Raigad: Prime Minister Narendra Modi on Saturday inaugurated new campus of National Institute of Securities Markets (NISM) in Raigad, Maharashtra. While speaking on the occasion, he stressed on the long term benefits of demonetisation and Indian economy.

PM Modi lauded the current Indian economy by comparing it to the one before his tenure started, saying, “India is been seen as bright spot. To see how far we’ve travelled we should look back to 2012-13 when the currency was falling sharply.”

On the highly anticipated Goods and Services Tax (GST) bill, he said, “Constitutional amendments on GST that remained pending for years have been passed and the long awaited GST will soon be a reality.”

“Government will continue with sound economic policies to ensure India’s bright future in long run; there will be no decisions for short term political gains. We have made progress and improved ease of doing business. FDI has now reached record levels,” he further added.

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On the note ban which has received mixed response from the public, he claimed “We will not shy away from taking difficult decisions that are in the interest of the country and that demonetisation is only short term pain for a long term gain.”

Narendra Modi also showed his intent to establish India as a hub for start-ups saying that Bharatiya Janata Party-led government is very keen to encourage start-ups in the country while also stressing that a good stock market is the key for start-up ecosystem.

Further shedding light on the stock market he asserted, “For markets to function successfully, participants need to be well informed. Our markets should show that they are able to successfully raise capital for projects benefiting the majority and most importantly, stock markets need to raise capital in innovative ways for projects in agricultural sector.”

At the NISM inauguration, he also proclaimed that he wants to see India as a developed country in one generation and the true measure of success is the development in villages, not the impact in Dalal Street or Lutyens’ Delhi.

“SEBI should work for closer linkage between spot markets like e-NAM and derivatives markets to benefit farmers,” he added.

Before wishing everyone a happy Christmas and New Year, Prime Minister said, “Those who profit from financial markets must make a fair contribution to nation-building through taxes.”

 

 

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