economy has the resilience to reverse the current slowdown and return to high growth trajectory and exhorted corporates to take bold investment decisions to help push up GDP growth. Meanwhile modi highlighted his government's decisions such as decriminalisation of corporate offences and promised them that "no inappropriate action will be taken on genuine corporate decisions".
When speaking at an industry chamber Assocham event, he said a massive Rs 100 lakh crore will be spent in the coming years on building infrastructure and another Rs 25 lakh crore on rural economy and this in turn will help nearly double the size of the indian economy to USD 5 trillion by 2024. He said "I am fully aware of the discussions happening around (current economic slowdown). I don't challenge comments made on it. I try to take away positives from such discourse".
Moreover he went on to add that economic growth had fallen to 3.5 per cent in one of the quarters during the previous Congress-led UPA regime with headline consumer price inflation hovering at 9.4 per cent, core inflation at 7.3 per cent and wholesale inflation at 5.2 per cent while the fiscal deficit had widened to 5.6 per cent of the GDP.
