PM Narendra Modi speaks to company secretaries today
Prime Minister Narendra Modi today addressed company secretaries as the Institute of Company Secretaries of India or ICSI completed 50 years. PM Modi asked company secretaries to ensure firms obey the law and give priority to transparency.
Here are the highlights of PM Modi's speech:
The motto of your company is speak the truth and follow the rules.
It is you who determines corporate culture and it is the duty of your organisation to show people the right path.
We launched many anti-corruption measures, insolvency and bankruptcy code and the good and simple tax. This government had the courage to bring about demonetisation.
The government has worked to institutionalise systemic honesty.
The result of the relentless labour of the government is that the country's economy is running with less cash transactions. After demonetisation, cash to GDP ratio has now come down to 9 per cent. It used to be more than 12 per cent before 8 November 2016.
There are some people who sleep well only after they spread a feeling of pessimism all around. We need to recognise such people.
In the past three years, after registering a growth of over 7 per cent, we suffered economic slowdown and we are not denying that. But we also want to tell you that we are equipped to deal with the issue.
Some people had started saying that the way we had implemented GST was incorrect due to economic slowdown. I am neither an economist nor have I claimed that I am one. But today when people are discussing this I want to say that India was part of a group of countries called fragile five.
The economists who are claiming these things today, I would like to ask them why was India a part of such a group back then when we had good economists?
We have taken several important decisions on reforms and the process will continue. The financial stability of the country will also be maintained. We will take every necessary step to increase investment and speed up economic growth.
The number of air passengers has gone up by 14 per cent in the past two months. The sale of telephones has also seen a growth of 14 per cent. Sale of tractors has gone up by 34 per cent.
This happens when the people have faith in the government and they know that the economic condition of the country is sound.
Today, financing is not limited to banks. So you can clearly see the difference our government has made in three years.