New Delhi, Nov 6 (PTI): Prime Minister Narendra Modi today said the economy has performed better on all parameters including inflation and foreign investment in the past 17 months and stressed on inclusive reforms that improve people's lives and not just grab headlines.
He also said the government's efforts to bring back black money stashed abroad have yielded as much as Rs 10,500 crore.
"India is doing better than when we took office 17 months ago. GDP growth is up and inflation is down, foreign investment is up and CAD is down, revenues are up...the fiscal deficit is down and the rupee is stable. Obviously this did not happen by accident...This success is a result of a series of well thought policies," he said.
Terming reforms to transform India as "a marathon and not a sprint", Modi said such measures should aim at improving the lives of people.
"My appeal to all of you is to think beyond conventional remedies. We should not limit our ideas of reforms to few standard notions. Our idea of reform should be inclusive and broad based. The goal of reform is not better headlines in the big papers but better lives for our people," he said while inaugurating the Delhi Economics Conclave 2015, which is being attended by economists from India and abroad.
The Prime Minister further said government's JAM (Jandhan, Aadhar and Mudra) initiatives were all about "achieving maximum values for every rupee spent, maximum empowerment and maximum technology penetration among the masses."
On the various macro-economic initiatives of the government, Modi said, "We have embarked on a course of fiscal consolidation. We have entered for the first time into a monetary framework agreement with the Reserve Bank to curb inflation."
As regards the corruption issue, the Prime Minister said the government has taken "decisive steps" to curb the menace that constrains growth.
These initiatives include reforms in the working of the state-owned banks, removal of discretion in allocation of key resources like coal, spectrum, FM radio etc, doing away with the interviews for lower-level jobs and introduction of electronic filing and scrutiny of tax returns, he said.
Talking about the illicit funds stashed abroad, Modi said, "Our campaign against tax evasion and money laundering is well known. Rs 6,500 crore was assessed before the new black money act implemented. Additionally, over Rs 4,000 crore has been declared under the new Act. Thus over Rs 10,500 crore of black money from abroad has been detected and assessed."
Modi further said the tax department took steps to facilitate electronic return filing which presently covers 85 per cent of assessees.
"Earlier electronic returns had to be followed by paper verification which used to take weeks to be processed. This year we introduced e-verification using Aadhaar and over 4 million taxpayers used this facility," he said, adding 91 per cent of electronic returns were processed and 90 per cent of the refunds were issued within 90 days.
"I have asked the IT department to move to a system where not only returns but also scrutiny is done without having to go to the office. Queries to be raised and answered on line or by email. There should a visible electronic trail of what is pending with whom, where and for how long. This is being piloted in five big cities," he said.
Comment on this article
Dev, Mangalore
Fri, Nov 06 2015Acche Din Aaa Chuke Hey!!!
For Whom?
All the people know the Truth, no need for more Bashans, we need action on the ground Mr PM, come to market in disguise & see for yourself what is spoken about the struggle people are going through.
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Santosh,K, Mangalore
Fri, Nov 06 2015Modi fulfilled all his promises And making dal 200 Rs per kilo.People's are buying DAL in grams.
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John, Malpe
Fri, Nov 06 2015Can i please know Mr. PM what is meaning of Economy.. if you dont know the meaning of it please keep quiet..
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Aubb, Kuwait
Fri, Nov 06 2015Modern day Tughluq!!!!!!!!!!!!!!!!
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Damodar Bhat, Udupi
Fri, Nov 06 2015Modi was good only as CM of Gujarat and not as PM.
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Jafer, Ullal
Fri, Nov 06 2015Thats why Nitish Up,Modi Down..
No more ullu banaying!!!
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Shiva K.S, Bangalore
Fri, Nov 06 2015Modi is probably quoting Moodys latest review.
Poor Modi. If the BJP loses Bihar then he will once again be busy shuttling ( electioneering ) between Maharashtra / Jharkhand & J & K as these State Govts will collapse. So no foreign trips and taking selfies too.
