$5-trillion economy a phase, targets much bigger: Modi

Prime Minister Narendra Modi on Monday said the target to nearly double the size of the economy to $5 trillion was just a phase and that the targets were bigger and higher.

Speaking at centenary celebrations of Kirloskar Brothers, Modi also said that action against a few corrupt entities should not be seen as the government’s crackdown on the corporate sector, as he sought to allay doubts over his regime’s intentions.

He said the attempt was to allow the industry to create wealth fearlessly in a transparent environment where there are no obstacles.

The government is attempting to rid the industry of the web of laws, the prime minister said, adding that during the past five years his government has worked honestly.

The attempt has been to bring transparency, efficiency and accountability in the tax system, and reduce human interface with the tax department, he said.