Modi urges banks, corporates to take decisions without fear

Prime Minister Narendra Modi on Friday assured India Inc and bankers that no action will be initiated if genuine commercial decisions turn bad.

Addressing the annual general meeting of industry chamber Assocham here, he said the Government has overcome all the 'legacy' weaknesses. "I urge the banking and the corporate sectors to take decision freely and invest freely," he said.

In an effort to silence critics on the continued decline of the GDP (Gross Domectic Products) growth rate, he said there had been a quarter when the GDP growth rate had slowed down to 3.5 per cent. There were occasions when the rates of headline retail inflation, core retail inflation, wholesale inflation and fiscal deficit had touched 9.4 per cent, 7.3 per cent, 5.2 per cent and 5.6 per cent respectively.

"There were many quarters when the indicators were very weak. We have seen ups and downs, but each time India has emerged stronger," Modi said. Talking about the $5-trillion target, he said, it is not Modi's target, but that of 1.3 billion people.

"Today various groups responsible for accelerating growth are discussing this issue with the $5-trillion target in focus. Not only has the target been fixed, but now the mindset is also getting ready for that," he said.

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