Prime Minister Narendra Modi on Friday said that the government has for the first time entered into a monetary framework with the Reserve Bank of India (RBI) to curb inflation.
"We embarked on a course of fiscal consolidation. We entered for the first time into a monetary framework agreement with RBI to curb inflation," Modi said while speaking at the inauguration of Delhi Economic Conclave.
Modi said that by almost every major economic indicator, India is doing better than when he took office 17 months ago.
"Maximum value for every rupee spent, maximum empowerment for our poor, maximum technology penetration among masses," said Modi.
On development in the banking sector, Modi said that 19 crore people were brought under the banking system in 19 months.
"Accounts opened under Jan-Dhan yojana have a total balance of almost Rs.26,000 crore today. For me, JAM (Jan-Dhan, Aadhaar, Mobile) Vision is just about achieving maximum," said Modi, and added that India's GDP has grown and inflation come down in the recent times.
He also emphasised that India should be known as a job-creating nation, not a job-seeker nation. He said much work was also being done to ensure that the youth of the country get employment. "We have great entrepreneurial energy. This needs to be harnessed so that to become a nation of job creators not job seekers."
The prime minister said by now the "Make in India" initiative, along with considerable progress towards ease of doing business in India, was well established. "We have also increased the pace of awarding new highways from 5.2 km per day in 2012-13 and 8.7 km per day in 2013-14 to 23.4 km per day."
He said the view of the government now was reforms should be inclusive and broad-based and not limited to a few standard notions. "Reforming to transform is a marathon not a sprint."
