PM Modi's full address at ICSI: Doklam, Economic Policies, Critics

ANI | Updated: Oct 05, 2017 00:39 IST

New Delhi [India], October 5 (ANI): Prime Minister Narendra Modi on Wednesday addressed the inauguration of Golden Jubilee Year of the Institute of Company Secretaries (ICSI) in New Delhi and in his detailed speech, emphasised on the policies and schemes by the Central Government.

Following are the aspects that Prime Minister Modi focussed on -

Starting by congratulating the people involved with the institute of the ICSI, Prime Minister Modi said, "I am happy that I am sitting with so many geniuses, who make sure that the companies of India follow the laws and regulations, do not mishandle the accounts, and are honest in their work."

Prime Minister Modi also asserted that the way the ICSI people adhere to their responsibilities is how the 'corporate culture' in India is decided.

Focussing on the motto of the institute that says "Say the truth and follow the rules", Prime Minister Modi said, "The good and wrong suggestions given to you influence the nations' corporate governance."

"In Mahabharata, Duryodhan said that it's not that he didn't know about religion, but he said that he could not walk on the road of religion," Prime Minister Modi said.

"Acharya Chanakya had said that the way fire lights up a patch dry forest, while the whole forest burns, the same way if anybody does anything wrong in the family, the whole integrity of the family is gone."

He further said that this kind of thing is applied in an institution and in our country, as there are a bunch of people, who try to weaken the nation's integrity and honesty.

"To remove these people from our system and our institutions, the Government has started a cleanliness campaign. And under this cleanliness campaign, the moment our Government was established, a 'Special Investigation Team' (SIT) started working," Prime Minister said.

Economic Policies

"To bring back black money in foreign lands, strong black money acts were established, where, with a lot of countries, tax was strategised and in old tax agreement, we brought about a change and sat down with them to find new ways as well," Prime Minister Modi said.

He further commented that insolvency and bankruptcy codes were created, and 'Benami Sampati' law was established, which was stuck for a long time.

"The Goods and Services Tax (GST) was applied and the bravery of implementing demonetisation was taken by this government only," the Prime Minister stated.

Prime Minister Modi also said that this government has worked really hard and instill honest work in the system.

"And it is due to this hard work of the government that even due to minimum cash the nation is working very well," said Prime Minister Modi.

Speaking about demonetisation, Prime Minister Modi said, "After demonetisation, the cash to Gross Domestic Product (GDP) ratio has come down to 9 per cent, which before November 8, 2016, was 12 per cent."

He also asserted that demonetisation will be known as the start of 'corruption-free day' in the Indian history, adding that this would not have been possible, if there was no honesty in the nation.

"You people know more than me, as to how one has to think fifty times before giving and taking black money," Prime Minister Modi said.

Prime Minister Modi also said that during the previous governments there were eight instances when GDP was at or below 5.7 per cent.

"India's economy has also seen quarters where, don't forget the past, the growth fell down to 0.2 per cent, 1.5 per cent," Prime Minister Modi stated.

He said that this kind of fall is more dangerous for the economy, because during that period, India was struggling with, high inflation higher current account deficit, and higher fiscal deficit.

"If we see two years prior to 2014, meaning if we see 2012-2013 and 2013-2014 then the average was around 6 per cent, now the GDP data of these years and the GDP data of the last three years of the previous government before that have been the same. The institute has been the same, the process has been the same and that's why comparing it is normal," Prime Minister Modi said.

He said that there were a few people, who could not take this fact and hence started this controversy that there is a problem with the implementation of the GDP itself.

"But when the moment economy grew 6.1 per cent and 5.7 per cent, these same people started loving this data," the prime minister asserted.

Emphasising on the fact that he was not an economist, Prime Minister Modi said that due to excessive talks about the economy, he would like to talk about a few things about it.

"There was a period, when during the international economy discussions India was made a part of this group that was called fragile five. This group was known as a dangerous group, because its own economy was in danger as it is, but was also becoming a problem for the economic recovery of the other countries as well, and India was named in that group," said Prime Minister Modi.

Taking a jibe at the economists, during that time Prime Minister Modi said that it was hard to understand that how can the big economists of during that time, let the Indian economy go through so much.

"During that time, in our nation more than the GDP, inflation had growth. And the main discussions were about fiscal deficit and current account deficit growth," Prime Minister Modi said.

He also said that there were huge headlines in the media, about the growth in dollars in terms of INR, while there there were some people who used to like these parameters.