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KRPrabhu, Kudla/Bluru
Fri, Nov 06 2015Housing is a common and most wanted desire of any person.One who plans to own a flat/house for a budget in 35-40 lakh range have to sell out 0.70 to 1.00 lakh more by way increase in service tax.Housing is a priority sector and our fin minster made it dearer for people voted for his govt.As pointed by BJP 's ally Shivasena common people started distancing from BJP.Vajpayees NDA govt lost because it neglected agriculturists and common ma.Naidu's Telugu Desham lost earlier because it too neglected agri people and gave importance to only digital people.Now Modi also goes on the same route of doom......next budget will give a clear picture of this govt future....Ultimately corporates can not install govt in Delhi..This is the truth.
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Well wisher, Udupi
Fri, Nov 06 2015People in India are such stupid thinkers ,it doesn't matter if India develops or not they just want a prime minister of their choice, so it is impossible to please everyone in the country at the same time ,so talking is useless.
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RDS, Mangalore
Fri, Nov 06 2015Heights of fekugiri. This man is out of his mind. I have been telling from beginning. Indian economy is only because of beef exports.
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Anand, Mangalore
Fri, Nov 06 2015May be he is referring to one of the country's economy that he traveled!
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anonymous,
Fri, Nov 06 2015Phenku is absolutely right when he claim that Economy is improved.
Proof never in history of India citizens required to produce PAN card to buy Daal and Onion.
By Feku logic all are rich who buys Daal. Acche Din Bahut Jaldi aa gaye hain..
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Orton, Mangalore
Fri, Nov 06 2015Concentrate on more Beef Export.
Economy will improve in 1 month.
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JK, Udupi
Fri, Nov 06 2015If we don't know about how economy works one shouldn't talk about it.
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Roshan, Mangaluru
Fri, Nov 06 20151) Black Money - When former FM Chidamburum, one of the finest came out with idea to black money assets and pay taxes. BJP vehemently opposed it is an Anti-national act. BJP did exactly the same. It is not uniform civil code by the way, nor is the disruption of parliament.
2) GDP Growth: 7.5percent is a predicted growth by the fmr fm for 2016, he set criteria to follow. NDA is struggling even now, when the oil prices are hovering around USD40 TO USD50.
3) Employment : There is not at all any raise in employment rather people are loosing jobs. If the economy is growing, every percentage increase will add a million jobs.
4) Inflation : When UPA was buying agricultural commodities the charge was Sharad Pawar is making money. Today Modi Govt., quietly buys same. It is natural that somebody there making money. Yet, the prices of house hold commodities is still unaffordable to common man.
Many points can be given. But, I know Modi has spoken on economy to give the markets some hope. As many analyst expect there will be blood bath on Monday, should BJP loose bihar.
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Joseph F. Gonsalves, Bannur, Puttur / Mangalore
Fri, Nov 06 2015Dear Roshan, Mangaluru,
Today 1 US Dollar = Indian rupees
1.00 USD = 66.1815 INR
US Dollar ↔ Indian Rupee
1 USD = 66.1815 INR.
Mid-market rates: 2015-11-06 13:55 UTC
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George L.D`mello, Sharjah,UAE
Fri, Nov 06 2015MODI IS HAPPY HE MADE BEST WORLD TOURS.
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flavian dsouza, chik/banglore
Fri, Nov 06 2015All black marketers are having ACCHE DIN selling dal at 200 rs but no action from the govt. Petrol prices have gone down steeply but benefits are going to Ambani and a few large corporations. 10% reduction in fuel price would have made a huge difference to the common man and all the commodities but govt has no control . Ambani/adani decide . Oil was our worry and UPA had to manage at 110$ a barrel but today at 50$ we are seeing a huge price rise across
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Eric Coelho, Mangalore
Fri, Nov 06 2015It is like a dog praising its own tail. The last 1 1/2 years is undoubtedly economy has improved on all parameters only for you, Adani and Ambani. Rest of the people of India have been fooled. Bihar election will be the outcome of your good governance or bad governance.
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alfred, mumbai
Fri, Nov 06 2015What had the PM gone on tour after giving bashaan in Bihar and suffering from Jetlag. It was like a comedy to say economy has improved, I will tell you how it has improved
1) Share Market is on a down hILL
2) Rupee is becoming weak against dollar,
3) Someday back the government agreed that exports are down which is a major concern.
4) All prices of commodity is rising. Though international prices are so low.
