PM Modi Says Won't Shy Away From Tough Decisions: Highlights

Mumbai: Prime Minister Narendra Modi is speaking at the inauguration of new Campus of National Institute of Securities Markets. Later in the day, PM Modi will lay the foundation stone for the grand memorial of Maratha warrior king Chhatrapati Shivaji Maharaj. The prime minister will also lay foundation stone for the metro rail projects in Mumbai and Pune.

Here are the highlights: 

• 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
• Government will continue to follow sound and prudent economic policies
• We will not take decisions for short-term political point scoring
• The true measure of success is the impact 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
• 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