Prime Minister Narendra Modi on Saturday said that his government would not shy away from taking more tough steps to tackle black money, while speaking at the National Institute of Securities Markets (NISM) in Raigad.
Addressing a gathering, Modi said that the demonetization is a short-term pain, but it will benefit in long-term.
Modi said his government has transformed economy in the last three years and inflation has been kept low.
He added that even the government's critics acknowledged the speed of progress.
Stating that the government is very keen to encourage start-ups and stock markets are essential for the start-up ecosystem, Modi added,"Our markets should show that they are able to successfully raise capital for projects benefiting the vast majority of our population."
Here are the highlights from his speech:
- India is being seen as a bright spot. Growth is projected to remain among the highest in the world
- India's place as the fastest growing large economy has not come about by accident
- In 2012-13 fiscal deficit had reached alarming levels.Currency was falling sharply, Inflation was high.
- In less than 3 years, government has transformed economy, cut fiscal deficit, CAD; foreign exchange reserves have grown, inflation is lower
- Financial markets can play an important role in the modern economy
- Long awaited GST will soon be a reality; FDI is at record levels
- However history has shown that financial markets can also do damage if not properly regulated
- For financial markets to function successfully, participants need to be well informed
- India has earned a good name for its well regulated securities markets
- Government is very keen to encourage start-ups. Stock markets are essential for the start-up ecosystem
- Our markets should show that they are able to successfully raise capital for projects benefiting the vast majority of our population
- We will not take decisions for short-term political point scoring
- SEBI should work for closer linkage between spot markets like e-NAM and derivatives markets to benefit farmers
- Those who profit from financial markets must make a fair contribution to nation-building through taxes
- My aim is to make India a developed country in one generation