New Delhi, October 17 (IANS). Prime Minister Narendra Modi on Friday said India, from a ‘weak five’ economy before 2014, has emerged as one of the world’s top five economies in the last decade due to various sector reforms undertaken by the government.
Lauding the reforms in the banking sector, Prime Minister Modi said that banks were nationalized during the tenure of former Prime Minister Indira Gandhi with the rationale that banking should reach the poor. But, banks kept moving away from the poor.
Addressing the NDTV World Summit 2025, Prime Minister Modi said, “When we came to power in 2014, half of India’s population did not have a bank account. We democratized the banking system and opened more than 50 crore Jan Dhan accounts in mission mode. We brought reforms in the banking sector.”
He said that digital transactions have made India one of the most inclusive countries in terms of finance.
Praising the Income Tax and GST reforms, Prime Minister Modi said that these reforms ensure savings of Rs 2.5 lakh crore. Due to GST, sales in the festive season have broken all previous records. GST reforms have led to lower prices, smoother credit flow, resolution of tax inversion issues and reduction in disputes, ultimately reducing costs for both producers and consumers.
Prime Minister Modi praised the transformation of government company BSNL. He said that India is among the top 5 countries which have their own 4G technology. This indigenous 4G technology, called Bharat Telecom Stack, has been used on around 1 lakh towers of BSNL. This has improved internet connectivity and increased the coverage of broadband in rural and remote areas. This technology is now ready for global export also.
PM Modi also mentioned the success of UPI. He said that India proved everyone wrong and today 50% of the world’s digital transactions take place in India. UPI has made a strong place in the global digital payments market.
–IANS
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