Economy strong, in right direction: PM

Dahej (Gujarat), Oct 22 (IANS) The Indian economy's fundamentals are strong and the economy is headed in the right direction, Prime Minister Narendra Modi said on Sunday.

The Prime Minister said this at a public rally after dedicating a ferry service from Ghogha in Bhavnagar to Dahej in South Gujarat.

"Despite strict initiatives, the country's economy is on track and in the right direction," Modi said.

He said the foreign exchange reserves had shot up from $30,000 crore to $40,000 crore.

Modi said many economists too were saying that the fundamentals of the country's economy were strong. He added that his government had taken several steps to boost the economy.

Modi said the Goods and Services Tax (GST) had made transportation seamless, helping save thousands of crore as now trucks need not stop at tax booths.

"A truck that used to take five days now takes three. So much money is being saved in fuel cost and even money going to corrupt hands. Tell me, will all those who used to benefit from the old system not get angry with Modi or not?"

The Prime Minister again tried to pacify the trade and business community, stating that his government was not interested in retrospective inspection or audit of their business.

"For the section that is coming into the mainstream with honesty, I want to assure them that no official would be given the right to harass them," he added.