Country on faster development track: PM

New Delhi, Aug 15: Noting that the country has moved from a position of being in the 'fragile five' to becoming a destination for multi-trillion dollars, Prime Minister Narendra Modi on Wednesday said that India has been put on a faster development track, during the last four years.

Addressing the Nation on the occasion of 72nd Independence Day, the PM said, 'In 2014, esteemed economists and agencies said the Indian economy was risky.

Today, the same people say reform momentum is strengthening. The businesses used to talk about red tape, now they talk about the red carpet.

'They used to talk about policy paralysis, today they talk about reform, perform, transform. India used to be counted in the 'Fragile Five' in the world, but today, India is a multi-trillion dollar investment. Everything has changed.'

In a reference to the previous UPA government at the Centre, Mr Modi said the four years of the NDA government had witnessed growth at a much faster pace, than was witnessed previously.

"If we had continued at the same pace at which toilets were being constructed in 2013, the pace at which electrification was happening in 2013, then it would have taken us decades to complete.

'It would have taken, maybe, more than 100 years to get gas connections to all poor mothers. It would have taken generations to lay optical fibre in the scale," the Prime Minister said in his address to the nation, from the ramparts of the Red Fort.

He said there is an atmosphere of 'self-confidence' and India is regularly crossing new heights.

"India has registered its name as the sixth largest economy in the world. It has created positivity and constructive atmosphere. We are celebrating the festival of freedom in such a positive atmosphere " Mr Modi added.