India Committed to Reforms, Says PM Modi, Amid Global Economic Concerns

Prime Minister Narendra Modi on Friday said reforms across sectors were a commitment of his government and asserted that India was taking several steps to sustain its growth momentum. Addressing an event in New Delhi, Modi said India's political stability and continuity in policy had made the country a "bright spot" of growth and hope amid global concerns over economic growth. "India continues to take several steps to ensure continued growth momentum. India is pushing ahead with reforms across sectors and reforms are our commitment," he said. The Prime Minister said the world was facing several concerns over growth as resources were increasingly being weaponised, but India continued to be seen as a bright spot of growth. He said the NDA government had a clear roadmap for reforms, with a strong focus on governance, and was rewarding higher production through incentives. "Our government is rewarding higher production with incentives," Modi said. Taking a swipe at previous governments, Modi alleged that their policies were aimed at keeping people in scarcity so that they had to depend on the government even for basic needs. He said the licence raj had added to the burden of unemployment, while his government's production-linked incentive (PLI) scheme was creating new opportunities. "We are not just changing regulations, we are changing the entire policy of regulations. Our government believes that there should be no regulation for doing something that has not been explicitly prohibited under law," he said.