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In his first wide-ranging interview after assuming office for a second term, the Prime Minister told ET that he had taken the decision on withdrawing Article 370 from Jammu and Kashmir after a “great deal of thought” and was certain this will help create three necessary conditions for investment – stability, market access and predictable laws.
“Open minds and open markets will ensure that the youth of the region will put it on the path of greater progress. Integration gives a boost to investment, innovation and incomes.”
“Expectations from India are not only from within the country, but even in the context of global growth and development, a lot is expected from our country,” the PM said, referring to the government’s economic agenda.
The government, Modi said, wants entrepreneurs to enjoy higher productivity and better profits.
“I want to motivate our industrialists to believe in the India story and in the long-term potential of the Indian market. They should carry on their business and complete their investment plan without any confusion. I reassure all honest and law-abiding businesses of all possible support from our end.”
The PM went the extra mile to appeal to bankers<\/a> to pass on the benefits of low interest to borrowers while assuring them against any harassment.
“No growth is possible if bankers stop taking decisions on day-to-day basis. I reassure the banking fraternity that all their decisions taken in good faith with sound business rationale would not face any witch hunt.”
Economic growth<\/a>, Modi said, means “more money in the pockets of people” and not just to the state exchequer.
Outlining his government’s evolving approach to data-related issues, Modi sought to equate Right to Personal Data today with Right to Private Property in the beginning of the industrial age.
“We see Right to Personal Data in the machine intelligence age in a manner akin to Right to Private Property at the dawn of industrial era, as not merely a mechanism to protect but also as an enabler to spur commerce in ways we haven’t fully foreseen.”
Modi said the slowdown in the automobile sector is temporary and the transition to electric vehicles is not a cause for worry.
“The slowdown is transient, accentuated by credit constraints, some regulatory changes and passiveness in demand. I believe that both demand and the industry<\/a> will bounce back strongly and soon,” he said.
The Prime Minister said the country has a large enough market and big enough policy space to ensure growth of internal combustion engine (ICE) based automobiles as well as electric vehicles (EVs).
“There is no need to speculate about the growth of either of the two. We are in a unique situation where both ICE and EV-based automobiles can co-exist, co-create and learn from each other,” the PM said.
Further, he said the government is committed to fulfilling the five-year vision of investment-led growth, targeting Rs 100 lakh crore.
“This would entail further liberalising our FDI policy, simplification of labour laws, further enhancing ease of doing business, power sector reforms, asset monetisation and asset recycling in public sector, and reforms in banking, insurance and pension sectors,” he said.
Asked about India’s strategy to take advantage of the trade war between the US and China and attract investments, Modi said, “Our policies are not designed to get some short-term benefit out of transient disruptions being seen around the world” and his administration is focused on “improving competitiveness through long-term reform measures”.
These include improving India’s ranking in ease of doing business, tax reforms with lower rates and simplifying procedures, labour sector reforms and FDI-related reforms to liberalise the investment climate.
He said the government is focused on making it convenient for global firms to bring goods in a “friction-less manner” into India, run factories or service centres here and re-export the resulting products.
Modi emphasised that part of his vision to double farmer incomes by 2022 is driven by a focus on increasing exports, especially related to the agricultural sector.
“We are not looking at farmers as just producers but as potential exporters,” the PM said. “Value addition by way of food processing will play a big role.”
The next step for the government on GST is to improve consumer awareness of the benefits of the system, he said.
“Presently, it is totally missing. Consumers should know their benefit under this system,” Modi said, adding that according to one study, GST rate reductions have helped the average middle-class family save about Rs 1,500 per year.
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在他的第一个广泛采访就职连任后,首相告诉ET,他已经决定撤回后从查谟和克什米尔第370条“极大的思想”,某些投资,这将有助于创建三个必要条件稳定、市场准入和可预见的法律。
“开放的思想和开放的市场将确保该地区的年轻人会把它的道路上更大的进步。集成了促进投资、创新和收入。”
”预期从印度不仅来自国内,但即使是在全球经济增长和发展的背景下,从我国预计很多,”首相说,他指的是政府的经济议程。
莫迪说,政府希望企业家享受更高的生产率和更好的利润。
“我想激励我们的企业家相信印度的故事,在印度市场的长期潜力。他们应该继续他们的业务和完成他们的投资计划没有任何混乱。我保证所有诚实守法企业的所有可能的支持。”
点额外英里去吸引银行家低利率的好处传递给借款人同时保证他们反对任何骚扰。
“不增长是可能的如果银行家停止服用日常决策。我让银行在诚信友爱,他们所有的决策合理的商业理由不会面临任何政治迫害。”
经济增长莫迪说,意思是“更多的钱在口袋里的人”,而不仅仅是国家财政大臣。
概述了他的政府演变方式数据相关问题,莫迪试图将个人数据今天等同于私人财产的权利在工业时代的开始。
“我们认为正确的个人资料在机器智能时代的方式类似于私人财产的权利在工业时代的黎明,不仅仅作为一种机制来保护,也作为一个推动者刺激商业方面我们还没有充分预见到。”
莫迪说,汽车行业放缓是暂时过渡到电动汽车并不是对你造成困扰。
“经济放缓是短暂的,强调通过信贷约束,一些监管改革和被动需求。我相信需求和行业将强劲反弹,很快,”他说。
总理表示,中国有一个足够大的市场和足够大的政策空间,以确保增长基于内燃机(ICE)的汽车以及电动汽车(电动汽车)。
“不需要猜测的增长两个中的哪一个。我们是在一个独特的情况下冰和EV-based汽车可以共存,共同创造和互相学习,”总理说。
进一步,他说政府正在致力于实现投资导向型增长的五年远景,目标100年十万的卢比。
“这需要进一步放开我们的外国直接投资政策,简化劳动法,进一步提高缓解做生意的,电力行业改革,在公共部门资产货币化和资产回收,和改革在银行业,保险和养老金领域,”他说。
问及印度的战略,利用美国和中国之间的贸易战争,吸引投资,莫迪说:“我们的政策不是为了获得一些短期利益的瞬态干扰被世界各地”和他的政府重点是“通过长期改革措施提高竞争力”。
这些包括改善印度的排名在缓解做生意的,税率较低的税收改革和简化程序,劳动部门改革和FDI-related改革开放的投资环境。
他说政府关注全球公司带来方便商品的“无摩擦的方式”到印度,这里工厂或服务中心运行和再出口产生的产品。
莫迪强调他的愿景的一部分,2022年农民收入翻番是由专注于增加出口,特别是与农业有关。
“我们不是看农民一样只是生产商潜在的出口商,”总理说。“增加价值的食品加工将发挥重大作用。”
下一步政府销售税是提高消费者的意识系统的好处,他说。
“目前,它是完全失踪。消费者应该知道自己在这个系统中受益,”莫迪补充说,根据一项研究,销售税降息帮助中产阶级家庭平均每年节省约1500卢比。
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