PM Modi sees India as $10 trillion economy with countless startups

Prime Minister Narendra Modi (Mint)

New Delhi: Prime Minister Narendra Modi on Saturday laid out his vision for making India a $10-trillion economy, and the third-largest in the world, saying he wants the nation to have countless startups, and be a global leader in electric vehicles.

Speaking at the Global Business Summit here, he said his government inherited an economy in complete policy paralysis, plagued by runaway inflation and rising current account deficit.

Reforms in the last four and half years have changed the picture. “Change is clearly visible today,” he said.

The BJP-led NDA rule witnessed the highest post-liberalisation growth rate of 7.4%, and lowest inflation of less than 4.5%, he said. Reforms such as the Goods and Services Tax (GST) laid solid foundation for higher gross domestic product (GDP) growth, he added.