Prime Minister Narendra Modi said the government's decision to withdraw Article 370 from Jammu and Kashmir was after careful consideration and that he was certain this will help create three necessary conditions for investment – stability, market access and predictable laws, he told
on Sunday. The Economic Times
In his first wide-ranging interview after assuming office for a second term, Modi said he was determined to make India the best investment destination in the world and will leave no stone unturned to put the country on the growth track.
He said he will go “as far as possible” to revive “animal spirits” and make the “entire private sector bullish”.
Here's what the Prime Minister said on Kashmir issue, economic growth and auto slowdown:
Modi said he had taken the decision on withdrawing Article 370 from
Jammu and Kashmir after a “great deal of thought".
“Open minds and open markets will ensure that the youth of the region will put it on the path of greater progress. Integration gives a boost to investment, innovation and incomes.”
On growth and entrepreneurship
“I want to motivate our industrialists to believe in the India story and in the long-term potential of the Indian market. They should carry on their business and complete their investment plan without any confusion. I reassure all honest and law-abiding businesses of all possible support from our end.”
On passing low interest rates to borrowers
“No growth is possible if bankers stop taking decisions on day-to-day basis. I reassure the
banking fraternity that all their decisions taken in good faith with sound business rationale would not face any witch hunt.” On auto sector slowdown and electric vehicles (EVs)
“The slowdown is transient, accentuated by credit constraints, some regulatory changes and passiveness in demand. I believe that both demand and the industry will bounce back strongly and soon,” he said.
“There is no need to speculate about the growth of either of the two. We are in a unique situation where both ICE and EV-based automobiles can co-exist, co-create and learn from each other,” the PM said.
On India's trade strategy vis-a-vis US-China
"Our policies are not designed to get some short-term benefit out of transient disruptions being seen around the world” and his administration is focused on “improving competitiveness through long-term reform measures”.
“We are not looking at farmers as just producers but as potential exporters,” the PM said. “Value addition by way of food processing will play a big role.”