“This is just the beginning,” PM Modi on economic reforms

NEW DELHI: Though a lot has been done, there are high expectations and much more needs to be done, said Prime Minister Narendra Modi while detailing the government’s achievements on economic reforms in its first year.

“A lot has been achieved. However, this is just the beginning. There is much more to be done and I know your expectations are high,” he said, in a letter to the people of India.

“Economic growth has been revived, and is amongst the fastest in the world. Inflation is substantially down. Fiscal prudence has been restored. Confidence is up. Foreign investments have increased,” he said, adding that the achievements have been endorsed by major ratings agencies and international institutions across the world.

International ratings agency Moody’s has raised India’s rating outlook from stable to positive, while reaffirming the country’s credit rating at Baa3.

Modi also mentioned the deregulation of diesel prices, transfer of cooking gas subsidies directly to the beneficiaries, hike in foreign direct investment limits in various sectors as some of the major steps taken by the government.

Also, he stated that the Goods and Services Tax is slated to be introduced next year and that the government is pushing job growth through its flagship policy of Make in India.

“A year ago I gave you my word that while I might perhaps commit errors, I would always act with pure intentions and spend every available moment working for a better India,” he said, in his letter.

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