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ABD, LOS ANGELES
Fri, Nov 06 2015SOME DIRTY SICKULARS DON'T KNOW WHAT ECONOMY IS..BUT STILL COMMENTING...LOL
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MOHAMMED, SHIRUR
Fri, Nov 06 2015Mr. ABCD..LOS ANGELES...First count the "disagrees" with your first comment...then talk about economy.
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ABD, LOS ANGELES
Fri, Nov 06 2015MOHAMMED....I AM AWARE OF IT...PEOPLE WHOEVER HAVE DISAGREED MY COMMENTS ARE DIE HARD SUPPORTERS OF PAPPU
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Abdul Rafiq, Uchila / Dubai
Fri, Nov 06 2015IN WHICH COUNTRY???
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vivek, Hirebile/ Abu Dhabi
Fri, Nov 06 2015Tapping own back is Stupidity, real Progress Only come to Know when END USER become happy...Did the Price of daily Essential Items Gone Down?? the Answer is Still NO!!!....this Modi speech Rises a Question, where the BLACK MONEY gone???....Where is Foreign Investment Gone????...from Where he Assure Huge Money to AFRICA??...Ram jetmalani have Answer!!....i can't say here due to Primers respect!!....
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PINTO, Doha/Qatar
Fri, Nov 06 2015@ Joseph, Bannur
It is beef with bone which is Rs.200 at Kinnigoli market now and I myself purchased it two weeks back when I was in India. I do not know from where the beef comes to Kinnigoli market but since there is no sale of beef in surrounding areas thanks to Chaddi groups, people from distant places throng Kinnigoli market to buy it.
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Praveen Kumar, Mangalore
Fri, Nov 06 2015It's seem feku has hired new pro to fool people again. Improvement in Bashan's only, Reality is big zerO.
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GCP., Muscat
Fri, Nov 06 2015One point I agree, Rupee is stable now. 1 Rupee=100 paisa.
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arun, kumar
Fri, Nov 06 2015Economy is improved for BJP Fund. Because Indian Rupees money value gone down. Now Feku Modi is shut his mouth, Because BJP economy is improving day by day.
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KRPrabhu, Kudla/Bluru
Fri, Nov 06 2015Yes,economy improved in all parameters during last 17 months:
1.5% cut in income tax for corporates enabled them to fill their kitty abundantly.
2.Common man who is responsible for Modi's elevation as PM is paying income tax on the same rate like in UPA rule.
3.Income tax officials are directed to target those common man who voted him to power to come under tax net.
4.Income tax officials are not questioning luxury marriages of politicians sons spending crores.
5.Bank recovery of loan slowed down drastically because of signs of improvement of business.
6.Banks gross NPA crossed 5% mark in many bany banks which is for the first time very very dangerous sign.
7.Net NPA crossed 3% mark in most of the banks as a result of rise in GNP.
8.Rate of interest for deposits has drastically come down and now the Net Interest margin (NIM) for banks is much more.
9.As a result of low interest rate for deposits in banks the retired persons/senior citizens who are mainly dependent on bank interest for livelihood are finding it difficult to meet both ends meet.Senior citizens are totally ignored by the govt.
10.Those who are eating daali thove extensively previously now started to limit the consumption once in blue moon making their helth slim and trim.Because daali thove is not good for fat.
11.Idli dose etc., become costlier due to increase in Urad daal.
All round improvement every where.....
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MOHAMMED, SHIRUR
Fri, Nov 06 2015Some confusion Mr. Prabhu...sorry yaar..before going through the lines..i clicked "disagree"...Really...so good data.
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Langoolacharya., Belman/Washington,DC.
Fri, Nov 06 2015Mohammed,
Its habit of many Daiji commenters...first read the name...press disagree...then read comments fully...never mind...
Prabhumaam....during next elections...vote for Bhandumaam of AAP...
...JH...
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Jossey Saldanha, Mumbai
Fri, Nov 06 2015KRPrabhu, are you Crying or Celebrating - decide first ...
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JNB, Mangalore
Fri, Nov 06 2015improved!
Daal 60-70 se 270/-kg
Onion 20-22 se 90-100/-kg.
Tometo 15-20 se 65-85/-kg.
Kidar improvement hogaya bai?
Thera Ghar me ya Mera Ghar me?
