Modi further said that the government has recently made a decision to merge Dena Bank, Vijaya Bank with Bank of Baroda.
NEW DELHI: Prime Minister Narendra Modi Thursday said his government does not shy away from making difficult decisions in the national interest.
“A country progresses through strong organizational and institutional capacity, which is the result of many years of work,”” he said at the foundation stone of the India International Convention & Expo Center (IICC) in Dwarka.
Referring to the government’s recent decision to merge the public banking sector, he said that it was important to make timely decisions and implement them without delay. He said this had been thought of almost two and a half decades, but not carried out.
Earlier this week, the government announced the merger of the Bank of BarodaNSE -4.21% Vijaya BankNSE -7.49% and Dena BankNSE -4.13%, in order to create the country’s third largest bank as part of its efforts to clean up the banking system.
The Prime Minister also said that the NDA government took tough decisions over the last 50 months in the national interest, and claimed that this trend will continue.
He mentioned a number of outstanding projects for the country’s development as the longest tunnel, the longest gas pipeline, the largest mobile manufacturing unit, and power to every household, among many others. He said this is illustrations of skill, scale and speed of New India. “”Despite the challenges, the economy is on a solid foundation,”” he was quoted in an official release.
Modi said that with the construction of the IICC, India is moving towards developing ecosystem of conference tourism in the country and is part of the government’s vision to give importance to the world infrastructureNSE -8.73%, and easy to do business. This convention center is planned to be a mini-city in Delhi with the Expo, meetings, markets, offices and leisure in one place.
“”The government goes ahead with a goal to make India a $ 5000000000000 economy over the next seven years,”” the government said in the release.
Trade and Industry Minister Suresh Prabhu said that the proposed exhibition center, convention center and several performance arena development is expected to generate over five lakh jobs for people.
This job will not be limited to core IICC facilities, but it will have a multiplier effect of direct and indirect costs and provides opportunities for regular formal employment support IICC land use such as retail, office and hospitality.