New Delhi: Prime Minister Narendra Modi on Friday acknowledged the role of the BJP-led government in checking and stabilising the Indian economy that headed towards disaster five to six years back, while addressing an inaugural session of Associated Chambers of Commerce and Industry of India (ASSOCHAM) in New Delhi.

“Five to six years back, our economy was heading towards disaster. Our government has not only stabilised it but also made efforts to bring discipline to it. We have paid attention to fulfilling the decades-old demands of the industry,” stated PM Modi, as quoted by news agency ANI, at the ‘100 years of ASSOCHAM’ event.

Talking about the Indian tax system, PM Modi stated that the country is moving towards a faceless assessment in order to ensure that there is transparency, efficiency and accountability in the tax system. He also apprised the role of central government in listening to the grievances of farmers, labourers and corporate world, so as to improve the business climate of the country.

PM Modi further said that the government is on track to decriminalise offences under the Indian companies act and is working to remove the inverted duty structure.

Assuring to formalise and modernise the Indian economy, PM Modi said, “Talks on 5 trillion dollar economy have not come all of a sudden. Our country has strengthened itself so much in the last five years that we can aim to achieve such goals.”

He also spoke about India’s rapid rise in the ‘Ease of Doing Business’ rankings since his government took over in 2014 and outlined that his government is making efforts to allow industrialists to do business with ease in the country.

(With agency inputs)