Ghar Vapasi!
Achche din!!
Nahi Chaayehe
Bhure din vapasi khoro!
Jaldi karo!
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MOHAMMED, SHIRUR
Fri, Nov 06 2015"bure din wapas karo ...jaldi karo"...baat dilko lagi yaar. "hats off" Mr. JNB.......lol
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Ummar, Udupi/Dubai
Fri, Nov 06 2015He only admiring himself. Wah wah. Let 70% Indians or those 30% admire his success as a PM. Now a days those people also regretting who voted for Mode except 2% in this forum.
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Jossey Saldanha, Mumbai
Fri, Nov 06 2015Ask him what is a Parameter.
He will reply "Pani Mein Kithna Dudh, Chini aur Patti" ...
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Juliet mascarenhas, Bejai Mangalore
Fri, Nov 06 2015Joseph,
When one goes up the other comes down. Vegetarian gone up, non-vegetarian come down. this is Mod's modern economic theory.
This also happened in India for the first time.
Do not just grab headlines like people did during election time.
You will regret.
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mann, Bangalore
Fri, Nov 06 2015Best thing is not to comment, as he himself keeps silent on all the crimes\mistakes\blunders committed by his ministers and Party leaders.
How people can still believe him, as since he came to power nearly one and half year back still promising various things, more and more and saying everything is fine in the country now...!!! Wonderfool...!!!
Modi Saheb, we are used by now with your fekugiri. Please spare us now.
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ABD, LOS ANGELES
Fri, Nov 06 2015ECONOMY WAS WORST WHEN U.P.A GOV'T WAS IN POWER BUT AFTER MODIJI BECAME P.M THERE WAS A TREMENDOUS GROWTH IN ECONOMY...!!!
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juliana seqeira, Mumbai
Fri, Nov 06 2015Dear Mr. ABD,
you mean to say growth in Economy in Los Angeles or in India? First come to India/Mumbai and go to the market, buy some vegetables/grocery and then compare economy to UPA Government and to your NDA Government. You will only come to know what is worst and what is best.
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ABD, LOS ANGELES
Fri, Nov 06 2015JULIANA....CAN YOU JUST COMPARE PETROL AND DISEIL PRICES UNDER U.P.A AND B.J.P GOV'T...SICKULARS ARE BUSY FINDING FAULTS OF MODIJI'S GOVT
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Elroy, Karkala
Fri, Nov 06 2015Mr. Lost angel first compare the crude oil prices then and now. Then compare the prices of petrol and diesel. First come to Indian streets and see. Petrol prices wont come down until Ambanis shut their business. They are the one who looting Indian resources quietly and all the governments are supporting them.
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Saleem, Mumbai
Fri, Nov 06 2015Wow ABCD !!!!
very rightly said that the prices of Diesel n Petrol has come down , so it means the prices of essential commodity should come down . Has it come down MR ABCD .
Everything has remain the same or more
Ultimately whom it has benefited Common Man/ Corporate house
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Ravi C, Mangalore
Fri, Nov 06 2015Petrol Diesel Prices?! Very good knowledge about Indian Economy. Anyone, we cannot drink or eat petrol and diesel.
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alfred, mumbai
Fri, Nov 06 2015ABD, LOS ANGELES, I, presume you keep your self updated with world news. Any case to refresh your mind INTERNATIONAL OIL PRICES DURING UPA TIME WAS $ 110, AND OIL PRICE WAS Rs. 65/- AND NDA TIME INTERNATIONAL CRUDE IS $ 45/- TO $ 50/-AND YET THE OIL PRICE IS Rs. 65/- SO PLEASE GIVE SOME SENSIBLE COMMENTS AND DO NOT GIVE COMMENTS BECAUSE YOU HAVE NO WORK.
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MILAN, DXB
Fri, Nov 06 2015JOKE OF THE CENTURY. I STILL CANNOT STOP LAUGHING.😄😀😀😀
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Acchu, M,lore
Fri, Nov 06 2015What is economy according to Modi??? please explain. .
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ABD, LOS ANGELES
Fri, Nov 06 2015BUT ACCORDING TO PAPPU AND ANTONIO MAINO ECONOMY IS NOTHING BUT" LOOT LOOOT LOOOOT LOOOOOT AND LOOOOOOOOOOOOOT
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alfria, mumbai
Fri, Nov 06 2015OK according to Pappu it is loot now tell us what is economy according to Feku maraj???
