Change is clearly visible in the country, says Narendra Modi at ET Global Business Summit

'Our government came to serve the people and today the change is clearly visible.

'After 2014, hesitations have been replaced by hope, obstacles have been replaced by optimism and Issues have been replaced by initiatives,' said Mr Modi in his keynote address at the fifth edition of the two-day Economic Times Global Business Summit which began on Friday.

The changes were visible on the ground first and later, on paper, he said.

'Today, there is a competition as to whether India will get 100 per cent sanitation first or 100 per cent electrification first. There is competition as to whether all habitations will be connected by road first or all homes will get gas connection first,' he said.

'We are now witnessing various forms of competition,' he said.

There is competition between ministries, between states, a competition on development, a completion on achieving targets,' Mr Modi said.

He said there is competition as to which state will attract more investment.

There is competition as to which states will build houses for the poor fastest or to which aspirational district will progress fastest, he said.

The country was facing total policy paralysis and this was preventing the economy from reaching the level which it was worthy of, he said, adding that the global fraternity was worried about health of this member of fragile five club and there was a perception of surrender to existing circumstances.

'Who would know better than all of you here about the challenges the country was facing during 2013-14; inflation was breaking the back of every house-hold. Increasing current account deficit & higher fiscal deficit were threatening macro-economic stability of the country,' Mr Modi said.

He stated that India’s ranking in the World Travel & Tourism Competitiveness index has gone up from 65 in 2013 to 40 in 2017.

'Number of FTAs to India increased by around 45 per cent while number of approved hotels went up by 50 per cent and Foreign Exchange Earnings in tourism also went up by 50 per cent,' Mr Modi pointed out.

Listing out his government's achievements, the Prime Minister said now, a business with a turnover of upto Rs 40 lakh does not have to register for GST.

'Now a business with a turnover of upto Rs 60 lakh does not have to pay any income tax and

a business with a turnover of upto Rs 1.5 crore is eligible for the composition scheme,' he said.