Government will not eliminate all subsidies but will rationalise them: PM Modi

Prime Minister Narendra Modi has said, the government will not eliminate all subsidies but will rationalise and target them to the needy. Addressing the Economic Times Global Business Summit in New Delhi Friday evening, Mr Modi said, unnecessary controls and distortions will be eliminated. He promised efficiency in allocation of resources as well as creation of opportunities for citizens to progress. The Prime Minister said, people's welfare should be the basic foundation of any economic reform and the true reforms are those, which lead to transform their lives. He stressed the need to increase the quality of life of the common



citizen particularly the poor.

Mr Modi also said, the NDA government has ended the era of high-level corruption and crony capitalism. He said, if a government is progressive, and runs an honest and efficient administration, the biggest beneficiaries would be the poor.

The Prime Minister added that global economy is passing through a period of uncertainty and India's policies must be to make a positive contribution to the rest of the world. He said during the last four quarters, the country has been the fastest growing economy in the world and FDI has increased by 39 percent in the last 18 months.