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Amin Bhoja, Patte / Riyadh
Fri, Nov 06 2015Economy is improved on all parameters including that of intolerance dept in the BJP!!!
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Joseph F. Gonsalves, Bannur, Puttur / Mangalore
Fri, Nov 06 2015Vegetarian and non-vegetarian are very cheap.
Daal Rupees 200 per kg.
And Beef is Rs. 165-170 per kg., with bones.
Dear Chaaiwaala P.M., to A.M., We don't want Gujarat type of Model all over India.
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PINTO, Doha-Qatar
Fri, Nov 06 2015Dear Joseph,
In Kinnigoli, beef per kg is Rs.200
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Joseph F. Gonsalves, Bannur, Puttur / Mangalore
Fri, Nov 06 2015Dear PINTO, Doha-Qatar,
Is the beef 200 per kg. boneless or with bone.
Secondly, is there slaughter house or the beef comes from Mangalore's slaughter house.
Kindly explain.
Dear Juliet,
I mean to say beef and daal are not cheap but costly in the chaaiwaala tenure.
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jagdish, Mumbai, UAE
Fri, Nov 06 2015Dear Joseph F. Gonsalves, Bannur, Puttur / Mangalore
Friday, November 06, 2015
First and foremost you should have culture of respecting honourable Prime Minister, Addressing him Feku, Chaiwala will not bring you any honour.. Whatever he is, but elected prime minster..
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Jossey Saldanha, Mumbai
Fri, Nov 06 2015FOR CHADDIS ...
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MOHAMMED, SHIRUR
Fri, Nov 06 2015Mr. Jagdish, when your Honorable PM and his so called "cheddi" and C Class parliament team has no culture to respect the citizens of India.....why should we?....why?..why?...dont worry....he deserves the same.
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jagdish, Mumbai, UAE
Fri, Nov 06 2015Janab Mohammad. First of all you should know all politicians don't care about self respect... Do you think they care about what public speaks. No.. never. Then people like us uses abusive language, We looses our respect, Not they.. because they (all politicians) don't care
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Kishor, Mumbai
Fri, Nov 06 2015VINAASHA KAALE VIPAREETHA BUDDHI
don't worry Mr. jadgish
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MOHAMMED, SHIRUR
Fri, Nov 06 2015Yes Mr. kishore....definitely "vinaashkala"....but...kisko..ye aapko nahi maalum.
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alfria, mumbai
Fri, Nov 06 2015When you all had no respect for an eminent personality like Dr, Manmohan singh and gave him all type of names that time it was not an insult, and now you find it an insult when PM is called chaiwalla.
It is Modi who said that he was a chaiwalla and there is nothing wrong in calling him by that name.
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MOHAMMED, SHIRUR
Fri, Nov 06 2015While addressing a election rally in Bihar...he called Nitish and his team..Three idiots......
Jab aapke muhse aise phaltu words aatehai tho...how can he ...Honorable? ...aaapko mirchi lagi tho...that is u r problem.
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Joseph F. Gonsalves, Bannur, Puttur, Mangalore
Fri, Nov 06 2015Dear jagdish, Mumbai, UAE,
All BJP'S AND CHAAIWAALA'S BHAKTS ARE HAPPY WITH CALLING HIM CHAAIWAALA Prime Minister including the chaaiwaala P.M. to A.M.
Where were you when an humble economist Dr. Manmohan Singhji was called by these bhakts Chor, Chor at the well of the house.
The Chaaiwaala is a liar.
He is not respecting our christian cultures. Holy Christmas and Holy Good Friday
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Aswin, Dubai,Kundapura
Fri, Nov 06 2015Jagdish Bhai your PM party people call SRK go to Pakistan and compares him to terrorist ,SRK known to the world how big hearted he is in his Charity,You are in UAE and do you like somebody comes to your kitchen and what you eat or do you like if world bans Chai because you hurt tea plant .
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Saleem, Mumbai
Fri, Nov 06 2015The same PM didnt had respect for Manmohan Singh n he called various names for Him
How can u forget that
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