Vice President M Venkaiah Naidu on Monday exuded confidence that recent measures taken by the government will simulate investments, attract capital flows and give a push to GDP growth in the coming months.
The comments at the 21ST Assocham JRD Tata Memorial Lecture comes in the wake of India's GDP slowing down to a six-year low of 5 per cent in the first quarter of the current fiscal and high-frequency indicators like auto sales showing muted performance.
Naidu said JRD Tata was not only a doyen of the Indian industry but also a visionary leader who foresaw a rising India and contributed to nation building in many remarkable ways.
"It is a matter of great pride for us that our nation is rising in stature in various fields - be it economic, geo-political influence, defence, sports, science, IT and space technology," he said.
The theme of the lecture was 'Rising India-Strength to Strength'.
"As far as economy is concerned, I am quite confident that the recent measures taken by the Government of India will simulate investments, attract capital flows and give a push to GDP growth in the coming months," the Vice President said.
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With the government committed to pursuing various reforms, India has the potential to emerge as one of the leading economies in the next 10 years, he added.
Amid slowdown in economic activities, the government has unveiled a host of measures, including significant reduction in corporate tax, special fund for boosting the housing sector, steps to pump in liquidity in the NBFC sector, among others.
Naidu said the fundamentals of the Indian economy are strong and the country continues to be among the fastest growing major economies of the world.
"The right kind of environment has been created for doing business. I call upon the industry leaders to make best use of the opportunities," he said.
In his speech, Naidu stressed that rising India should mean the rise in the living standards of every Indian.
"Not only should there be greater ease of doing business but there should be greater 'ease of living' as well," he said, and added India will rise only if each Indian rises.
Referring to the government's flagship Jan Dhan Yojana, Naidu called upon the private sector to work with the government, financial institutions and NGOs to bring financial literacy to the masses.