Economy is on track and in the right direction: PM Modi

PM Modi on Sunday inaugurated a Rs 650-crore roll on-roll off ferry service that reduces travel time by six hours between Saurashtra and South Gujarat.

Dahej: Prime Minister Narendra Modi on Sunday asserted that the process of taking "important decisions" regarding the economic reforms will continue.

On a day-long visit to Gujarat, he also reached out to traders, saying their past records will not be checked by the income tax department if they join the formal economy by getting themselves registered under the GST regime.

"After all reforms and hardcore decisions, the economy of the country is on track and is going in the right direction," PM Modi said addressing a rally here.

"Many economists have agreed unanimously that the fundamentals of the economy are strong," he added.

He was apparently answering the critics who have been saying that the economy is in bad state.

"If we have a look at the figures which have come recently, the production of coal, electricity, natural gas and other items has increased tremendously. Foreign investors are making record investments in the country. The foreign exchange reserves of the country have reached 40,000 crore dollars from 30,000 crore dollars," the PM said, PTI reported.

"We have taken important decisions regarding reforms and this process will continue. Financial stability of the country will be maintained while initiating reforms. We will take all necessary steps to increase investments and bring in the economic development," he said.

Talking about GST, PM Modi said the number of traders joining the new indirect tax regime is increasing day by day.

"In the last few months, 27 lakh additional people have registered themselves for this indirect tax... No businessmen wants to indulge in tax evasion. But tax rules, system, tax officials and even politicians are forcing them to do it," he said.

"I know, that those who are joining have fear that their past records will be checked. I assure you that no tax officials will be allowed to open past records of those who want to come in the mainstream," the PM declared.

He said that the Goods and Services Tax (GST) has stopped corruption at check posts on borders of each states.

"The GST has eliminated check posts on borders. Trucks do not have to wait for days and corruption at check posts has stopped. Now, those who used to take contracts for ensuring passage of your trucks through the check posts are naturally very angry with me," PM Modi said. 

Meanwhile, he also inaugurated a Rs 650-crore roll on-roll off (Ro-Ro) ferry service that reduces travel time by six hours between Saurashtra and South Gujarat.

Addressing a gathering in Bhavnagar after the inauguration, PM Modi blasted the Congress saying the previous UPA government in the Centre had stalled all Gujarat development projects by creating procedural hurdles in the name of environment.

"When I was the CM, I faced hostility from the then central Government. People at the Center were like that. From Vapi to Mandvi in Kutch, they (the UPA government) had banned development in the entire coastal area of Gujarat. They had threatened to lock all our industries in the name of environment," he said.

He added that this had changed since he took power in Delhi and gave importance to the Gujarat development. 

"It seems implementation of all good works are my luck. Changes don`t come from cliched attitude but by new thinking. We changed the way of thinking," the PM said, as per IANS.

He further said that the ferry in the Gulf of Khambhat of the Arabian Sea would reduce the travel time between Bhavnagar district in western Gujarat`s Saurashtra region and Dahej in Bharuch district in south Gujarat from seven hours to one hour, cutting the distance between two places to 31 km from 360 km.

Election to pick a new 182-member Gujarat assembly is due before January 22, 2018 when its term ends. The Election Commission has not announced the poll dates as of now.

Sharing my speech at the public meeting in Ghogha in Bhavnagar district. https://t.co/lZCPK46gXB pic.twitter.com/oQ7ZyIR0hY — Narendra Modi (@narendramodi) October 22, 2017

In Dahej, spoke about the Centre’s focus towards harnessing our long coastline for the nation's economic growth. https://t.co/pT15orLwkM pic.twitter.com/m803RT3YKh — Narendra Modi (@narendramodi) October 22, 2017

Breathtaking glimpses of the Ghogha-Dahej ferry service. Its inauguration is a landmark moment in Gujarat’s development journey. pic.twitter.com/Whzs2mOQI8 — Narendra Modi (@narendramodi) October 22, 2017

In Vadodara, talked about the Central Government’s steps to ensure the fruits of development reach the poorest of the poor. pic.twitter.com/kvtIoO3AWR — Narendra Modi (@narendramodi) October 22, 2017

Thank you Vadodara for the affection. pic.twitter.com/RlbFIYKuNL — Narendra Modi (@narendramodi) October 22, 2017

(With Agency inputs)