Prime Minister Narendra Modi on Friday acknowledged the economic slowdown in Indian economy, saying the country will emerge as stronger out of the current slump.
"Indian economy has faced slowdown in past, the country will emerge out of the current slump much stronger," he said, adding, "We want to formalise and modernise Indian economy."
"Indian economy was headed towards disaster five-six years back; Government checked and brought discipline," the prime minister said while speaking at an Assocham event.
PM Modi noted that foreign direct investment (FDI) had grown consistently in the last five years. He defined the FDI as 'first develop India'.
"In the last few years, FDI in India has increased. FDI, for me, has two meanings. One is Foreign Direct Investment, and for me, another one is, 'First Develop India'," Modi said.
He mentioned that India's Ease of Doing Business ranking has rapidly improved and now stands at 63rd position from 142 earlier.
India has govt which listens to farmers, labourers and corporate world, he said.
Hard selling his administration's pro-business approach, PM Modi said the government was working to decriminalise provision of Companies Act to make it easier to do business in the country.
He added that the recent cut in corporate tax has brought rates to an all-time low for businesses.
He, however, said labour force should also be taken care of.
Dynamic changes have been made in the Goods and Services Tax (GST) on the suggestion of trade and industry, he said adding India is among the top 10 nations which have, in the last three years, made the maximum improvement in ease of doing business ranking.
From 142 rank, India has climbed to 63rd position in three years, he said.
(With inputs from PTI)
