New Delhi, January 6: Amid the ongoing economic slowdown, Prime Minister Narendra Modi on Monday not only assured of a turnaround, but also vowed to take the Indian economy to unprecedented heights. Reaching the $5 trillion-mark is the next goal and not the ultimate mission, Modi said as he gathered the centenary celebrations of country's largest engineering conglomerate Kirloskar Group.

"As we enter the new decade, I would like to say that the decade would be of Indian entrepreneurs. The dream to make India a $5 trillion economy is just a step. We have bigger dreams and larger hopes," Modi said, reiterating that the thrust of country's governance will be centred around entrepreneurship. State of Economy Worrisome, Climate of Fear Needs to Go to Revive Growth, Says Manmohan Singh.

Modi attempted to allay concerns among domestic business holders, stating that his government does not want to intimidate entrepreneurs using red tapism or tax terrorism. He further claimed that the Centre intends to provide an environment where business houses are free to operate without any unnecessary burden or fear.

"The corporate tax rate in India today stands at lowest ever. Goods & Services Tax reform or Public Sector Banking reforms had been longed for a long time. Today, it has been made true to remove any hindrances in the growth of Indian industry," the Prime Minister said.

"The real capability of entrepreneurs will come to the fore only when the Govt stands beside India, Indians and Industry as a partner. We've tried to provide reform with Intent, perform with integrity, transform with intensity & process-driven and professional governance," Modi added.

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The Indian economy, over the past two quarters, has been facing the brunt of a deepening slowdown. The Prime Minister's targeted address to lift the morale of entrepreneurs comes days after his predecessor, Dr Manmohan Singh, claimed that the fear among businessmen is the centrifugal reason behind the slowdown. "Mutual trust and self-confidence are the bedrock of such social transactions among people that foster economic growth. Our social fabric of trust and confidence is now torn and ruptured," he said.

(The above story first appeared on LatestLY on Jan 06, 2020 07:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).