Maharashtra summit: India to join $5-trn league, says Modi; key highlights

Devendra Fadnavis said Maharashtra is aiming to increase its pace of growth of 9.3% to become a $1 trillion economy by 2025

The BJP-led government's budget reforms have created a new work culture and they are transforming the socio-economic landscape of the country, Prime Minister Narendra Modi said in Mumbai on Sunday.

After inaugurating the 'Magnetic Maharashtra' Investors Summit in suburban Bandra, he said the budget was not limited to outlay, its focus was on the outcome.

Days after the presentation of the last full budget by Finance Minister Arun Jaitley, Modi said all the four budgets of his government focused on the upliftment of the needy.

Here are the key highlights of Magnetic Maharashtra summit:

1. "Our budget is not limited to outlay, its focus is on the outcome. Our reforms in budget making and presentation have created a new work culture and are transforming the socio-economic landscape," he said

2. On budget reforms, Modi said changes like merging of rail budget, removing the "artificial wall" between plan and non-plan spends, advancement of the budget date had helped resources reach departments ahead of time and minimise monsoon impact.

3. Clean fuel for all and healthcare for all: "Now, our state is policy driven, governance is performance driven, the government is accountable, democracy is participative. We are making transparent ecosystem part of the new India," he said. "We have taken governance to a level where intervention by the government is minimal. A country progresses when there is a holistic vision which is inclusive and comprehensive."

4. Focus is on development-policies based budget: In the last three-four years, budget reform and the change in thinking is developing a new work culture and also transforming socio-economic life," he said. In the recent budget, the government proposed resources of Rs 14 trillion (Rs 14 lakh crore) to the agriculture and rural sector and also upped infra sector spend by over Rs trillion (Rs 1 lakh crore), he said.

5. Infra growth increased by 3 times: Mentioning work on national highways, new rail lines, electrification, housing for poor and solar capacity, Modi said the pace of growth in infrastructure creation had increased by two-three times in every aspect.

6. India looking to achieve $5 trillion economy by 2025: "In the last three and a half years, we have transformed the country from being 'fragile five' nation to one now looking at $5 trillion GDP," he said.

7. Maharashtra to be $1 trillion economy by 2025: Maharashtra Chief Minister Devendra Fadnavis said the state is aiming to increase its pace of growth of 9.3 per cent to become a $1 trillion economy by 2025.Fadnavis said the state had received investment proposals of Rs 8 trillion (Rs 8 lakh crore) at MII, of which Rs 4.91 trillion (Rs 4.91 lakh crore) are in various stages of implementation.He also enlisted a five-point plan for growth, which includes focus on digital sectors, skilling agricultural workers, addressing the fintech opportunity, upping public infrastructure and creating growth corridors.

8. Modi praises Fadnavis' ambitious target: "I am sure that Maharashtra will become the first trillion dollar economy in the country. Maharashtra's development is representative of changes in the country," he said. Modi welcomed the vigour with which the states were attracting investments following the "success" achieved by Gujarat on that front, and exuded confidence that Maharashtra would achieve the ambitious target.

9. Maharashtra at the Make in India summit: Modi also welcomed the investments garnered by Maharashtra at the Make in India summit two years ago, saying the state signed agreements entailing investments of Rs 4 trillion (Rs 4 lakh crore) of which Rs 2 trillion (Rs 2 lakh crore) had fructified.

10. Road towards AI depends on human: Speaking after dedicating the Wadhwani Institute for Artificial Intelligence in suburban Kalina to the nation, Modi said the road ahead for artificial intelligence (AI) depended on and would be driven by human intentions."With every technological revolution, the scalability of technology has increased manifold. This has given humans increasingly more power," he said.

11. March of technology can't be at the expense of further increasing the difference in society: Modi said the evolution of technology has to be rooted in the ethics of sab ka saath, sab ka vikas. "We need to make AI in India and it should work for India," he added.

12. Using technology from aeronautics to agriculture: "We are using technology in an unparalleled way, from aeronautics to agriculture and from space missions to service deliveries," Modi said.

13. Modi points out the diversity in the country, while dwelling on the use of artificial intelligence. "We are such a diverse nation of hundreds of languages and hundreds of dialects, can we have AI that makes communication and conversation across these languages and dialects easier? I am sure, we can," Modi said.

14: Competition between mind and machine: "With the arrival of artificial intelligence, there is no doubt that productivity will go up. But there are also rising fears of human redundancy because there is a competition between the mind and the machine," Modi said. "Such fears are neither unfounded nor new. At every stage of technological evolution, we have faced such doubts and questions. This leads to two views of the future. The first brings hopes and aspirations and second brings fears and disruption."

15. On Maharashtra government and Mumbai University helping set up the institute for artificial intelligence, Modi said it was an excellent example of public-private sector cooperation.

"The institute has ten scientists working at present and their number will go up to 50-100 in a few years. Initial investment (in the project) is Rs 200 crore," said Romesh Wadhwani, co-founder of the institute.