SAN FRANCISCO (Diya TV) — India Prime Minister hinted this holiday weekend at unleashing more reforms on the nation, saying his government will not shy away from taking difficult stances on issues in the interest of the country.
During his address, Modi acknowledged that his recent demonetization of the country’s most-circulated currency caused “short-term pain.”
His remarks were delivered during the inauguration of a new education and training campus of the National Institute of Securities Markets. “The government will unveil more long-term policies that are stable and sound,” Modi said, in an effort to sustain a higher economic growth rate.
“Our government will continue to follow sound and prudent economic policies and we will not take decisions for short-term political point scoring.”
Modi declared his administration has transformed the country’s economy since he took office some 30 months ago. India’s economy was in dire straights when he assumed power, Modi said, because of its high fiscal deficits, near double-digit inflation and low forex reserves. In spite of all of this, Modi said his government has worked diligently to improve these key metrics, and that India’s future in the global economy is much brighter as a result.
While the rest of the globe are fighting a prolonged slowdown, Modi said India “is being seen as a bright spot with growth projected to be highest amongst the large economies.”
The event was attended by Union Finance Minister Arun Jaitley, Maharashtra Governor Vidyasagar Rao, state Chief Minister Devendra Fadnavis, Sebi Chairman U K Sinha and many other officials and senior bankers.
