Policy conducive for investment in J&K, says Home Minister Shah

TNN Bureau. Updated: 3/29/2023 1:38:38 AM Front Page

‘Government is working to bring down logistics cost’

Jammu: Union Home Minister Amit Shah on Tuesday said Jammu and Kashmir's policies and law and order situation are worthy of making investment and asked industrialists to pay attention to it.
Addressing an event organised by industry-body Assocham here, he said right policies of Prime Minister Narendra Modi have taken the country forward on the path of progress.
"You should choose an area considering your market or profitability. I cannot have any suggestion or priority on that. You can invest anywhere in the country.... But I would at least say that both policies and law and order in Jammu and Kashmir are worthy of investment. You must pay attention to this," he said in response to a question asked by an industrialist.
Shah said the government's "all-embracing" and "all-inclusive" schemes have led to the multi-faceted development of India.
He said the world is dazzled by the country's achievements.
"Our ideology has made the country safe," the minister said.
Shah said that through GST (Goods and Services Tax), which was ridiculed as Gabbar Singh Tax, a huge network has been created by connecting the country - from Jammu and Kashmir to Kanyakumari.
He said that due to the new education policy brought by the Modi government, companies in the country will not need to bring manpower from elsewhere in the next five years.
"Within five years, the youth of our country would become ready to make companies and businesses successful in the future," the minister said, addressing the event 'Bharat@100 Paving the way for inclusive and sustainable global growth'.
Citing other achievements in the infrastructure sector through major schemes, Shah said broadband connections were 6.1 crore in 2014 and increased to 82 crore in September 2022.
He said the government is working to bring down logistics cost to Gross Domestic Product (GDP) to 7.5 per cent from the current 13 per cent to make exports globally competitive.
Shah said that without the development of the country's infrastructure and reduction of logistics costs, development was not possible.
The government is investing Rs 100 lakh crore in infrastructure which will be instrumental in reducing logistics costs, he added.
He said that the development of the entire India can happen only when the entire nation makes efforts for it.
Shah said that unless there is an all-inclusive development of India, "we cannot achieve our goal".
He said that many people consider the population of 130 crores as a huge burden but it has a huge market.
According to Shah, the government is working to bring down logistics cost to Gross Domestic Product (GDP) to 7.5 per cent from the current 13 per cent and it has formulated a framework for the next five years.
"I can assure you that we will reach 7.5 per cent logistics cost in the next five years," he said, addressing the event 'Bharat@100 Paving the way for inclusive and sustainable global growth'.
Shah said that India's share in the global GDP in 2014 was 2.6 per cent, which has increased to 3.4 per cent by March 31, 2022.
He said that the country's share in global foreign direct investment (FDI) inflow was 2.1 per cent in 2014 which has increased to 6.7 per cent in 2022. In 2014, the per capita income of the country was Rs 68,000, which is Rs 1.72 lakh today, Shah said.
He said that in 2014 the length of National Highways was 91,000 kilometers which has increased to 1.46 lakh kilometers today.
Shah said that the government has planned to invest about Rs 100 lakh crore in infrastructure.
The home minister said that the government has tried to grow the economy on the four pillars of tough decisions, formulation of precise policies, strict implementation of these policies and complete removal of corruption.
He said that the time has come for the Indian industry to change its size and scale under the leadership of Modi.
Shah also credited Modi for giving a humane face to dry GDP numbers through social schemes which is a "first in the world".
He said that before 2014, no one ever discussed about 60 crore people who did not have any bank account and who were not a part of the country's economy.
The home minister said that the prime minister has provided the facility of a bank account to every family in 9 years.
He said that through Direct benefit transfer (DBT), the government led by Prime Minister Modi has directly transferred more than Rs 24 lakh crores to the 48 crore bank accounts for more than 310 schemes of 53 ministries.
Shah said that the prime minister has brought many reforms to raise the living standard of these 60 crore people of the country.
He said that by giving a human face and sensitivity to the GDP, Modi has brought change in the lives of the deprived 60 crore people of the country.
Shah, who is also the Minister of Cooperation, said Modi has set two goals for the country.
"Firstly, India should be a fully developed nation by 2047 and secondly, to make India a USD 5 trillion economy by 2025 and to achieve these two goals, Prime Minister Narendra Modi has laid a strong foundation in 9 years," he added.
Shah also slammed the previous governments of "jugglery" by hiding fiscal deficit numbers in budget documents.
"But the government under the leadership of Narendra Modi has controlled the deficit and brought it within the parameters of the economy," he said.
Taking a dig at former Union finance minister P Chidambaram, Shah said when the prime minister was giving details of the Digital India scheme in Parliament, the Congress leader had questioned how a payment of Rs 7.5 be made online to a vegetable vendor?
Chidamabarm had then raised three points -- first do they have any machine for payment? Secondly, has electricity reached there? And thirdly, does the internet work there?, the Home Minister said.
"Today I would request Chidambaram ji, that you go to any vendor and you will find these three (things)," Shah said.
He said, now, Unified Payments Interface (UPI) is being used by almost every business.
Shah said that through Digital India, a total of 8,840 crore digital transactions have taken place in the country in 2022, in which the share of UPI is 52 percent and their total value is Rs 126 lakh crore.
He said that electricity has reached 99 percent of India's villages, 1.90 lakh panchayats of the country have been connected to BharatNet and over 6 lakh kilometers of optical fibre has been laid in the last 6 years.
Shah said that in 2014 there were 6.1 crore broadband connections, which has increased to 82 crore in September 2022.
He said that this shows that while leading the country, Modi has the capacity, courage and vision to harness all the possibilities so that the country can reach the targeted goal.

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