PM Modi wants to develop Indian economy

New York: Prime Minister Narendra Modi on Monday asserted that agriculture, manufacturing and service were the three pillars of the economy that can help build a new India.

"The way they have elected a new government, that has created a confidence among them to fulfill their wishes. Trust is a very big psychological factor these days. That's why there is a magnetic effect which has created an atmosphere for development, which gives birth to possibilities of a nation to reach the levels of a developed nation. We want to develop our economy on the pillars of agriculture, manufacturing and service sectors. We want to create a balance among all three," Prime Minister Modi said while speaking at the Council on Foreign Relations (CFR) here.

Talking about his 'Make in India' initiative, Prime Minister Modi said, "When we talk about manufacturing then we are trying to create an effective trust about 'Make in India'. I also want to tell the Indians that they should manufacture products, which sell in the world market."

Turning his focus about what makes India unique from the rest of the world, Prime Minister said, "We have three things together that no country has..... democracy, demographic dividend and demand."

On a poser about India refusing to ratify the Trade Facilitation Agreement, Prime Minister Modi said, "We support trade facilitation; we know this is an era of global economy. We are clear on WTO policy on trade facilitation, but I am against following populist policies as India has a large number of poor people. That's why the agreement on trade facilitation and food security needs to go hand in hand.”