More steps needed to achieve double digit growth: PM Modi

The challenge before India is to take the economic growth rate to double-digits for which many more steps need to be taken, Prime Minister Narendra Modi told a meeting of chief ministers here on Sunday.

Speaking at the Niti Aayog's fourth meeting of Governing Council, Modi stressed that the world expects India to become a USD 5 trillion economy soon, according to a statement by the Prime Minister's Office.

As many as 23 chief ministers and one Lt Governor attended the meeting. The notable absentees were chief ministers of Odisha, Jammu & Kashmir and Delhi.

Briefing reporters after the meeting, Niti Aayog Vice-Chairman Rajiv Kumar said some of the chief ministers could not participate as they were busy handling flood situation in their respective states.

Regarding the absence of Delhi CM Arvind Kejriwal, he said invites were sent to him, but there was no response.

On development agenda document, 'New India 2022', he said: "It was not presented in the meeting. We want to make document to reflect ground realities".

The document will be sent to states for comments, he said, adding that it will be finalised in a month-or so.

As per the PMO statement, Modi assured the chief ministers of flood-affected states of providing all central assistance to deal with the situation.

He urged the chief ministers to "give fresh ideas" to the 15th Finance Commission for incentivising outcome based allocations and expenditure correction, amid demands by some states to revisit panel's terms of reference.

Modi said India has no shortage of capabilities, capacities and resources and in the current financial year, the states would receive over Rs 11 lakh crore from the Centre – an increase of about Rs 6 lakh crore from the last year of the previous government.

Observing that the Indian economy has grown at a healthy rate of 7.7 per cent in the fourth quarter of 2017-18, Modi said that the "challenge now is to take this growth rate to double digits, for which many more steps have to be taken". These steps, he said, are essential for achieving the vision of New India by 2020.

PM Modi on Sunday assured states like Andhra Pradesh and Bihar, which have been demanding special status category, that the Centre is committed in "letter and spirit" to adhere to statutory provisions in place at the time of the bifurcation of states.