"And now when the same parameters have changed, development has got one direction, these same people have turned a blind eye," Prime Minister Modi said.

Prime Minister Modi said that more than 10 per cent inflation has decreased and has come to down to 2.5 per cent.

"While taking toll of all these parameters, the Central Government in its fiscal deficit, has brought it to 3.5 per cent from the previous government and has decreased from 4.5 per cent," Prime Minister Modi said.

Prime Minister Modi said that today foreign investors are investing records in India, adding that, "India's foreign exchange reserve has increased from 30,000 crore dollars to more than 40,000 crore dollars."

He said that this 25 per cent increase in the betterment of the economy has emerged from a trust from the people and this success, maybe, isn't important in the eyes of those who try to bring it down.

"That is why it is important for the nation to stay together as a nation, or stay together with something else," said the Prime Minister.

Prime Minister Modi also said that after achieving an average growth of about 7.5 per cent over three years, they accept that the growth rates have come down in April-June this year, adding that, "the government is committed to reverse that, and we are ready to take the decisions."

He also said that a few people have agreed to the fact that India's fundamentals are really strong and added that the Central Government has taken a lot of important decisions related to reforms and this process is still going on.

"The nation's financial stability too has to be maintained and we will keep taking steps to improve the economy," Prime Minister Modi said.

Prime Minister Modi, while assuring the people, said that he would keep the nation in a new league of development and said that even the Reserve Bank of India (RBI) has predicted 7.7 per cent growth in the coming quarters.

"In the past if due to structural reforms any sector needed tatkal help, the government was ready to help them, no matter what," Prime Minister Modi said.

Prime Minister Modi also said that it has been three months and the Central Government is looking at every angle in terms of the GST and have taken feedbacks of small things.

"I have asked the GST council to review the problems being faced by traders, issues in technology or filling the forms," Prime Minister Modi said.

"What will you call an increase in sales of car by 12% after June? What will you say when you hear that after June the sales of commercial vehicles increased by 23%, sale of two wheelers increased by 14%, when there has been an increase in auto sales, air traffic, air freight and telephone subscribers."


"When Doklam (people applaud) happened, people were discouraged and said that we can't do anything," Prime Minister Modi said, adding that a few people were glad to spread pessimism.

"It is for these people, fall of growth in one quarter, is like the biggest dose they will ever receive," Prime Minister Modi asserted.

He said that now is the time to recognise these people, adding, "when the data is favourable, it is the same people who like that institute and process, but the moment this data is beyond their imagination, they say the system is not right, the process is not right, people working in it are not right and just accuse people."

Prime Minister Modi also said that before coming to any conclusion, it is very important to recognise these people.


Prime Minister Modi said that the previous government, in its last three years, saw the construction of 15,000 km National Highways, while in Prime Minister's Modi Government of three years, they have constructed more than 34,000 km National Highways.

"Few people do not like the reforms even though they are good for the nation because the government they wanted could not and could not achieve it.

Prime Minister Modi said that there have been big changes, whether it's the construction sector, defence sector, financial and services sector, or the food processing sector.

"After liberalisation in 1992 to 2014 the total number of foreign investment in construction sector from 2014 to 2017 has increased by 75 per cent and has happened only in these three years," Prime Minister Modi said.

Prime Minister Modi said that in air transport sector as well the foreign investment has increased by 69 per cent in the past three years; while in the mining sector there has been an increase of about 56 per cent in the last three years.

"We are increasing the speed of development and playing an important in job creation," Prime Minister Modi said.

He also said that the government very well understands the value of the hard earned money, of the people and hence their policies and schemes are focused at bettering life of poor and middle class.

"The government has not only taken care of private and public sector, but personal sector as well. Personal sector is attached to the personal aspirations of the people and that is why the government for that youth is helping them, who want to work for themselves," Prime Minister Modi said.

The Prime Minister also said that all these schemes by the government, are empowering the poor, but if they are affected the most by anything that is corruption and black money.


"In the past few days the criticism that we have received, we don't take it in a bad way. We are a sensitive government. We accept the constructive criticism with all our hearts and make sure that we consider it with modesty and work on improving the economy. The whole world is talking about India."

"We don't believe that all the things that critics say are wrong, but one should restrain from creating an environment of panic in the nation. We have started walking towards development of new India, new culture, new celebration and new traditions," Prime Minister Modi, concluded with an oblique attack at the critics. (ANI)