Our goal is clean and sustainable development
In India, the present is changing rapidly. A ‘New India’ is taking shape. And, there are many reasons for it. One, Economic reforms are taking place at a speed and a scale not known so far. Over 10,000 measures by Central and state governments in the last two years have helped us move up 42 places in the Ease of Doing Business rankings.
Over 1,400 out-dated laws have been repealed. India is among the most open economies in the world. Foreign investors can go into almost all sectors, often with up to 100 per cent equity. Indeed, more than 90 per cent of investments in India are through this route.
Two, Tax regime has changed: Lower tax rates, increased stability, faster resolution of tax disputes and electronic filing systems. Goods and Services Tax is the biggest tax reform since independence It has unified the nation into a single market and increased the tax base. This was not an easy task. But, it was done successfully. And, it has created new economic opportunities. Our personal income tax base has also expanded by nearly 20 million.
Three, our infrastructure sector is expanding at record speed. Last year, we built nearly 10 thousand kilometers of national highways — that is 27 kilometers daily, almost double the speed a few years ago. Pace of rail track addition has doubled. Metro rails in several cities, seven High Speed Rail Projects, dedicated freight corridors, and modernisation of 400 railway stations will transform the rail sector. Other projects include 10 green field airports; five new major ports; 111 rivers designated as National Water-ways; and over 30 logistics parks. We added over 80 thousand mega-watts of power in just three years. And, in renewable energy, we have become the sixth largest producer in the world. That is our commitment to a green and sustainable future. Quite simply, the biggest infrastructure story of the world is unfolding in India.
Four, our manufacturing sector is rebounding. There has been a sharp rise in FDI in the past three years – from 36 billion U.S.dollars in 2013-14 to 60 billion U.S.dollars in 2016-17. There is also special focus on the Micro, Small and Medium Enterprise Sector. We have launched sector-specific modernisation and productivity programmes, reduced corporate tax rate, and made tax benefits more attractive and easier. The Indian Startup sector is flourishing, and is now the third largest in the world. My favourite scheme is, of course, the Mudra scheme that offers micro credit to the poor and the excluded. Over the past three years, 128 million loans worth more than 90 billion U.S. dollars have been extended — 74 per cent of these have gone to women; yes, 74 per cent to women.
Five, we are strongly focussed on financial inclusion. In the course of the past three years, we have opened 316 million bank accounts for those who never had a bank account. Now, 99 per cent of Indian house-holds have a bank account. It is a new source of dignity and identity for every citizen, a remarkable story of inclusion and empowerment More than 12 billion US dollars have been deposited in these accounts. The government benefits worth more than 50 billion US dollars have been transferred directly to the beneficiaries. They now have access to affordable pensions and insurance — everything that was once only a dream. Now here in the world has banking expansion taken place on such a scale and at such speed.
Six, a digital revolution is sweeping through India. Through a biometric identity for everyone, a mobile phone in almost every pocket, and a bank account in everyone’s reach, every Indian’s life is getting transformed. And, it is also transforming everything else in India: Governance, public service, delivery of benefits to the poor, putting banking and pension within the reach of the poorest. For example, digital transactions are growing rapidly. In 2017, just the UPIbased transactions grew seven thousand percent. In January, all digital transactions were valued at 2 trillion U.S. dollars. We are building broadband connectivity to two hundred and fifty thousand village councils, and we are setting up common service centres in each of those village councils. These will offer many digital services and create thousands of rural jobs. Under Atal Innovation Mission, we are opening 100 incubation centres and we have opened 24 hundred tinkering labs across India for our children to become innovators and job creators. One of the exhibitors today is from one of these labs.
Seven, India will experience the largest wave of urbanisation in the world over the next two decades. It is a challenge, but also a huge responsibility and opportunity. We are working to transform 100 cities into Smart Cities, and 115 aspirational districts into new centres of progress. Mass transit, waste management, pollution control, sustainable habitat and affordable housing are programmes of great priority for us.
Eight, we are investing in skills and raising the standards of higher education to give a life of dignity and opportunity for our 800 million youth. With learning from Singapore, we are setting up advanced Institutes of Skill Development. And, in this fiscal year, we have launched a 15 billion US dollar programme, to further strengthen our higher education system.
Nine, Agriculture sector is receiving a level of priority that it has not since the Green Revolution decades ago. We aim to double the income of farmers by 2022, when Independent India will be 75 and a ‘New India’ will be born. For this, we are using technology, remote sensing, internet, digital financial system, soft credit, insurance, soil health improvement, irrigation, pricing and connectivity.
Ten, we want every citizen to enjoy what I call ‘Ease of Living’ by 2022. It means, for example, 50 million new houses so that there is roof over every head in 2022. Last month, we reached a milestone. Each one of our 600 thousand villages are now connected to a power grid. We are also working to provide electric connection to every household. We have launched this year AYUSHMAN Bharat, the National Health Insurance Scheme. It will cover 100 million families or 500 million Indians with annual coverage of 8000 US dollars. This is simply the largest healthcare scheme in the world.
Quality of life is also linked to clean and sustainable development. That is one of our principal goals. It is rooted in our heritage and our commitment to the planet’s future. And, it informs every aspect of public policy and economic choices in India now. And, all these changes are taking place because of one and only one reason: our people.