INSUBCONTINENT EXCLUSIVE:
his government's Budget for 2019-20 lays down a roadmap for nearly doubling the size of the Indian economy to $5 trillion in five years by
he warned the countrymen to be wary of "professional pessimists" who out of habit will criticize rather than provide solutions for achieving
"Size of the cake matters
The larger the cake, larger pieces are what people will get
So we have set a target of making India a $5 trillion economy
Larger the size of the economy will be, the larger the prosperity will it bring for the country," he said.Citing international examples, he
said countries have leapfrogged from developing to developed status on the back of a jump in per capita income
The target is not difficult," he said
"When per capita income rises, there is a corresponding increase in purchasing power which triggers a rise in demand
To cater to this rise in demand, productivity increases and there is an expansion in services
All this creates new opportunities for employment
Per capita income rise also leads to an increase in savings." PM Modi said some people even question the need to become a $5 trillion
economy."They are what I call a professional pessimists
They are detached from the common man and if you go to them for a solution, they will put you in crisis." While there should be debate and
criticism on ways and means, questioning the target of building a $5 trillion economy is wrong, he said
"The country needs to be vigilant of these pessimists." The Prime Minister said the Union Budget presented on Friday did not make big
announcements about the allocations made under different heads but laid down a path for the economy to achieve the $5 trillion target
It provides for boosting farm and fisheries exports, making Rs 100 lakh crore investment in infrastructure such as roads and ports in next
five years, constructing houses for all, promoting domestic manufacturing and cutting imports, he said.While the country is self-sufficient
in food grain production, the Budget lays emphasis on turning farmers into exporters of farm produce and value-added products
For this, investment in food processing has been stepped up, he said, adding shipments of vegetables and fruits from this town have
increased after setting up of facilities for perishable commodities "We are going to frame an export policy for farm products," he
said.Also, farm productivity can be increased by using drip irrigation and generating electricity from solar panels, with the surplus being
sold to the grid to generate additional income for farmers
The focus would also be on raising export of fisheries, PM Modi said
The government's effort on cleanliness will boost tourism, which is the cheapest form of creating employment, he added
"The economy will not pick up pace unless infrastructure is good
We are building infrastructure from crop storages in villages to modern facilities in cities
Highway, railway, airways, waterways, i-ways, digital infrastructure, broadband in villages Rs 100 lakh crore will be invested in five
years," he said.To boost housing, the Budget has given an additional Rs 1.5 lakh income tax exemption on the purchase of affordable houses
Also, the government will build two crore houses to meet the target of housing for all by 2022, he said, adding that the Centre will draft a
model tenancy law and send it to state governments to boost rental housing
All these, he said, will boost employment, create demand for steel, cement and other goods.While the Budget has given incentives to the
brick-and-mortar industries, it has also cleared tax ambiguities around startups
Besides, there is an emphasis on small and medium enterprises, the Prime Minister said
The Budget contains proposals to boost the manufacturing of solar panels and batteries and also provides tax exemption to electric vehicle
These would help bring down oil imports and save precious foreign exchange, PM Modi emphasised
"India spends Rs 5-6 lakh crore every year on oil imports, on petrol and diesel," he said."So if it is reduced, it will be a big relief to
the country." Reduction in imports will strengthen the economy and would lead to savings
The emphasis would be to meet the country's energy needs from resources within such as coal, solar energy, wind power and hydroelectricity
Generating electricity from waste and biofuels from crop residue is also a priority, he said.PM Modi said the country has become
self-reliant in food grain and pulses production and next it should look at bringing down the import of edible oil
"If farmers dedicate a tenth of their land for cultivation of oilseeds, we can cut the import dependence," he said
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